The Prebys Foundation Announces $1 Million Commitment to Middlemarch Fund III

The Prebys Foundation announced a new financial commitment of up to $1 million to the Middlemarch Fund III, aligning with its mission-driven investment strategy. The fund aims to address the critical need for middle-income housing in the region and aligns with the foundation’s wellness mission. 

“Our foundation is committed to leveraging available funds for the benefit of our community through strategic investments,” said Grant Oliphant, CEO of Prebys Foundation. “Attainable housing is a fundamental need, and we understand that such investments not only provide shelter but also enhance our mental and physical well-being.”    

In 2023, the Prebys Foundation introduced a new strategic plan to shape its mission for 2023 - 2024. The plan named impact investing as a crucial strategy for advancing the foundation’s overall mission and values. The Prebys Foundation annually distributes approximately $50 million in grants to the San Diego community.  Additionally, the foundation identified $100 million for strategic investments over the next ten years (2023 – 2033). 

The investment in Middlemarch Fund III helps finance multi-family rental housing developments that include units set aside specifically for individuals and families who earn between 80% and 120% of the area median income.  This range is significant because it supports families who earn too much for low-income assistance but still need affordable housing options. “Investing in the Middlemarch Fund is not just about financial returns,” said Oliphant. “It’s about creating sustainable, affordable housing solutions that strengthen our community and provide stability for middle-income families. This fund represents a commitment to social equity and long-term community wellness and prosperity for San Diego.” 

### 

The Prebys Foundation is dedicated to improving the quality of life in San Diego County through impactful philanthropy. The foundation supports a wide range of topics, including healthcare, medical research, arts, and youth success, focusing on creating lasting, positive change for San Diego County.