Kresge Foundation CEO Highlights Work of Capital Impact
November 2015
As Community Development Financial Institution leaders from across the country gathered for their annual meeting in Detroit, CDFI Connect sat down with Rip Rapson, president and CEO of the Detroit-based Kresge Foundation to hear more about how the foundation is helping the revitalization of that city. In his Q&A, Mr. Rapson highlighted Kresge’s support of Capital Impact and our long-time leadership in financing projects that create more access to the critical services the cities residents need.
Capital Impact Funds Spur Revitalization in Detroit
Fall 2015
The fall of 2015 was a flurry of activity as Capital Impact saw the opening of the first projects financed through its Detroit Neighborhoods Fund and Woodward Corridor Investment Fund. Michigan Live covered the ribbon cutting for the Regis Houze in midtown Detroit, which included speakers Mayor Mike Duggan and JPMorgan Chase’s Jamie Dimon. That was followed by the opening of the Regis Houze in New Center with CDFI Fund Director Annie Donovan and Kresge Foundation’s Laura Trudeau covered by Crain’s Detroit.
In the fall of 2015, Capital Impact’s Ellis Carr was elected to the board of directors for the Opportunity Finance Network, the organization charged with advocating for Community Development Financial Institutions across the country. In this Q&A by CDFI Connect, Carr talks about his passion for community development and his vision for the industry, including the need to develop the next generation of leaders, expand equity and diversity, promote policy reform and raise the brand of the CDFI sector.
Inclusionary growth is critical to Capital Impact’s mission to build strong, vibrant communities. That pathway, however, can be complicated. This Dallas Observer article highlights how a new calculator developed through the Capital Impact-managed Cornerstone Partnership can help cities see “precisely where and when and how the inclusion of affordable units would affect the economic viability of any project.” Such knowledge can create win-win scenarios for residents, developers, and cities.
New Investment Initiative Launches to Create Age-Friendly Communities
October 2015
When Capital Impact joined with the AARP Foundation and Calvert Foundation, a first-of-its-kind investment initiative was launched to help create age-friendly communities for low-income individuals 50 and older. This Chronicle of Philanthropy article features the ability for individual investors and project developers to unite their efforts to create more access to the critical services our aging population needs while also making a return on their investment.
Terry Simonette, La June Montgomery Tabron, Oran B. Hesterman, and Rich Pirog June 2015
Though food and agriculture contribute $100 billion annually to Michigan’s economy, too many of its low-income and rural residents lack reliable access to healthy food. Solving this issues requires investment in those enterprises that grow, distribute and sell fresh and healthy food so it reaches those most in need. Capital Impact’s CEO Terry Simonette joins with the CEO’s of the Fair Food Network, W.K. Kellogg Foundation and the Michigan State University Center for Regional Food System in a joint Op-Ed explaining how our Michigan Good Food Fund does exactly that.
JPMorgan Chase says $34M already committed to Detroit
May 2015
One year after JPMorgan Chase committed $100 million in Detroit – including $30 million to help Capital Impact launch the Detroit Neighborhood Fund – the Detroit News took a look at what has been accomplished. The answer is quite a lot. With deals including Rainer Court, Willys Overland, Granada Apartments, and the Shoppes at Woodward, our innovative partnership is helping to revitalize the city and ensure that its growth is inclusive of people from all income levels.
When Barry Berman, who had run assisted living and nursing complexes for 23 years, sought to build a better nursing facility for his own mother, he turned to our Green House Project model for inspiration. Green House homes provide dignified elder care in a homelike setting while still remaining accessible to low-income residents. This in-depth piece examines Mr. Berman’s partnership with our Green House team to fulfill his vision and build the Leonard Florence Center for Living in Massachusetts.
Op-Ed: Capital Magnet Fund Creates ‘Bang for the Buck’ in Affordable Housing Terry Simonette, Nancy O. Andrews, Don Hinkle-Brown, and Joe Neri
January 2015
The Capital Magnet Fund is a valuable program created by the U.S. Treasury that leverages private capital to support affordable housing and job creation in underserved communities. Yet, there is an uphill fight in Congress to keep this effort funded. Capital Impact’s CEO, Terry Simonette, joined with the CEO’s of our partner community development financial institutions in this Op-Ed making the case for why the Capital Magnet Fund deserves support.
Op-Ed: Capital Magnet Fund Creates ‘Bang for the Buck’ in Affordable Housing Terry Simonette, Nancy O. Andrews, Don Hinkle-Brown, and Joe Neri
January 2015
The Capital Magnet Fund is a valuable program created by the U.S. Treasury that leverages private capital to support affordable housing and job creation in underserved communities. Yet, there is an uphill fight in Congress to keep this effort funded. Capital Impact’s CEO, Terry Simonette, joined with the CEO’s of our partner community development financial institutions in this Op-Ed making the case for why the Capital Magnet Fund deserves support.
