Since the beginning of the year and throughout the pandemic, Capital Impact has continued to provide financing to organizations so that they can support their communities. Read through some of the ways we are supporting Californians:
Through our partnership in the Bay’s Future Fund lending initiative, Capital Impact Partners is providing a $1.3 million acquisition loan to HIP Housing to finance the $3.3 million purchase of a fully occupied 10-unit apartment property in Redwood City. HIP’s acquisition of this property preserves 10 units of affordable housing, 100 percent of which will be restricted for 55 years to households with low incomes (60 percent of Area Median Income). Affordable housing is critical in this area, which, due to the city’s proximity to several high-profile tech companies, has a median rent that is nearly twice the national average and the largest unsheltered homeless population of any city in San Mateo County (as of 2019).
Altura Centers for Health
To acquire its South Tulare Clinic in in Tulare, CA, Capital Impact provided Altura Centers for Health with a $1 million loan through the CPCA Ventures Loan Program. Altura provides medical, dental, and behavioral health services to children and adults in Tulare County, serving up to 27,000 patients each year, the majority of whom experience poverty. The acquisition of this property will allow Altura to make this a permanent home for their clients to access a full continuum of care.
North Orange County Regional Health Foundation
Capital Impact provided a $300,000 loan to North Orange County Regional Health Foundation, a Federally Qualified Health Center (FQHC) in Fullerton, California. Financed through the CPCA Ventures Loan Program, the loan will facilitate the integration of a new Electronic Medical Records (EMR) system and purchase updated furniture and equipment. In a community where more than 75 percent of residents experience poverty, quality, accurate health care is vital.
Westside Family Health Center
Westside Family Health Center (WFHC) received a $3 million loan through Capital Impact’s Healthier California Fund to finance tenant improvements in a 24,500-square-foot, three-story commercial building in Culver City, CA. WHFC will renovate the space for use as its main clinic and will relocate its existing clinic operations to the new location.
The Achievable Foundation
To support The Achievable Foundation’s general operations that were impacted by COVID-19, Capital Impact provided a $500,000 working capital loan through the CPCA Ventures Loan Fund. The Achievable Foundation is a Federally Qualified Health Center (FQHC) located in Culver City, CA, who previously utilized the CPCA Loan Program in 2015 after obtaining their FQHC designation. The health center focuses on primary care and supportive services for people with disabilities, and they are the only FQHC in Los Angeles County, and one of a handful across the country, with this overall focus.
Equitas Academy/Ednovate Charter Schools
Equitas Academy and Ednovate are two high-performing charter school operators that support communities experiencing poverty in Los Angeles, CA, both of which are return borrowers with Capital Impact. With the COVID-19 pandemic, these schools and others have had difficulty with maintaining their services with reduced revenue. Capital Impact provided Equitas and Ednovate each with a $3 million Line of Credit; these funds will enable both organizations to continue expanding and serving their students and communities through this period of uncertainty. Read our story about how Equitas is building high-quality education for its students.