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Capital Impact Partners’ Response to Recent Violence Against Black Lives

Capital Impact’s Detroit News: New Alliance | Detroit Video Series | Equitable Development Initiative | Our Continued Impact

Capital Impact’s California News: Our New Alliance | Our Continued Impact | Meet Our Team (Virtually)

Capital Impact’s Washington, D.C. News: New Alliance | COVID-19 | Equitable Development Initiative | Entrepreneurs of Color

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California Primary Care Association and Capital Impact Partners Launch $25 Million COVID Response Loan Fund for Community Health Centers

CPCA COVID Response Loan Fund Designed to Bridge Gap as Health Centers Face Lost Revenue Due to Coronavirus Pandemic

Sacramento, CA/Arlington, VA (October 07, 2020) – California’s community health centers (CHCs) are facing significant lost revenue as a result of business disruptions due to the COVID-19 pandemic. At the same time, CHCs are incurring unforeseen costs to implement technology for virtual health consultations. The impacts of the pandemic have been further exacerbated for many CHCs by the wildfires plaguing the state.

To bridge this cash flow gap, the California Primary Care Association (CPCA) and Capital Impact Partners have launched the $25 million CPCA COVID Response Loan Fund to provide flexible financing for CHCs. Fund investors include the Alliance Healthcare Foundation, The California Endowment, The California Wellness Foundation, JPMorgan Chase, Richard W. Goldman Family Foundation, and UnitedHealth Group.

Capital Impact Partners’ CFO Named to 2020 Washington Business Journal Women Who Mean Business List

Arlington, VA (October 7, 2020) Capital Impact Partners is pleased to announce that Natalie Nickens Gunn, the company’s Chief Financial Officer, has been named to the Washington Business Journal’s “Women Who Mean Business” program. Now in its 17th year, this award honors the region’s most influential business women who have made a difference in their communities and are leaving a mark on the Washington, D.C. area community.

Capital Impact Partners’ 2019 Annual Report is Live

In the course of several weeks, life has completely changed for us all. Our neighbors are struggling. Long-standing inequities are coming to light that hold communities back from becoming places of opportunity.

Standing together, we will get through this difficult time, build power for our communities, and continue building generational wealth so that individuals and families can prosper.

In our 2019 Annual Report, see how we have been and continue to center equity as the guide for all that we do in our support for communities across this country. Thank you for standing with us throughout the year, and we look forward to making more impact with you today, tomorrow, and in the critical months to come.


Take a Deeper Dive

Read our equity statement

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Read our Stories of Impact

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Capital Impact Partners’ Response to COVID-19

Friends and Partners –

Since I last reached out on behalf of the team here at Capital Impact, our country has changed dramatically as a result of the unprecedented health crisis we are all facing.

Across the country, communities are grappling with the health and financial impacts of the COVID-19 pandemic. It’s clear the communities we serve are being disproportionately impacted. The statistics uncovered by APM Research Lab are startling. This situation further magnifies the impacts to communities long held back by structural inequities when facing health and economic crises. 

In spite of these realities, many of you continue to be champions for our communities. Staff at community health centers and aging facilities are literally on the front lines of caring for our most vulnerable familesy, friends, and neighbors. Food retailers are working around the clock to ensure we have food and cleaning supplies. Schools are innovating to feed hungry kids and adapt to online learning. 

As we work together to meet this crisis head-on, we stand ready to support the needs of our community partners.

We have created a variety of opportunities to deliver immediate relief, which we have listed below. At the same time, we continue working on longer-term efforts to meet your needs throughout 2020 and beyond.  

