Breaking down historical and structural barriers to success for communities takes innovative partnerships and investments built to afford every individual the ability to prosper. Capital Impact continues to work hand-in-hand with partners to create the change and opportunity that communities see for themselves. Given reminders of injustices both old and new, the need to increase social and economic equity nationwide drives our work every day.

Augmenting Affordable Housing for Bay Area Communities

 Across the country, communities are experiencing an affordable housing crisis; the San Francisco Bay Area is no exception. We are bringing our experience in expanding inclusive communities by joining the new $500 million Partnership for the Bay’s Future to address this issue. Through this effort, we are working to expand and protect up to 175,000 homes over the next five years and preserve and produce more than 8,000 homes over the next five to 10 years across the region. 

► Learn More about the Fund

Strengthening Underinvested Communities in Washington, D.C. 

Housing is a fundamental right, laying the groundwork for all other critical social services. To ensure that more families have access to affordable housing, Annaly Capital Management and Capital Impact launched a new $25 million joint venture committed to supporting affordable housing and other community development projects in Washington, D.C. 

► Our Continued Partnership with Annaly

Engaging investors big and small to invest in our mission has helped us create social impact in our communities while offering investors the opportunity to “do good” while getting a financial return on their investment. That is why we are excited to have reached a milestone with our investors, selling more than $100 million of our S&P-rated Investment Notes through Incapital LLC’s Legacy platform. In addition, we are proud to be named to ImpactAssets’ 2019 impact investing showcase, our second year in a row.
 

► Our Investors Help Us Transform Communities

► Invest in Our Impact

Expanding Economic Opportunity for Entrepreneurs of Color 

The opportunity to drive economic growth by investing in Black businesses is real. However, economic opportunity is out of reach for many Black entrepreneurs. Building off of our experience through the Equitable Development Initiative, we are fostering opportunity for minority entrepreneurs in Washington, D.C. through the Entrepreneurs of Color Fund. Started by JPMorgan Chase, the Fund will support local minority entrepreneurs through access to capital and technical assistance. 

► Working Within Communities to Help Minority Entrepreneurs Thrive

Empowering Developers of Color to Support Detroit’s Revitalization

Continuing our focus on expanding opportunity for minority real estate developers, the second round of our Equitable Development Initiative is now underway. Launched in 2018 to create new pathways for developers of color to shape Detroit’s future, we have now supported 47 minority developers in the city with the education, mentorship, and resources necessary to enable their participation in the city’s revitalization. 

► Filling Gaps to Equity and Opportunity

Immigrant rights have been a topic of national conversation of late, creating questions for racial equity and economic opportunity. Centering the needs of underinvested communities is at the core of our work, and in the second half of 2018, we provided mission-driven capital to projects across the country to achieve this goal. We invested in Tacoma Community House in Washington State, Make the Road in New York, and Casa Familiar in California to give voice to the right that the immigrant community has to thrive.

► Our Fourth Quarter Investments

How the Civil Rights Movement Gave Rise to Community Health Centers

During the civil rights movement, communities of color, particularly those in the South, were not granted equitable access to health care at hospitals. Dr. Jack Geiger changed that by proposing the idea of community health centers to address the needs of underserved communities. 

► Learn How This Idea Changed Health Care Nationwide

Examining Financial Vulnerability for Black Families

Financial vulnerability is a reality for many people, especially Black Americans. Black households experience more financial vulnerability than all other households, fallings behind in savings, credit, employment, and homeownership. Our latest blog examines the economic outlook for Black Americans. 

► Findings from Prosperity Now’s 2019 Scorecard

This spring, join our mission-driven team! Capital Impact offers a mission-driven experience and a suite of benefits. Our openings include a Director of Lending Operations; Real Estate Program Specialist; Manager, Loan Servicing and Loan Accounting, Grants & Contracts Specialist, and several internships. We look forward to hearing from all interested candidates.

► Join the Capital Impact Team

As we close the second quarter of 2019, we are amplifying assets–both financial and community-based–to foster communities of opportunity that create equity for all Detroiters. Read our latest stories to see how we have and how we continue to work toward inclusive, mixed-income neighborhoods in partnership with communities and organizations. 

Looking back at our journey through 2018, both as an organization and as a country, it is no surprise to us that Merriam-Webster’s “word of the year” was justice. The meaning and implications of justice were central to important conversations taking place in communities across the United States.

While we are pleased to see attention brought to this critical topic, justice – or the lack thereof – is an issue that we have wrestled with for decades. That is why justice – racial, social, economic – is core to our own mission and is a critical conversation that we seek to drive every day through our work.

In our 2018 Annual Report, read our stories and watch new videos featuring individuals and families who have been empowered to succeed. Also, see highlights of our continued impact as we seek equity, justice, and opportunity for all.

►Download Our Annual Report

►Read Our CEO’s Leadership Letter
 

During Detroit’s economic decline in the early 2000s, the city lost more than a third of its residents. Capital Impact launched the $30-million multi-investor Woodward Corridor Investment Fund (WCIF) in 2013 to increase density in Downtown and Midtown Detroit and begin to revitalize the city.

