Author Archive

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.

READ OUR ANNUAL REPORT

Take a Deeper Dive

Read our equity statement

Review our social impact data

Look at our geographic focus

Read our Stories of Impact

Learn about our financial growth

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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
 
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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.

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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

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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!

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California Winter 2019: Bay’s Future Fund | Healthier California | Meals on Wheels | Meet Our Team

As the year winds down, we at Capital Impact Partners are reflecting on the relationships and partnerships that help communities across California thrive. From affordable housing to health care to healthy food, all of our partners have helped us expand economic, racial, and social equity for the communities that we serve. Read more about some of our work in California this year, and thanks you being our collaborators and supporters. Happy New Year!

Financing That Fosters Opportunity

Preserving and Expanding Affordable Housing for Bay Area Communities

While the San Francisco Bay Area’s affordable housing crisis continues, mission-driven organizations like Community Development Financial Institutions (CDFIs) are actively working to address it. Capital Impact, Local Initiatives Support Corporation (LISC), and the Corporation for Supportive Housing have joined together to support the Bay’s Future Fund (BFF), part of a larger a $500 million effort focused on addressing this issue.

As part of the Partnership, Capital Impact has committed $50 million in flexible, mission-driven capital to help developers preserve and produce thousands of affordable housing units in the next 5 to 10 years. Our community-led, inclusive growth strategy will help ensure that residents can live close to employment, shopping, and critical social services.

Ensuring a Healthier California for All

Supporting community clinics and health centers helps communities without access to essential social services live healthier lives and build wealth. This has been Capital Impact’s focus since 1985, providing us with considerable experience to meet the needs of health care providers big and small.

In partnership with The California Endowment, Capital Impact provides loans with flexible terms and low-cost rates to single and multi-site health care operators through the Healthier California Fund. Loans range from $500,000 to $6 million, and financial support for technical assistance is also provided. 

We also partner with the California Primary Care Association and The California Endowment to create the CPCA Ventures Loan Fund, a loan program for health care facility projects, equipment purchases, and working capital financing. Health center operators can access loans of up to $1 million for everything from facility acquisition to construction to expansion, as well as equipment and technical assistance.

If your organization is interested in learning more about any of our mission-driven lending efforts in California, reach out to Cameron Wilson at cwilson@capitalimpact.org.

Learn More about the Bay’s Future FundHealthier California Fund, and CPCA Fund

SOCAP 2019: “We Can Do Better. We Can Be More Courageous”

“’We’re doing good—isn’t that enough?’” is typically the response we get when we try to move our organization forward in terms of addressing racism. No— the short answer. It’s not enough,” stressed Capital Impact’s CEO Ellis Carr to a room full of individuals focused on social impact at SOCAP 2019.

 It is this kind of critical examination of our work that is required of us if we are going to more effectively support communities that have experienced decades of systemic disinvestment and bias. CDFIs were born out of the civil rights movement, but years of becoming more “professional” and maintaining relevancy as lenders has caused our sector to stray from our core values of fostering economic opportunity and vibrancy for communities.

“We can do better. We can be more courageous in this space. As much progress as has been made, there is still much to be achieved. I don’t see as many CDFIs standing with activists as previous generations,” Ellis noted. “At Capital Impact, we are beginning to align our work with racial justice and putting resources toward that.”

Follow along in future communications as we continue on this journey to be more effective in addressing issues of racial and social justice. 

The Power of Co-ops to Increase Racial Equity

Capital Impact’s Cooperative and Communitiy Initiatives Manager Alison Powers similarly addressed this issue when it comes to low-wage and exploitative working conditions that many of our community members face. In a blog published in partnership with SOCAP, Alison highlighted the power of co-ops to transform the future of work and increase racial equity, particularly for communities of color.

► Read Alison’s Blog about the Power of Worker Co-ops

We Are All Immigrants: Standing in Solidarity with Communities to Create Equitable Opportunity

With the exception of our Native American sisters and brothers, we are all immigrants in this land. This is important to remember as the conversation around immigration continues to roil. While some talk about building walls, many immigrants are changing the face of this country for the better, starting businesses, creating jobs, and enriching our cultural fabric. In our latest blog, we discuss how our mission-driven focus leads us to build communities and support our neighbors, no matter where they come from.

► Check Out Our Blog: Centering the Needs of Immigrant Families

Our Local Impact

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 to construct a new kitchen that will double its daily meal production.

