The AARP Foundation has announced the launch of Age Strong, a social investment initiative that seeks to support enterprises working to provide critical services and programs for vulnerable low-income older adults.

Developed in partnership with the Calvert Foundation and Capital Impact Partners, the initiative will provide a total of $70 million in loans to enterprises and projects working to create affordable housing for older adults, improve their financial security and access to healthy foods, and develop community-oriented models of care. To that end, the AARP Foundation will match up to $6 million raised by the Calvert Foundation from impact investors, while Capital Impact Partners will provide financing to enterprises working to address the needs of struggling adults age 50 and older.

Age Strong currently is the only social investment initiative that focuses specifically on low-income and/or vulnerable older adults. According to the AARP Foundation, the number of Americans age 65 and older will double over the next twenty-five years and more services will be required to fulfill their needs.

"Age Strong is an innovative approach to supporting enterprises that are meeting the critical needs of vulnerable adults 50-plus," said AARP Foundation president Lisa Marsh Ryerson. "It demonstrates what is possible when partners with complementary strengths and aligned missions come together with a shared goal. This initiative deliberately aligns with our work to help struggling low-income older adults attain safe and affordable housing, steady income, adequate and nutritious food and create strong and sustaining bonds that will help create more vibrant and strong communities."