The Kagawa Fund made 13 loans totaling $279,447 to purchase, rehab, and/or renovate properties in Illinois, Ohio, California, Colorado, Massachusetts, Texas, and Michigan. The Kagawa Student Co-op Reinvestment Fund, which was started by CDF in 1997 and managed by CDF through 2009, received nine investments and made 18 loans totaling $528,119. These loans enabled student co-op organizations to start a business, purchase and rehab or convert properties, and add to the operating reserve in California, Tennessee, Illinois, New York, Ohio, Oregon, Massachusetts, Kansas, North Carolina, Texas, and Ontario, Canada. Only one of these loans defaulted. These loans allowed borrowers to leverage more than six times the loan amounts and have provided affordable housing for more than 520 students each academic year.

Student co-op housing has significant benefits:

• Affordable housing provided by a co-op often makes the difference in being able to afford college or not.
• Students living in a co-op learn not only about cooperatives but also about finance and management.
• Students living in a co-op have a heightened sense of community.

In 2007 the Kagawa Loan made a $40,000 loan to NASCO (North American Students of Cooperation) to rehab, convert, and refinance this property in Buffalo, NY.

In 2003 the Kagawa Fund made a $35,000 loan to Portland Student Housing Syndicate to purchase a property and fix such problems as these.