Meet Our Local Team

Cameron Wilson, Business Development Officer

Cameron took on the role of Business Development Officer for California in October 2019. He supports Capital Impact’s lending activities across California. Cameron comes to us with more than a decade of experience with Federal Housing Administration multifamily properties. Prior to working at Capital Impact, Cameron worked for three years in conventional lending.

Did you know?

Cameron has a very green thumb, loves performing arts, and builds electric bikes.

Favorite things to see and do in Oakland?

Anywhere that you can find mountain bike trails in the hills of Oakland, CA, there is a good chance you will find Cameron on one of his bikes, loaded down with gear and heading out for a 50+ mile ride. If he’s not on the bike trails in Oakland, the entire Bay Area is full of world-class biking adventures.

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Washington, D.C. Winter 2019: Affordable Housing Preservation Fund | Equitable Development Initiative | Entrepreneurs of Color | Meet Our Team

This year, we have deepened our commitment to our D.C. communities to support their efforts to build power and achieve equity and prosperity. As we end this year and look to create even greater impact in the coming year, our efforts remain focused on improving housing, community development, and entrepreneurship for District and area residents so that everyone, no matter where they live, can succeed.

Working with District Residents to Preserve Affordable Housing

In the face of dwindling affordable housing options, working with community members across Washington, D.C. to preserve affordable housing is augmenting the power of our neighbors while expanding opportunities for building wealth. 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.

A unique aspect of the Fund is its use of the Tenant Opportunity to Purchase Act (TOPA). The Act gives residents of for-sale, multifamily, residential properties the right of first refusal to buy their properties, allowing them to work with mission-driven developers to purchase their buildings. This helps keep rents affordable and prevents residents from being displaced in the face of rapid gentrification in mixed-income neighborhoods.

A great example of this is 1101 Euclid. The building was originally constructed in the 1900s; over the past several years, the neighborhood has experienced a rapid loss of affordable housing, and the building has fallen into disrepair. Through our AHPF, Capital Impact provided a $3.2 million loan, helping the tenants work with black-owned developer Banneker Ventures to acquire their building and make critical repairs while maintaining affordability for up to 78 residents.

Another is a building on Champlain St. in Adams Morgan in Ward 1, which has provided extremely low-rent housing to individuals and families for years. The neighborhood has experienced considerable gentrification and increased home prices, putting this vital resource at risk. When the building came up for sale, Capital Impact provided a $6.5 million loan and worked with MED Developers to acquire the building so that tenants who want to remain in their homes and community can do so. Without that affordability, these community members would not be able to afford to stay. The loan will allow the developer to make critical repairs to the building while maintaining deep affordability of the building rents.

Located in Congress Heights, Worthington Woods is preserving 394 units of affordable housing for more than 900 renters. It is also near shops, groceries, and three bus lines. The Worthington Woods Tenant Association assigned their TOPA rights to the Montgomery Housing Partnership (MHP) in exchange for a commitment to preserve the property as affordable, make improvements, and avoid tenant displacement. Capital Impact provided MHP with a $6.1 million loan as part of a $40 million New Markets Tax Credit transaction to purchase the property.

► Learn More about Our Affordable Housing Financing in D.C.

Expanding Opportunity for Real Estate Developers of Color in the Washington Metro Area

Exciting news! We recently launched the first cohort of our Equitable Development Initiative (EDI) in the Washington Metropolitan area. Modeled after our successful program launched in Detroit in 2017, EDI helps local minority real estate developerswho represent the region’s diversitytake a leadership role in shaping the development landscape within the local context. As with EDI-Detroit, we recognized that developers of color in the D.C. area have fewer opportunities to participate in the region’s booming real estate market. Through the two-year program, 35 participants will receive broad-based training, including project budgeting, real estate finance, project and contractor management, legal services, and community engagement.

► Find Out More about Our Mentorship Program

► Meet Some of Our EDI-Detroit Participants

A New Fund for Entrepreneurs of Color in the DMV

Alongside supporting real estate developers of color, we joined JPMorgan Chase to announce the expansion of the Entrepreneurs of Color Fund (EOCF) in the Washington, D.C. area. The Fund will support local minority entrepreneurs from northern Virginia to Baltimore to drive minority business growth through access to capital and technical assistance. With Capital Impact working as fund manager, the Latino Economic Development Center (LEDC), the Washington Area Community Investment Fund (Wacif), and the Harbor Bank of Maryland will provide low-cost capital with business advisory services, including networking support and business coaching to minority small business owners in the region.

