Morgan Stanley donates $75M to Sandy victims
Morgan Stanley and National Equity Fund Inc. expanded their disaster relief fund by $75 million to aid Hurricane Sandy victims in New York, New Jersey, Connecticut and Rhode Island.
The fund, created in 2011, is designed to help finance affordable housing projects for low-income residents in FEMA-declared disaster areas. The idea behind the funding is to stimulate economic activity where it’s most needed, by creating jobs and new developments.
In the last 18 months the fund has committed $108 million to development projects nationwide.