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.
November 1, 2017 (Arlington, VA & New York, NY) — 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.
“We are pleased to announce this unique joint venture that enables Annaly to further our involvement in community development and social responsibility efforts while continuing to diversify the sources of our returns for shareholders,” Kevin Keyes, Annaly’s CEO and President commented. “Combining Annaly’s permanent capital with the expertise and 30-year track record of Capital Impact Partners helps further the mission of strengthening the links between health, education and housing in underserved communities.” Keyes added, “This joint venture also continues our growth strategy of partnering with best-in-class industry leaders enhancing cost efficiencies and returns across our diversified investment platform.”
“This represents the first time Capital Impact has raised equity through a joint venture as a means to expand our social impact. We are excited to work with Annaly to launch this project,” said Ellis Carr, President and CEO of Capital Impact. “As a mission-driven organization, it is critical we have the ability to be nimble in meeting the needs of communities. Only by working with forward-thinking partners like Annaly, can we continue to ensure access to capital for projects serving low-income communities.”
Capital Impact and Annaly have created the joint venture to invest in loans that are cash flow generating, seasoned assets currently owned by Capital Impact. The investments targeted for this venture represent a mix of projects within the social impact investing landscape which span communities across the country. The venture intends to make investments over a five-year period and Capital Impact and Annaly have the option to increase their overall investment as the venture matures.
About Annaly
Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Annaly’s principal business objective is to generate net income for distribution to its stockholders and to preserve capital through the prudent selection of investments and continued management of its portfolio. Annaly has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Annaly is externally managed by Annaly Management Company LLC. Additional information is available at www.annaly.com.
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 billion to revitalize communities over the past 30 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 operates nationally, with local offices in Detroit, MI, and Oakland, CA. Learn more at www.capitalimpact.org.
Forward-Looking Statements
This news release and our public documents to which Annaly or Capital Impact refer contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond Annaly’s or Capital Impact’s control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “anticipate,” “continue,” or similar terms or variations on those terms or the negative of those terms. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors. With respect to Annaly, for a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Neither Annaly nor Capital Impact undertakes, and both specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.
October 19, 2017 (Detroit) – Today, Capital Impact Partners — with support from JPMorgan Chase & Co. — announced a new $5 million program committed to help more real estate developers participate in Detroit’s continued economic recovery by providing them with critical training opportunities and access to capital. The program will help 15-20 new local developers help their businesses grow.
As part of the firm’s $150 million investment in Detroit’s recovery, JPMorgan Chase has committed to a $500,000, two-year investment in Capital Impact’s EDI program. This program will provide a combination of catalytic capital, one-on-one mentorship with local experts, and formalized training to bolster inclusivity within Detroit’s real estate market. The two-year program is designed to kick-start the development of small- and mid-sized mixed-use, multi-family residential projects in the city’s mixed-use corridors and is aligned with Capital Impact’s mission — helping people build communities of opportunity that break barriers to success.
Nationally and locally, local developers are often underrepresented in the broader real estate development industry. In fact, Capital Impact realized of the $152 million it loaned in Detroit between 2006 and 2015, projects led by local developers received approximately 1/10th of that financing.
“Capital Impact recognizes the disparities local developers face in Detroit, and likely across the country. There is a need for increased support to better ensure local real estate developers who represent Detroit are able to participate in the city’s revitalization,” said Melinda Clemons, Detroit Market Lead, Capital Impact Partners. “We’ve seen success in the implementation of similar type programs in other cities like Milwaukee and Los Angeles and are confident this new effort will ensure that the brick-and-mortar development component of Detroit’s economic growth continues to be inclusive.”
Together, Capital Impact, JPMorgan Chase and several other organizations critical to the introduction of the EDI program — including partners within Detroit’s CDFI community, city government and National Development Council— will support budding local developers by providing them with mentorship, management training and low-cost capital to develop real estate projects in Detroit’s neighborhoods. The resources will help participants with project budgeting, real estate finance, project and contractor management, legal services and community engagement.
“This critical capital and training for new developers will help more Detroiters share in the city’s continued comeback,” said Peter Scher, Head of Corporate Responsibility, JPMorgan Chase. “It’s catalytic programs like this that will drive faster and more inclusive benefits in the neighborhoods where mixed-income housing is critically needed to ensure sustainable growth.”
There are approximately 50,000 minority-owned small businesses in Detroit, making it the fourth largest city for minority entrepreneurship. As the city’s recovery continues, more developers are needed for the rehabilitation and construction of housing in Detroit’s neighborhoods. Developers in this program will benefit from the loan funds JPMorgan Chase established with Capital Impact and Invest Detroit to finance mixed-use real estate, affordable multi-family housing, and commercial and retail developments in neighborhoods across the city. An example of this is the Coe Project in West Village, which is being led by local developer Clifford Brown.
The Coe is a 12-unit, mixed-use development with eight townhouses, four apartments and two small retail units, and is the first project of Detroit’s Strategic Neighborhood Fund. The project is supported by Capital Impact Partners, Invest Detroit, Broder & Sachse Real Estate and Sachse Construction.
“I am so proud to partner with organizations like JPMorgan Chase and Capital Impact Partners because together we can turn our vision into reality so much faster,” said Clifford A. Brown, urban developer and partner, Woodborn Partners. “As a developer in the city, I’m excited to show the next generation how much more we can achieve when we work together.”
To be eligible for the EDI program, participants must be minority developers from the Detroit area with some real estate development experience. Priority will be given to developers planning a 6-20 residential unit, multi-family or mixed-use development located in strong corridors that align with the City of Detroit’s targeted redevelopment areas. Developers without a planned project will also be considered for the program.
The two-year pilot phase of the EDI program will support up to 15-20 developers through training and mentorship; Capital Impact also plans to finance a subset of real estate development projects led by program participants over the next two years.
This latest investment by Capital Impact and JPMorgan Chase is in addition to the $30 million Detroit Neighborhoods Fund. The Detroit Neighborhoods Fund is capitalized through a $20 million investment by JPMorgan Chase and $10 million by Capital Impact to provide financing for multi-family residential properties, mixed-use real estate and grocery stores.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Capital Impact Partners
Capital Impact Partners transforms underserved communities into strong, vibrant places of opportunity for people at every stage of life. It delivers strategic financing, incubates new social programs, and provides 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 billion to revitalize communities over the last 30 years. Headquartered in Arlington, Va., Capital Impact Partners operates nationally, with local offices in Detroit, Mich., and Oakland, Calif. Learn more at www.capitalimpact.org.
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