June 29, 2022 (Arlington, VA) – Capital Impact Partners is partnering with Low Income Investment Fund (LIIF) and Reinvestment Fund to expand its commitment to helping community-rooted real estate developers grow their businesses.Â
Through a $30 million grant from the Wells Fargo Foundation, the three mission-driven Community Development Financial Institutions (CDFIs) will implement Growing Housing Developers (GHD), a new program that will connect housing developers with lower-cost, flexible capital, as well as the training, mentorship, and resources needed to grow and scale their businesses. GHD also seeks to increase the supply of homes that are affordable in several key regions across the country.
The much-needed support provided by this free program will have a significant impact on the developers’ ability to build, own, and operate high-quality affordable housing across the United States.
“We are proud to work with Wells Fargo, Low Income Investment Fund, Reinvestment Fund, and Raza Development Fund to help both the people who will develop projects in communities across the United States – and the community members who will further benefit from many of those same projects,” said Ellis Carr, president and CEO of Capital Impact Partners and CDC Small Business Finance.
“Through GHD, we can help strengthen housing developers, enabling them to grow their businesses, and at the same time, offer communities more affordable options for renters and homeowners,” said Bill Daley, vice chairman of public affairs at Wells Fargo.
Growing Housing Developers Cohort
The cohort will include 27 real estate developers, both nonprofit and for-profit. Capital Impact Partners, LIIF, and Reinvestment Fund will work with these developers, who are based out of California; Georgia; Texas; and the Baltimore, New York City, Philadelphia and Washington, D.C., metropolitan regions.
The 27 participating developers (PDF) are:
- Leonard Adams, Quest Community Development Organization, Atlanta
- Daniel Alexander, Domos Coliving, Atlanta
- Jonathan Anyumba, Anyumba Construction and Development, Philadelphia
- James Armstrong III, Builders of Hope Community Development Corporation, Dallas
- Juan Barahona, SMJ Development, New York City
- Shaun Belle, CMC Development Group, New York City and Atlanta
- Jason Brown, Dallas City Homes, Dallas
- Michaela Cancel, Neighborhood Development Company, Washington, D.C.
- Laolu Davies-Yemitan, Five Woods Realty, Houston
- Joel Dixon, Urban Oasis Development, Atlanta
- Nadine Ngouabe Dlodlo, Women’s Home Preservation LLC, Baltimore
- Darion Dunn, Atlantica Properties, Atlanta
- Joanna Griffith, Community Housing Development Corporation, Richmond, California
- Sharon D. Guest, Radiant Development Partners, Atlanta
- Alicia Matricardi, New Economics for Women, Los Angeles
- Diarra McKinney, Rosewood Strategies, Washington, D.C.
- Gina Merritt, Northern Real Estate Urban Ventures LLC, Washington, D.C.
- Siree Morris, MCI Property Management and Construction, Newark, New Jersey
- Cherie Ong, Good Places LLC, Atlanta
- Logan O’Phelan, Holos Communities, Los Angeles
- Kathy Payton, Fifth Ward Community Redevelopment Corporation, Houston
- Kyle Rawlins, BIG Oakland, Oakland, California
- Rob Richardson, IBF Development, Washington, D.C.
- Cherene Sandidge, Sandidge Urban Group, Hercules, California
- Yvonne Stennett, Community League of the Heights, New York City
- Michael Thorpe, Mt. Vernon Manor CDC, Philadelphia
- Lorraine Wilson-Drake, Wilson-Drake Development LLC, Philadelphia
The cohort will feature a monthly curriculum that includes:
- Peer learning sessions
- Advisory services
- Dedicated mentorship
- National and regional events to provide essential knowledge and networks to support business growth
The developers will also have access to enterprise-level grants that will fund investments in their infrastructure, staff, and other resources that will help them increase the capacity of their organizations, as well as $100 million that Capital Impact Partners, Low Income Investment Fund, and Reinvestment Fund have committed toward innovative financial products funding the affordable housing pipeline in focused geographic areas.
The GHD program expands on each of the partners’ programming supporting developers to participate in real estate development in their regions.
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About Capital Impact Partners
Capital Impact Partners, part of the Momentus Capital branded family of organizations, is transforming how capital and investments flow into communities to provide people with access to the capital and opportunities they deserve. As one of the nation’s leading mission-driven Community Development Financial Institutions (CDFIs), we help build strong communities and create generational wealth by deploying mission-driven financing, capacity-building programs, and impact investing opportunities.
Capital Impact Partners offers flexible financing for catalytic mission-aligned projects in four primary sectors: increasing access to health care, education, affordable housing, and healthy food.
In addition, we manage several multi-year initiatives in key regions to support emerging developers, small business owners, cooperatives, and community health enterprises through training, professional networks, access to experts and mentors, and pathways to grants and loan capital.
Capital Impact Partners has disbursed more than $3 billion since 1982 to create access to critical social services, grow entrepreneurs, and create quality jobs. Capital Impact Partners’ leadership in delivering financial and social impact has resulted in the organization being rated by S&P Global and Fitch Ratings and recognized by Aeris for its performance.
The Momentus Capital branded family of organizations refers to the combined operations of Capital Impact Partners and CDC Small Business Finance, as well as their affiliates, Momentus Direct Capital and Momentus Securities (an SEC-registered broker-dealer, MSRB-registered, FINRA/SIPC member). While each organization under the Momentus Capital brand still operates as a separate entity, their clients will now have access to more resources and products.
With headquarters in Arlington, Virginia, and San Diego, California, Momentus Capital operates nationally with a focus on larger urban areas and cities in Arizona, California, Georgia, Michigan, Nevada, New York, Texas, and the Washington D.C. metro area.
Learn more at capitalimpact.org and momentuscap.org.
About Low Income Investment Fund
Low Income Investment Fund (LIIF) is a national community development financial institution (CDFI), headquartered in San Francisco with offices in New York City, Atlanta, Los Angeles and Washington, D.C., that invests in communities. As a CDFI, LIIF supports projects that have high social value but lack access to traditional financial institutions. Since 1984, LIIF has deployed more than $2.7 billion to serve more than two million people in communities across the country from its five offices. An S&P-rated organization, LIIF funds healthy communities by providing innovative capital solutions. Learn more at liifund.org.Â
About Reinvestment Fund
Reinvestment Fund is a mission-driven financial institution committed to making communities work for all people. We bring financial and analytical tools to partnerships that work to ensure that everyone has access to essential opportunities: affordable places to live, access to nutritious food and health care, schools where their children can flourish, and strong, local businesses that support jobs. We use data to understand markets, communities, and impediments to opportunity—and how investment and policy decisions can have the most powerful impact. Since our inception in 1985, Reinvestment Fund has provided over $2.7 billion in financing to strengthen neighborhoods and build resilient communities. Learn more at reinvestment.com.