  • For our current borrowers, if you are experiencing difficulty, we encourage you to contact your Capital Impact portfolio management representative so we can discuss your situation.
  • We also continue to originate new loans during this time. Indeed, we recently closed two high-impact loans as you can read below. Please contact our team with questions about how to move forward with your project.
  • Capital Impact is in the process of channeling relief funds to our Entrepreneurs of Color Fund partners at the Latino Economic Development Center (LEDC) and the Washington Area Community Investment Fund (Wacif) to support their small business borrowers in Washington, D.C.
  • We contributed to the Cooperative Development Foundation Disaster Recovery Fund, to support home care co-ops through this time. 
  • With our partners Midtown Detroit, Inc. (MDI), we are making additional rental and relocation assistance available to renters through the Stay Midtown program. MDI is taking the lead in assessing the needs of participating households and will work to provide the proper level of assistance to support them through the next 30-60 days.

Additionally, we are constantly updating this list of federal, state, and local programs being created across the country to support small businesses, nonprofit organizations, and community associations across the country. We are evaluating the new $484 billion relief package to replenish previously depleted small business loan programs and will update our online resource post with the latest information.

Advocating on Your Behalf

We continue to meet with our CDFI peers, government partners, investors, and foundations to advocate on your behalf and help coordinate additional responses.

I co-signed this open letter to our community about ways that our partners and investors can support the CDFI sector during this time. We are further collaborating with the Opportunity Finance Network and CDFI Coalition on a new advocacy effort that requests $1 billion for CDFIs in future COVID-19 legislation.

Our Director of Aging Strategy contributed to this article bringing attention to integrated service solutions that can support wellbeing for older adults and counter the negative effects of social isolation.

Bringing New Community Projects Online

As we respond to the immediate impact of the COVID-19 pandemic, we remain focused on delivering the capital and commitment to ensure that our neighbors do not lose gains they have made in building equity and generational wealth.

We recently closed two deals that showcase what is at stake for communities in this moment. Capital Impact provided a $6 million loan for the ground-up construction of 655 W. Willis in Midtown Detroit. This project creates 36 new homes for Detroiters, nine of which are affordable to individuals and families with incomes 80 percent of the Area Median Income. It will be developed by returning borrower and Equitable Development Initiative mentor Richard Hosey.

We also provided a $2.945 million loan as part of a $12 million financing package for Richard Wright Public Charter School for Journalism and Media Arts in Washington, D.C. The school’s dedication to quality education for its students – some of whom come from communities with low incomes or have developmental disabilities – shows in it’s 100 percent college acceptance rate.

Don’t Hesitate to Reach Out

As we adapt to this fluid situation, do not hesitate to continue to engage us with any concerns, questions, or ideas that you may have. We will continue to adapt with you, our borrowers and partners, and your operational changes.

We have a list of individuals you can reach out to directly here and here.

And for those of you who can, we urge you to stay home. Doing so reduces the burden on the efforts of our community partners working to keep us healthy.

Please stay safe and healthy,

Ellis Carr
President & CEO
Capital Impact Partners

Winter 2019: Capital Impact Investment Notes | Entrepreneurs of Color | Partner Videos

As we near the end of 2019, we are thinking back on the partnerships that have driven the impact that will move our communities toward equity, inclusion, and justice. Working hand-in-hand with community members and mission-driven individuals and organizations can move us from systems with entrenched barriers to a future where everyone can build generational wealth and opportunity. we invite you to read about our efforts to make this a reality nationwide.

A Renewed Opportunity to Invest in Impact

Capital Impact has expanded the opportunity for institutional and retail investors to invest in transformative change in communities nationwide through our latest offering of S&P A+ rated Capital Impact Investment Notes. We use the proceeds to challenge structural disinvestment and expand racial equity. More than $147 million in Notes have been purchased by a range of retail and individual investors. Join their ranks and match your investments with your values.

Learn How You Can Invest

Hear from an Investment Advisor

New Resources for Entrepreneurs of Color in the Washington, D.C. Area

For many community members, entrepreneurship is the surest path to financial inclusion and economic mobility. Capital Impact is proud to be part of the new D.C. Entrepreneurs of Color Fund, and now you can learn more about how the Fund aims to level the playing field for entrepreneurs of color in the Washington Metropolitan Area. If you are, or know, an entrepreneur of color in the D.C. area, visit the new Fund website to find out how you can participate.