JPMorgan Chase is seeding the loan fund with a commitment of $3.65 million, alongside a $2 million commitment from Capital Impact Partners and a $1 million investment from the A. James & Alice B. Clark Foundation, for a total of $6.65 million. This effort builds on existing Entrepreneurs of Color Funds in Detroit, Chicago, San Francisco, and the South Bronx.

► Visit the EOCF Website

Meet Our Local Team

Seth Whetzel, Business Development Officer, DMV & NYC

Seth joined Capital Impact Partners in September 2019 to support Capital Impact’s lending activities in its core East Coast markets (D.C. and New York City metro regions). Prior to joining Capital Impact Partners, Seth spent more than three years with Building Hope, a CDFI focused on charter public school facility financing and real estate development nationwide. There, Seth served as Senior Underwriter and NYC Market Manager. Prior to that, Seth was the Director of New School Growth for Seton Education Partners’ Brilla Public Charter Schools. Seth holds undergraduate and graduate degrees from the University of Notre Dame as well as an MBA from George Mason University.

Did you know?

Seth is a five-time marathon finisher, although his mileage has dropped considerably since becoming a father of three!

Favorite things to see and do in the DMV?

Anything outdoors! I love hiking with my wife, kids, and dog – whether that be in Shenandoah National Park, the Billy Goat Trail along the Potomac River, or any of the number of trails in Fairfax County. As a former American History teacher, I never tire of D.C.’s museums and monuments; as a baseball fan, I’m always up for catching an O’s or Nats game; and as a native Marylander, the Eastern Shore and Ocean City hold a special place in my heart.

Kayla Baker, D.C. Initiatives Manager

Kayla Baker joined Capital Impact Partners in August 2019 and manages all programmatic initiatives within the Washington, D.C. area. Prior to joining Capital Impact Partners, Kayla spent eight years in the asset building industry. She started her career as a portfolio manager, supervising and trading more than $3 billion in client assets. Kayla then transitioned to Executive Strategist at Hope Enterprise Corporation, which is focused on providing financial products and services to economically distressed and traditionally marginalized communities. Following her time at Hope, Kayla worked at George Mason University, supporting skills-based career pathways for nontraditional college students. Kayla holds a Bachelor of Arts degree from Bowdoin College and a Master of Business Administration from Cornell University. In her spare time, Kayla enjoys reading, traveling, biking, and mentoring.

Did you know?

Kayla loves to play games and wants to challenge you to play Two Truths and a Lie. Here’s one:

  • Kayla used to work with the circus.
  • Kayla was a used car saleswoman.
  • Kayla has a polar bear miniatures collection.

Favorite things to see and do in the DMV?

Hanging out with her partner, Molly. Trying new (and old) restaurants and bars. Visiting libraries. Jumping in her ride and exploring all parts of the DMV. Going to concerts, festivals, plays, museums, and walking tours. (P.S. The answer to Kayla’s trivia question is…she never worked in the circus!)

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2020 Female Leaders

Shattering Ceilings: Three Female Leaders Making a Difference for Communities

For many years, Jane Garcia found herself to be one of the only women in the boardroom. She not only fought against this bias but became a tireless champion for immigrant communities and access to health care for all. Since 1982, Capital Impact’s success has grown across a variety of sectors through partnerships with women like Jane who have sparked positive change in their communities.

Follow the hard fought journey of Jane and her female counterparts leading social change nationwide.

Martin of the Independent Drivers Guild

2020 Immigrant Entreprenuers

Immigrant Entrepreneurs Driving Change

Independent Drivers Guild – Brooklyn, New York

Working as an Uber driver for the past eight years, Martin was hoping to make a better life for his family when he moved to the United States in 1991. As costs rose and pay decreased, he began to question whether he could continue on this path. That was when Martin and his fellow drivers began exploring the power of forming a cooperative and using their numbers to take control of their future.

Follow along as these immigrant entrepreneurs put the brakes on a predatory system.

2020 Detroit Video Series

“Partners in Detroit’s Revitalization”

Detroit, Michigan

We are honored to work with a broad range of partners, investors and government agencies that share similar missions and values in supporting Detroit’s revitalization. We invite you to learn more about many of these individuals and the great work they are doing through our video series “Partners in Detroit’s Revitalization.”

Watch our “Partners in Detroit’s Revitalization” Video Series

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