Through investments in key projects along the Woodward Corridor, we saw signs of progress. Our research also showed, however, that inclusive, equitable community development takes years and a variety of approaches to bring cities back.

Our latest blog shows how far critical investments have brought Detroit from where it was, and how much still remains to be done to revive the Motor City.

►Read How the Woodward Corridor Investment Fund Spurred Investment in Detroit 

The second cohort of our Equitable Development Initiative came to an exciting end as teams used lessons learned to present sample projects for how they would develop vacant parcels in Detroit’s Islandview neighborhood to an expert jury. While there were many inspirational ideas, we want to congratulate the winners:

Winning team: “SPIRIT” – developed by Ashley McLead, Duane Washington, and John Davis

Runner-up: “RETY” – developed by Essence Hiskman, John Truong, Ronald Weaver and Tracey Yurko

Many thanks to the program resource team, program advisors and jury, including:

Program Resource Team

• Clifford Brown, Managing Partner, Woodborn Partners
• Corey Leon, Field Director, National Development Council
• Tom Sherry, Missy Ablin; Erin Beebe; 313 Creative

Program Advisors

• Galaan Dafa, Project Analyst & Martina Orange, Senior Manager of Homebuilding; Develop Detroit
• Mike Essian, Vice President, American Community Developers
• Richard Hosey, Principal, Hosey Development
• Dietrich Knoer, President and CEO, The Platform
• James Van Dyke, Executive Vice President, The Roxbury Group

Jurors

• Melinda Clemons, Senior Director, Enterprise Community Partners
• Deena Fox, PMP, LEED AP, Rosetti
• Jason Friedman, Director of Development – East Region, City of Detroit Housing and Revitalization Department
• Tom Jackson, Director of Training; National Development Council
• John Schoeniger, Loan Fund Manager, Detroit Development Fund
• Tosha Tabron, Senior Vice President – Lending, Invest Detroit

EDI aims to build wealth in communities of color in Detroit by providing training, technical assistance mentorship, and project financing to real estate developers of color who are committed to Detroit’s revitalization. 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. Stay for updates on new sessions of the EDI program.

►More about the Detroit Equitable Development Initiative

Kercheval East

In May, we provided a $2.93 million construction loan as part of our Detroit Neighborhoods Fund (DNF) for the renovation and construction of the “Kercheval East,” a 16,000-square-foot mixed-use development. Kercheval East will deliver 15 new apartment units and approximately 3,300 sq. ft. of new commercial space along the Kercheval corridor in the Islandview/Villages neighborhoods, just east of several other Capital Impact investments.

Of the 10 one-bedroom units and 5 two-bedroom units, 20 percent will be affordable to households earning less than 80 percent of the Area Median Income. The new apartment units will bring increased density to the Kercheval corridor in alignment with the City of Detroit’s neighborhood strategy. Detroit Body Garage, a community gym, has already signed a lease within the building.

►Learn More about How We Can Finance Your Project

Across the state, the Michigan Good Food Fund (MGFF) is empowering good food entrepreneurs to provide greater healthy food options for communities experiencing economic hardship. Through flexible capital and technical assistance, MGFF helps not only to expand healthy food options to communities, but invests in racial equity for small business owners and communities of color. Watch MGFF’s latest videos featuring Torti Taco and Zilke Vegetable Farm to see the impact that our investments are having for Michigan residents.

►Watch the Torti Taco and Zilke Vegetable Farm Videos

Connie Shaub, Portfolio Loan Officer

Connie joins Capital Impact with more than 20 years’ experience in commercial loan analysis, risk management and relationship management. She served as a small business lender and relationship manager for BB&T in Raleigh, NC for six years, before becoming a portfolio manager in the Special Assets division of Fifth Third Bank in Detroit, MI for the past nine years.

Connie will be responsible for managing Capital Impact’s ongoing loan relationships in the Detroit area. This includes managing day-to-day contact with borrowers, making sure that each relationship’s financial analysis and risk assessments are up to date. Connie has a Bachelor of Science in Business Administration with a concentration in Finance from the University of Vermont.

Did you know?: Connie has two rescue dogs that she adores from the Michigan Humane Society.

Favorite thing to do/See in Detroit: Connie and her husband regularly take their friends on biking tours of downtown Detroit called “Tour de Shaub.” The most recent one took them from the east side canals to the West Riverfront Park to Lumen restaurant in Beacon Park and to the new rooftop bar The Monarch Club.


Reg Ellis, Origination Loan Associate

Reg comes to Capital Impact with a background in the banking sector, including serving as a personal banker and portfolio banker, as well as a commercial analyst at a Community Development Financial Institution (CDFI). His former employer was part of the Detroit CDFI Coalition, which is where he learned about Capital Impact’s mission and great work in the area.

Reg is on track to become a loan officer. In his current role, he is on the frontier of new investment and revitalization for Detroit. Reg has a Bachelor of Science in Biology from Oakland University and an MBA in Finance and Management from Wayne State University.

Did you know?: Reg is technically a biologist! Consider him your personal liaison to the World of Biology!

Favorite thing to do/see in Detroit: Reg’s favorite Detroit “thing” to do is visit Eastern Market to buy fresh fruit and lamb chops that are destined to be grilled.