Capital Impact Partners Awarded $4.4 Million in Community Development Grants
Organization among select group to receive both financial assistance and healthy food financing awards
Arlington, VA (September 26, 2016) Capital Impact Partners announced today that it has received $4.4 million in grants from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to increase lending and investment in low-income and economically distressed communities across the nation. Capital Impact Partners will use this funding to expand its strategic financing efforts that support increased access to quality health care and education, healthy foods, affordable housing and dignified aging alternatives for underserved communities.
“As a mission-driven lender we are focused on ensuring equitable access to the quality social services that people need to live healthy and successful lives. These awards will further enable us to finance projects with forward-thinking developers and investors who are building strong, inclusive communities,” said Ellis Carr, president and CEO of Capital Impact Partners. “We are grateful for the leadership of the CDFI Fund in supporting our sector, and once again recognizing the leadership of Capital Impact Partners.”
The CDFI Fund grants received by Capital Impact Partners are made up of two parts. The first is the Financial Assistance (FA) award given to build the capacity of Community Development Financial Institutions (CDFI) to help sustain and expand their financial products and services.
The second is the Healthy Food Financing Initiative (HFFI) award, which serves as a supplemental funding opportunity for eligible CDFIs that expressed an interest in expanding their healthy food-focused financing activities and received an FA award.
For the FY 2016 CDFI Program round, Capital Impact Partners is one of only nine CDFIs who received both FA and HFFI grants out of a total 457 applicants.
Capital Impact Partners will use the $2 million it received as part of the FA award to leverage other private and philanthropic capital investments, enabling the organization to increase its ability to disperse financing into underserved communities. Previously, Capital Impact has engaged with a diverse network of partners such as the Kresge Foundation, JPMorgan Chase, AARP Foundation, The California Endowment, Ford Foundation, and Robert Woods Johnson Foundation to amplify financing efforts for those who need them the most.
The $2.4 million HFFI grant that Capital Impact Partners received will be used to support innovations in the healthy food sector that help eliminate food deserts in urban and rural areas. Examples of projects that Capital Impact supports include independent grocers, local wholesalers, food hubs, and mobile fresh food marts.
“With today’s awards, the CDFI Fund has crossed the $2 billion threshold in collective investments to CDFIs and Native CDFIs through the CDFI and NACA Programs,” said CDFI Fund Director Annie Donovan. “This milestone underscores the transformative impact CDFIs are having in low-income, distressed, and underserved communities and areas of persistent poverty. In businesses financed, real estate developed, affordable housing constructed and improved access to the financial system, CDFIs are empowering change and revitalization in their communities.”