Transforming underserved communities into strong, vibrant places of opportunity requires increasing access to quality health care and education, healthy foods, and affordable housing.
Capital Impact Partners is complementing its nationwide community development strategy by specifically focusing on delivering financial and social impact in Detroit. Where many see Detroit as a risky investment, we see an opportunity to help re-build this city into the strong, vibrant community it once was
Since 2010, Capital Impact Partners has deployed over $70 million into the city, helping to attract more than four thousand people to Detroit’s inner core.
That work continues with the launch of the $30 million Detroit Neighborhoods Fund in partnership with JPMorgan Chase.
Through this $30 million Fund, we are able to provide financing for multi-family residential properties, mixed-use real estate, community health centers, charter schools and grocery stores that offer fresh, healthy foods in areas where those options are limited.
Our goal is to partner with borrowers interested in building or expanding their businesses across a variety of Detroit’s historic neighborhoods including Eastern Market, Jefferson East and Northwest to name a few. Through this effort we can increase availability of housing options for those with low and moderate incomes along with access to quality health care, education and healthy food options.
Detroit Neighborhood Fund Overview:
- Eligible Borrowers include multi-family rental housing, mixed use facility and healthy foods retail owners and developers with projects located within the city of Detroit.
- Conforming Loans are loans made to eligible borrowers to finance construction and/or permanent loans.
- Preference is given to projects that make at least 20 percent of units available to people with low and moderate incomes. Food projects will be located in areas shown to have low access to fresh, healthy foods.
- In addition, preference is given to projects that most meet Capital Impact Partners’ community impact standards.
Advantages of borrowing through Capital Impact Partners:
- Ability to offer a variety of financing options under terms not currently available through traditional financial institutions.
- We serve as a single loan source, eliminating need for borrower to secure many layers of capital that can be time consuming and difficult to assemble.
- We are a mission driven organization that is committed to partnering with borrowers to ensure projects that are good for the city are funded.
- Opportunity to support Detroit’s revitalization across a variety of historic neighborhoods.