Find Out More

Teamwork Moves Communities Forward in Revitalizing Detroit

Community Development Financial Institutions (CDFIs) have been bringing investment to Detroit for more than two decades. The mission-driven approach and unique tools that CDFIs bring to the market have played a critical role in the development of new housing and community facilities like grocery stores and schools.

But in order to scale our work to have a broader impact, it is vital to have mission-aligned partners who can help us generate the capital we need to make these investments for Detroiters. From large institutions like JPMorgan Chase to community anchors like Invest Detroit, our latest video series showcases how our partnerships in Detroit have brought clear vision to social change for the city’s communities.

Check Out Our New Detroit Partner Video Series

Read About the Impact That Our Partners Have Created

Apply to Our New Equitable Development Initiative Cohort in Detroit

Investing in Communities

At Capital Impact, we support projects across the country that leverage the skills and enhance the power of communities so that they can thrive. Read more about how our investments are helping residents reach their goals.

Detroit Edison Public School Academy

Founded in 1998, Detroit Edison Public School Academy (DEPSA) serves primarily African American students, who make up 98 percent of all students. The school consistently outperforms its K-12 peers at the district level, and K-8 peers across the state. Eighty-two percent of its students go to college, versus 68 percent for the state of Michigan. In 2012, DEPSA constructed a new 58,000-square-foot high school facility, and was looking for ways to bring down annual costs. We supported this effort with a $6 million loan to refinance an existing $11 million New Markets Tax Credit (NMTC) loan using the Community Development Financial Institution (CDFI) Bond Guarantee Program.

Meals on Wheels—San Francisco

As older adults age, especially for those who are struggling economically, social isolation and nutrition issues are real barriers to long-term health. Meals on Wheels (MOW) provides services that help older adults age with dignity in their own homes for as long as possible. Most people know Meals on Wheels through its meal program for older adults, but they also provide safety checks, nutrition counseling, social work, and companionship for both older adults and adults with disabilities. In San Francisco, MOW delivers healthy meals twice daily to more than 3,600 low-income seniors and adults with disabilities. In the third quarter, we supported MOW with a $16 million loan—$10.5 million in NMTC allocation—to construct a new kitchen that will double its daily meal production.

1101 Euclid—Washington, D.C.

With increased housing prices and gentrification, affordable housing within Washington, D.C. has grown scarce. As a D.C. Affordable Housing Preservation Fund (AHPF) manager for the mayor, we have helped District residents maintain the housing that they have often lived in for years. One exciting project that we supported is 1101 Euclid, a multifamily housing development originally constructed in the 1900s. Over the past several years, the neighborhood has experienced a rapid loss in affordable housing, and the building has fallen into disrepair. Through AHPF, Capital Impact provided a $3.2 million loan, helping the tenants work with a black-owned developer to acquire their building and make critical repairs while maintaining affordability for up to 78 residents.


Feature Story: Health Centers Supporting the Layered Needs of Older Adults

Health is about more than just the body. People’s health is impacted by many factors, including social isolation, nutrition, transportation, and much more.

“We take a team approach,” say Dr. Vanessa Solar Alvarez (Dr. Solar), a primary care physician at The Center for Healthy Aging. “When a new patient comes to see us, we spend 2-3 hours getting to understand them. In their first visit, they will see the nutritionist, the social worker, the pharmacy, even case workers if needed, and then the doctor. We do this so we can create a comprehensive evaluation of everything they have going on. Then we can better address all their health challenges.”

Join us as we visit two Federally Qualified Health Centers that are delivering innovative care to support older adults in their communities with comprehensive services that help them live and age with dignity.

