First cohort selected to participate in innovative program to increase number of minority developers in Detroit
DETROIT (May 21, 2018) – Capital Impact Partners, alongside JPMorgan Chase & Co., announced the first cohort of participants for the Equitable Development Initiative. This two-year program will help ensure minority real estate developers in Detroit are able to participate in the city’s revitalization in a way that reflects the city’s diversity. Over the course of a two-year pilot, this initiative will provide participants with real estate training; technical assistance to support participants’ efforts to develop real estate in Detroit; and the potential for one-on-one mentorship and project financing.
May 1, 2028, (Arlington, VA) – Capital Impact Partners announced today that it has awarded grants totaling $50,000 to the Association for Black Economic Power and the Sustainable Economies Law Center, co-winners of its fourth annual Co-op Innovation Award. This year, the award recognizes two organizations leading initiatives that address racial inequality and create social impact through economic empowerment for residents in low-income communities.
“We are constantly striving to partner with organizations to help us advance our efforts to expand social and racial justice. I am incredibly proud that we are able to support these two forward-thinking organizations that are employing a cooperative model to do just that,” said Ellis Carr, president and CEO of Capital Impact Partners.
The Association for Black Economic Power (ABEP) was awarded $25,000 is to establish a Black-led financial cooperative credit union on the north side of Minneapolis called Village Trust Financial Cooperative. The credit union will provide consumer loans (i.e. payday loans and check cashing services) to residents of North Minneapolis as a way to disrupt the predatory lending that exists currently, and build a cooperative membership base by meeting the immediate financial needs of community members. In addition, the new entity will support efforts to provide technical assistance and financial support for emerging Black-led cooperatives in Minnesota.
This concept was born in response to the killing of Philando Castille, to create economic power as a form of resistance and strengthen the financial resilience of communities of color. Capital Impact’s grant builds on initial support from The Jay & Rose Phillips Family Foundation of Minnesota.
“We are honored to carry a vision of equity for our local community while creating scalable solutions for economic challenges facing people of color across the nation. The establishment of a fund for small-dollar lending, a Black-led credit union, and igniting a local cooperative movement are not possible without brave organizations like Capital Impact Partners, that believe local communities have the power to solve global problems,” said Me’Lea Connelly, Village Trust director. “It is a dream come true to have Capital Impact Partners, a national cooperative leader, join us in our infancy, rooting us in the tradition of innovation and pushing our reach for a greater cooperative renaissance.”
The Sustainable Economies Law Center (the Law Center) was also awarded $25,000 to increase technical, educational, and operational support for the East Bay Permanent Real Estate Cooperative (EBPREC), which the Law Center is now incubating. EBPREC is bringing together communities of color, indigenous peoples, and housing justice organizations in Oakland, California to pilot an innovative model of land and housing ownership that disrupts root causes of racialized inequality and makes housing and commercial real estate affordable in the long-term. The organization is collaborating with more than 20 organizations across the country to replicate this model with the goal of building a broader movement and national impact.
This innovative model of land ownership engages everyday people to organize, finance, acquire, and steward land and housing. Unlike a conventional housing cooperative, which is formed to provide housing to a defined group of residents, this approach is designed not only to provide housing, but also to build a large membership base and serve members’ collective goal to transform systems for land ownership. This is critical in a community like Oakland, which is experiencing rapid gentrification, leading to the displacement of long-term residents.
“I’ve been working with the amazing leaders of EBPREC for two years, and I’m thrilled that a leadership team will finally get paid to do this important work. I’m so grateful to Capital Impact Partners for investing both in leaders of color and in innovative cooperative models,” said Janelle Orsi, Executive Director of the Law Center.
The Co-op Innovation Award represents just one part of Capital Impact’s strategy to promote food, worker, and housing co-ops that support underserved communities. Over its 35-year history, Capital Impact has disbursed more than $300 million dollars in financing to more than 219 cooperative businesses serving 870,000 customers.
“”The Co-op Innovation Award is a great opportunity to identify new partners launching programs that align with our strategy and mission. Both of these community-led, local initiatives have potential for national replication; they demonstrate how the cooperative model can address problems, train leaders, and build wealth in communities of color,” said Alison Powers, Co-op program officer at Capital Impact Partners.
