Graphic representing all the sectors in which NMTCs are used

New Markets Tax Credits: A Proven Tool for Generating Opportunity in Low-Income Communities

By Scott Berman, Director, Policy and Development

The lack of capital for real estate projects, community facilities, and small businesses in low-income communities is a problem that spawns a host of other problems. When there is limited access to capital, there are fewer businesses and jobs, fewer sources of affordable housing, and fewer chances for these communities and their residents to enter the economic mainstream of American life. In short, the lack of capital perpetuates the lack of opportunity.

Why Millennials Should Care About Aging Boomers

By Kaitlyn Akin, marketing intern at the Calvert Foundation

I am willing to admit that, at first glance, investing in seniors doesn’t seem to be the sexiest of financial decisions. In a world where technology is constantly advancing and public dialogues are cluttered by a sea of ever-changing viral issues, the elderly are rarely the most popular conversation topic.

Volunteering and Connection in our Communities

At Capital Impact, we’re committed to building stronger communities. While we do this primarily through financing, we also recognize the importance of giving back to the communities in which we live and work.

Capital Impact staff celebrate our commitment to our communities throughout the year with individual contributions and volunteer activities. An annual volunteer event has also been part of Capital Impact’s summer all-staff retreat. This year we took our retreat to Detroit, MI, where we visited several of our project sites and learned more about our place-based strategy in the city.

Expanding and Diversifying our Capital Base

By Carolyn Bauer, Chief Risk Officer

Capital Impact Partners graphic depicting unrestricted net assets growthDriven by another year of strong lending, Capital Impact ended 2015 with a solid financial position. The organization’s overall portfolio increased by $22 million or 11 percent. This growth was matched with continued strong credit performance, as our delinquency rate was just 0.4 percent. Once again, our focus on financial strength and social impact was rewarded with AERIS’ highest possible rating of AAA+1. This honor pleases us greatly.

AERIS logoTop-line revenue continued to grow as well. Net income rose by $11 million—a year-over-year increase of 213 percent. Net assets saw an expected decline as a result of launching our Green House and Cornerstone Partnership programs and the accompanied grant revenue that was used to fund those activities.

Financing that Supports Connections

By Scott Sporte, Chief Lending Officer

At Capital Impact Partners we put money to work, focusing our efforts on the best ways to use dollars to achieve powerful outcomes. Our lending work at Capital Impact Partners in 2015 increased more than 17 percent above our 2014 level—a success that we celebrate in the present as we look ahead to new levels of accomplishment. This level of lending volume is a source of strength as it supports our organization financially while simultaneously reinforcing communities with increased access to critical housing, services and employment opportunities.

Introducing our 2020 Vision

By Ellis Carr, President & CEO

Photo of front page of 2015 annual reportAs Capital Impact’s new CEO, I am incredibly excited to take this opportunity to both look back at 2015 and to expound on our new five-year vision to 2020.

Over the past year, we continued to build upon the organization’s strong financial position, deep partnerships, and innovative product development. We provided ongoing leadership in the health care space, helped a number of charter schools expand their educational offerings, and saw several of our projects come online across Detroit. We also launched two new lending initiatives that will expand access to healthy foods and support age-friendly communities.

A Fond Farewell

By Terry Simonette, outgoing President & CEO

Headshot of Terry SImonette

As I think about my 32 years with Capital Impact Partners, I am overwhelmed when I consider the thousands of stakeholders that have made contributions to our work of helping people and communities across the country reach their highest potential.

This army of people and organizations, all part of the ongoing and thriving community development finance sector, includes partners who have worked shoulder-to-shoulder with us; investors whose capital participation helped us stand up a strategy that continues to generate high impact outcomes; foundations whose contributions increase our capacity and enable transactions that otherwise would not be possible; and our many board members whose selfless contribution of their time and talent helped to guide us in our endeavor. In my mind, they are our real heroes.

Opening Up Possibilities in Co-op Innovation

By Clair A. McDevitt, writer

Prospera_blog

Since Benjamin Franklin launched the first mutual fire insurance company in 1752, the cooperative sector has seen waves of success in the United States. Dairy and cheese coops were first organized in the early 1800s, and other agricultural cooperatives followed. By the Great Depression, cooperative businesses were developing in urban and rural areas, bolstered by President Roosevelt’s New Deal legislation. In the late 1960s and 1970s, a new wave of consumer food co-ops grew out of the counterculture movement.  In 1981 Capital Impact was born out of federal legislation to keep up that momentum.  And for the last four decades, Capital Impact has sought to do this through a mix of financing, capacity building and technical support.

Putting Down Roots For A Better Future

By Alison Powers, Program Officer

More than 10,000 low-and-moderate income homeowners are sleeping better at night thanks to our partner ROC USA. Instead of worrying about rent increases or land sales that might force them to move, residents of manufactured-home communities (what many commonly refer to as mobile home parks) across the country have purchased their land and put down roots through ROC USA’s cooperative ownership program.

Since 2008, the nonprofit social venture’s innovative model has spun off 182 resident-owned communities in 14 states, ranging in size from eight to 300 dwellings. The 10,000th home was recently secured at Turnpike Park Cooperative in Westborough, Mass.

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