Meet Dr. Solar and Her Patients

Meet Our Business Development Team

Over the course of the year, Capital Impact has experienced considerable growth as we scale up how we work hand-in-hand with communities. Our Business Development team works with borrowers nationwide to ensure that communities that experience structural disinvestment have access to services that build opportunity. Meet our Business Development Officers!

Cameron Wilson, California Business Development Officer

Based in Oakland, Cameron took on the role of Business Development Officer for California in October 2019. Cameron comes to us with more than a decade of experience with Federal Housing Administration multifamily properties.


Seth Whetzel, D.C. & New York Business Development Officer

Seth joined Capital Impact Partners in September 2019 to engage borrowers in our East Coast markets from Washington, D.C. to New York City. Prior to joining Capital Impact Partners, Seth spent more than three years with Building Hope, a CDFI headquartered in DC that provides facility financing and real estate development solutions to charter public schools across the United States.


Nicholas Pohl, Detroit & Great Lakes Region Business Development Officer

We are excited to announce that Capital Impact is expanding its lending efforts from Detroit to the entire Great Lakes region. Nicholas—formerly the Senior Originations Loan Officer in Detroit—has transitioned to business development in this region. He has also been selected to participate in the Detroit Regional Chamber’s Leadership Detroit program, a 10-month leadership program designed to challenge emerging and existing community leaders from Southeast Michigan to bring about positive change.

Reach Out to Learn More about Our Lending Opportunities






Detroit Spring 2020: COVID-19 | Affordable Housing Financing | Equitable Development Initiative | Stay Midtown

Through the work of mission-driven organizations and partners, Detroit’s revitalization continues. While ongoing development is critical to increasing the city’s density, we must remain vigilant in ensuring such development is equitable. With the summer behind us, we enter the remainder of the year energized and committed to working with our partners and local communities to address barriers to opportunity. We look forward to sharing updates along that journey on our social media platforms, and in the meantime, invite you to read more below about our recent accomplishments.

Partners in Detroit’s Revitalization: A Video Series

Throughout Detroit, we know that we are not alone in expanding shared prosperity across the city. To highlight our valued partners – organizations, developers, city officials, and community members – and their extraordinary work, we are launching a new video series entitled Partnerships in Detroit’s Revitalization.

Kicking off the series are Capital Impact’s President and CEO Ellis Carr and Woodborn Partners’ Managing Partner Clifford Brown. Hear them as they describe how partnerships with real estate developers and others are moving Detroit forward.


Our Continued Impact

Across the state, we are investing in vital services that communities need and deserve, including these two high impact projects supporting affordable housing and education.

Coogan Terrace

Coogan Terrace, a 199-unit public housing apartment building in Melvindale, Michigan, serves individuals and families experiencing economic hardship — primarily older adults and a smaller group of persons with disabilities. While the property is already 90 percent occupied, it is in dire need of updates in order to improve resident safety and energy efficiency.

Capital Impact provided a $1.2 million loan — partially sourced from The CDFI Fund’s Capital Magnet Fund— to support these renovations and convert Coogan Terrace to the Housing Choice Voucher program (also known as Section 8 housing) through a Rental Assistance Demonstration conversion with the U.S. Department of Housing and Urban Development. Fifty percent of the units will become income and rent restricted at or below 50 percent of the Area Median Income (AMI), and the other half will become income and rent restricted at or below 60 percent of AMI.

Detroit Edison Public School Academy

Detroit Edison Public School Academy (DEPSA) is a nonprofit corporation founded in 1998. Ninety-eight percent of the students are African American, and the school consistently outperforms its K-12 peers at the district level, and K-8 peers across the state. Eighty-two percent of its students go to college, versus 68 percent for the state of Michigan.

In 2012, DEPSA constructed a new 58,000-square-foot high school facility, and was looking for ways to bring down annual costs. We supported this effort by refinancing an $11 million loan using the Community Development Financial Institution (CDFI) Bond Guarantee Program.

