Milken Institute Center for Financial Markets Introduces 10,000 Communities Initiative

Through the new initiative, public and private sector investments will expand support of infrastructure development in underserved communities

WASHINGTON--(BUSINESS WIRE)--Alongside a cross-sectoral group of public and private partner organizations, the Milken Institute Center for Financial Markets has launched the 10,000 Communities Initiative, a year-long campaign to help thousands of underserved urban and rural communities across the U.S. access the funding, capacity, and talent needed to support critical community infrastructure projects. The new initiative—announced following Milken Institute’s third annual Public Finance Forum on January 11-12, 2023—aims to expand an innovative solution to better capital deployment in historically underserved communities.

Despite myriad federal and state funding opportunities, many urban and rural communities are unable to adequately fund or finance critical infrastructure investments that underpin their long-term economic growth. New public, private, and philanthropic partnerships will be crucial to help these communities deploy next-generation infrastructure that uplifts everyone.

“The Inflation Reduction Act and bipartisan infrastructure bill allocated $11 billion to predevelopment funding, yet there are few frameworks or processes to ensure that these funds and other non-federal capital reach the communities who need it the most,” said Dan Carol, Senior Director of the Center for Financial Markets at the Milken Institute. “We hope that the 10,000 Communities Initiative will facilitate the effective and equitable distribution of resources to traditionally underfunded community projects, support long-term infrastructure resilience, and scale up an exciting new community pipeline of shovel-worthy and investment-ready projects.”

Early signatories of the 10,000 Communities Initiative include Accelerator for America, American Society of Civil Engineers, Calvert Impact Capital, DREAM.org-Green for All, Elemental, Groundswell, HRA, International Economic Development Council, Local Initiatives Support Corporation, Milken Institute, Quantified Ventures, Rural Community Assistance Partnership, Spring Lane Capital, and Strive Together.

As part of the 10,000 Communities initiative, the Milken Institute is calling for projects at the Community Infrastructure Center (CIC), a shared services platform designed to help underserved communities advance their sustainable infrastructure projects by linking them to capital and capacity from a wide range of sources—including impact and institutional investors, state grants, philanthropy, and project development firms. There will be a particular emphasis on Justice 40 community projects and new climate tech firms seeking testbed communities.

Organizations and individuals with replicable community development projects aligned with regional demand (e.g., energy, water, built environment, etc.) can submit proposals at 10kcommunities.org.

For more updates on the 10,000 Communities Initiative and the CIC, follow the Milken Institute on Facebook, LinkedIn, Twitter, and Instagram.

About the Milken Institute

The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what’s pressing now and what’s coming next. For more information, visit www.milkeninstitute.org