Oversimplified CRA metrics would damage local responsiveness and lessen social impact
Joint Statement by:
- IFF CEO Joe Neri
- Capital Impact Partners President and CEO Ellis Carr
- Low Income Investment Fund CEO Dan Nissenbaum
- Reinvestment Fund President and CEO Don Hinkle-Brown
January 29, 2020 – We are deeply concerned by Comptroller Joseph Otting’s proposed changes to the Community Reinvestment Act (CRA), the subject of today’s hearing by the House Financial Services Committee. The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have set forth a proposal that must be reevaluated to preserve the fundamental purpose of CRA – to address inequalities in bank lending and to drive investments toward impactful community development activities.
$3.3 million grant will be used to leverage $13 million in affordable housing investments across D.C.’s eight wards
WASHINGTON, DC/ARLINGTON, VA (January 17, 2020) – For the second straight year, Washington, D.C.’s Department of Housing and Community Development (DHCD) has named Capital Impact Partners as a manager of the District’s Housing Preservation Fund (HPF). DHCD’s new $10 million in Preservation Funds, when leveraged by the fund managers that also include LISC and the Low Income Investment Fund (LIIF), will bring the fund to a record $116 million. Capital Impact was awarded a $3.3 million grant as part of this announcement, which the organization expects to leverage at a 3:1 ratio to deploy an additional $13 million in loans to help preserve more than 340 homes across the District.
Fostering equity and inclusion through lending and programmatic initiatives is driving opportunities for community wealth building
Arlington, VA (December 5, 2019) – In the third quarter of 2019, Capital Impact Partners continued to center equity and inclusion in our work with communities. Championing community assets as a starting point for building community wealth both builds the inherent power of our neighbors and addresses the systemic cause of inequities, increasing the sustainability of solutions. As part of this effort, Capital Impact announced today that its financing and investment efforts in the third quarter served nearly 41,000 beneficiaries and created nearly 250 permanent and construction-related jobs.
CDFI Program awards will support innovative initiatives for equitable community development
Arlington, VA (November 20, 2019) The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced yesterday that Capital Impact Partners was awarded $2.8 million in grants through the 2019 round of the CDFI Program. The organization was the 5th highest awardee among 412 applicants. The awards will enable Capital Impact Partners to expand its Equitable Development Initiative (EDI) in Detroit and develop a new loan product for EDI graduates; support job training, supportive housing, and health services for individuals with disabilities in California; and expand its Michigan Good Food Fund.
Innovative, Two-Year Pilot Program Provides Critical Training to Help Developers of Color Spearhead Real Estate Projects
November 19, 2019 (Washington, D.C./Arlington, VA) – While the local real estate market is booming across the Washington Metropolitan area, developers of color are severely underrepresented in a market dominated by large global and national firms. In an effort to reverse this alarming trend, Capital Impact Partners announced the expansion of its Equitable Development Initiative (EDI) into the D.C. area to help local minority real estate developers who represent the region’s diversity take a leadership role in shaping the development landscape within the local context. The program’s first cohort will provide 35 new minority developers with training, mentorship and networks, and pathways to access the capital necessary to grow their businesses.
Institutions and individuals can earn a financial, as well as a social, return on their investments through Capital Impact’s social impact investment notes
Arlington, VA (August 23, 2019) — Capital Impact Partners, a nonprofit corporation, certified by the U.S. Department of Treasury’s Community Development Financial Institutions Fund as a Community Development Financial Institution (CDFI), announced the launch of its 2019 Capital Impact Investment Notes (Notes) Prospectus, and S&P Global A+ rating. The Investment Notes allow retail and institutional investors the opportunity to invest in the mission-driven organization’s nationwide efforts to create social impact for underinvested communities. Available for as low as $1,000, individual and institutional investors can purchase Notes through their brokerage accounts and earn a financial, as well as a social, return on their investments.
Amplifying community assets to achieve equity and justice through community development investments has enabled individuals and families to break barriers to success
Arlington, VA (August 20, 2019) – In the first two quarters of 2019, Capital Impact Partners’ activities aimed to build the power of our community members by leveraging their community assets alongside our flexible capital and capacity building. From affordable housing to workers’ rights to entrepreneurship, we are invested in empowering communities of color and underinvested individuals across the country. Capital Impact announced today that our financing and investment efforts in the first half of the year served more than 124,000 beneficiaries and created nearly 1,200 permanent and construction-related jobs.
Two New Housing Projects Support Affordable Housing in Washington, D.C.’s Ward 8
WASHINGTON, D.C. and Arlington, VA (July 12, 2019) – Capital Impact Partners, Washington D.C. Mayor Muriel Bowser, and the Department of Housing and Community Development (DHCD) today announced the financing of the first two projects through their partnership under the D.C. Affordable Housing Preservation Fund launched in the spring of 2018. The two projects have helped protect more than 600 affordable housing units, and pushed the total number of affordable units under the Fund to more than 1,000.
IDG and Centro de Trabajadores Unidos: United Workers’ Center each receive $25,000; CLEAN Carwash receives $50,000 prize
Arlington, VA and New York (May 7, 2019) – Co-ops have real power to transform structurally disinvested communities into strong, vibrant places of opportunity. Through Capital Impact Partners’ Co-op Innovation Award, three cooperative organizations have the chance to create systemic change in their communities. For the fifth annual Co-op Innovation Award, Capital Impact Partners and The Workers Lab partnered to award grants totaling $50,000 to the Independent Drivers Guild and Centro de Trabajadores Unidos: United Workers’ Center, and to award a $50,000 grant to CLEAN Carwash. These awards recognize organizations leading initiatives that address workers’ rights as well as wealth building and asset creation for immigrant workers.
Program supports greater opportunities for minority real estate developers in Detroit
(DETROIT, April 30, 2019) – Capital Impact Partners is pleased to announce the second cohort of participants in its Detroit Equitable Development Initiative (EDI). In the long term, this program aims to support wealth building for local real estate developers of color while also encouraging mixed-income neighborhood development throughout the city. In the short term, it connects participants with the knowledge, connections, and resources necessary to engage in small- to mid-scale multifamily and mixed-use real estate development projects in Detroit.