Advancing Equity and Opportunity: Equitable Development Initiative

This November, we will begin accepting applications for the Winter/Spring 2020 cohort of our Equitable Development Initiative in Detroit. Applications will be accepted through December 2; view our application starting November 1 and check out our website to find out more information about the training schedule. 

Apply for EDI Detroit (beginning Friday, November 1)

In June, we wrapped up the second round of training as part of our Detroit Equitable Development Initiative. The program combines our local knowledge, partnerships, and key strengths—including program design, training, mentorship, and project financing—to support minority developers who are committed to growing their careers and revitalizing Detroit.

To date, Capital Impact has trained 47 individuals through the program and provided predevelopment financing to two projects in Detroit’s Avenue of Fashion and Virginia Park neighborhoods.

Meet our participants!

Meet Our 2018 EDI Cohort

Meet Our 2019 EDI Cohort

In the News

Increased Density along Corktown’s Michigan Avenue 

Increasing density and expanding affordable housing options for Detroit residents is critical as the city’s revitalization continues. A number of media outlets turned out at the ribbon cutting for “The Corner” on the former Tiger Stadium site. This project creates 111 new residential units — with 20 percent of the units serving residents earning 80 percent of the Area Median Income, as well as 25,00 sq. ft. of retail space.

The Power of Partnerships

CDFIs have played a critical role in the revitalization of Detroit for more than two decades now, bringing a mission-driven approach and unique resources to the market. In order to have a broader impact throughout communities, however, it is vital to have mission-aligned partners— like JPMorgan Chase — who can help CDFIs generate the capital needed to make big investments for Detroiters. 

Michigan Needs Inclusive Food Systems

When it comes to building healthy communities, ensuring access to quality and affordable food must be at the top of the priority list. Michigan Good Food Fund’s Oliva Rebanal stresses the importance of ensuring communities have access to inclusive food systems in her editorial in The Detroit News.


Meet Our Team

Jarrett Sanders, Detroit Real Estate Program Specialist

Jarrett Sanders joined Capital Impact Partners in July 2019 to manage Capital Impact’s Equitable Development Initiative in Detroit, which provides training, mentorship and capital to real estate developers of color.

Prior to Capital Impact, Jarrett worked with the Detroit Land Bank Authority, where he served as Property Asset Coordinator. Before that, he was the Community Revitalization and Development Coordinator for the Community Housing Network, where he assisted in securing more than $50 million in Low Income Housing Tax Credits. He is active in the Detroit and Pontiac communities and was recognized as a Park Champion by the Friends of Pontiac Parks and an Agent of Change by the Urban Land Institute.

Did you know?
As a Detroit native, Jarrett supports Detroit entrepreneurs and makes a point to visit new restaurants and pop-up shops and attend local events as often as he can.

Favorite things to see and do in Detroit?
Photography, fishing and golfing are some of Jarrett’s favorite leisure activities. He also finds himself steadily involved in community service activities, such as reading to kindergarten classes and serving on nonprofit boards.


Nicholas Pohl, Great Lakes Region Business Development Officer

Capital Impact is excited to announce it will be expanding its lending efforts from Detroit to the Great Lakes region. Nicholas—formerly the Senior Originations Loan Officer in Detroit—will be transitioning to business development in this region, utilizing successes and learnings from Capital Impact’s Detroit work. He will additionally be leveraging existing partnerships to enter into these new markets.

The lending focus in this region will include health care, education, inclusive food systems, affordable housing and mixed-use/mixed-income projects with a corridor-based revitalization component.

Nicholas has also been selected to participate in thedetroit Regional Chamber’s Leadership Detroit program, a 10-month leadership program designed to challenge emerging and existing community leaders from Southeast Michigan to bring about positive change. He will join more than 70 executives from business, organized labor, government, education, media, civic groups, health services and community organizations—many of which are mission-aligned with Capital Impact.

This is an incredible opportunity, and we wish him the best of luck in the program!