At Capital Impact, we support projects across the country that leverage the skills and enhance the power of communities so that they can thrive. Read more about how our investments are helping residents reach their goals.
Detroit Edison Public School Academy
Founded in 1998, Detroit Edison Public School Academy (DEPSA) serves primarily African American students, who make up 98 percent of all students. The school consistently outperforms its K-12 peers at the district level, and K-8 peers across the state. Eighty-two percent of its students go to college, versus 68 percent for the state of Michigan. In 2012, DEPSA constructed a new 58,000-square-foot high school facility, and was looking for ways to bring down annual costs. We supported this effort with a $6 million loan to refinance an existing $11 million New Markets Tax Credit (NMTC) loan using the Community Development Financial Institution (CDFI) Bond Guarantee Program.
Meals on Wheels—San Francisco
As older adults age, especially for those who are struggling economically, social isolation and nutrition issues are real barriers to long-term health. Meals on Wheels (MOW) provides services that help older adults age with dignity in their own homes for as long as possible. Most people know Meals on Wheels through its meal program for older adults, but they also provide safety checks, nutrition counseling, social work, and companionship for both older adults and adults with disabilities. In San Francisco, MOW delivers healthy meals twice daily to more than 3,600 low-income seniors and adults with disabilities. In the third quarter, we supported MOW with a $16 million loan—$10.5 million in NMTC allocation—to construct a new kitchen that will double its daily meal production.
1101 Euclid—Washington, D.C.
With increased housing prices and gentrification, affordable housing within Washington, D.C. has grown scarce. As a D.C. Affordable Housing Preservation Fund (AHPF) manager for the mayor, we have helped District residents maintain the housing that they have often lived in for years. One exciting project that we supported is 1101 Euclid, a multifamily housing development originally constructed in the 1900s. Over the past several years, the neighborhood has experienced a rapid loss in affordable housing, and the building has fallen into disrepair. Through AHPF, Capital Impact provided a $3.2 million loan, helping the tenants work with a black-owned developer to acquire their building and make critical repairs while maintaining affordability for up to 78 residents.