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About Capital Impact Partners
Through capital and commitment, Capital Impact Partners helps people build communities of opportunity that break barriers to success. We deliver strategic financing, incubate new social programs, and provide capacity-building to help ensure that low-to-moderate-income individuals have access to quality health care and education, healthy foods, affordable housing, and the ability to age with dignity. A nonprofit community development financial institution, Capital Impact Partners has disbursed more than $2.5 billion to revitalize communities over the past 35 years. Our leadership in delivering financial and social impact has resulted in Capital Impact earning a “AA-” rating from S&P Global and being recognized by Aeris since 2005 for our performance. Headquartered in Arlington, VA, Capital Impact Partners operates nationally, with local offices in Detroit, MI, and Oakland, CA. Learn more at www.capitalimpact.org.
$10 million Fund will be used to leverage private and philanthropic dollars to create $40 million for investing in affordable housing across D.C.’s eight wards
WASHINGTON, DC (March 14, 2018) – Washington, D.C.’s Mayor Muriel Bowser today announced that Capital Impact Partners and Local Initiatives Support Corporation-DC (LISC), two national nonprofit Community Development Financial Institutions (CDFIs), will manage the District’s newly created $10 million Affordable Housing Preservation Fund. The Mayor’s Housing Preservation Strike Force recommended the creation of this Fund, located within the Department of Housing and Community Development (DHCD), to increase the preservation of affordable housing in the District.
Free Online Database Connects Investors to Fund Managers that Deliver Social, Environmental, and Financial Returns
Arlington, VA (March 6, 2018) – Capital Impact Partners, a leading mission-driven Community Development Financial Institution, announced today that it has been named to ImpactAssets 2017-2018 impact investing showcase, the ImpactAssets 50 (IA 50). The seventh annual guide features fund managers representing private debt and equity investments that deliver social and environmental impact as well as financial returns.
Milestone achieved as part of record-breaking year supporting projects that increase access to critical social services
Arlington, VA (February 26, 2018) – Capital Impact Partners, a leading mission-driven Community Development Financial Institution, announced today it marked more than $2.5 billion in loans to underserved communities across the country since its founding.
Capital Impact reached this milestone by financing projects that increase access to a variety of fundamental social services, including quality health care and education, affordable housing, healthy foods, cooperative development, and the ability for older adults to age in their communities. This effort has touched the lives of more than five million people and created more than 37,000 jobs.
Investments in health, education, and dignified aging projects – as well as impact investing, partnerships, and capacity building – empowered disinvested communities to excel
Arlington, VA (February 26, 2018) – Summing up immense impact for underserved communities in 2017, Capital Impact Partners announced today that it provided more than $67.5 million in financing during the fourth quarter of 2017. This helped the organization reach a record loan volume of $220 million in 2017, as well as $2.5 billion in financing to underserved communities across its history. The fourth quarter also saw several significant developments for Capital Impact – from the launch of its impact investing program to an innovative program development initiative focused on equity– forging opportunities for advancement in disinvested communities.
$51 million in health, education and dignified aging projects advance equity for those most in need
Arlington, VA(December 22, 2017) — Capital Impact Partners announced today that it provided more than $51 million in project financing during the third quarter of 2017, supporting increased access to health care, education, affordable housing, and healthy food for underserved communities around the United States. These transactions – including a few returning borrowers – represent concrete impact and positive outcomes for individuals in areas that often suffer from underinvestment or have
neglected populations.
To Members of the Tax Reform Conference Committee:
As leaders of four of the nation’s largest nonprofit financial institutions dedicated to improving economic opportunity in local communities, we write to urge your support for the preservation of the New Markets Tax Credit (NMTC) during upcoming negotiations on tax reform legislation.
Arlington, VA and New York, NY (November 1, 2017) — Capital Impact Partners and Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly”) today jointly announced the launch of a new $25 million joint venture dedicated to supporting community development in underserved cities across the country. An innovative structure in the mortgage REIT sector, the collaboration provides direct financing for socially responsible projects in low-income communities while simultaneously enabling Capital Impact’s ability to further expand its work nationally.
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