Posts Tagged ‘newsletter’

Summer 2019: 2018 Annual Report | Equitable Development Initiative | Affordable Housing Preservation Fund | Co-op Innovation Award Winners

 

Creating communities of opportunity is our commitment to individuals and families nationwide. That means amplifying assets – both financial and community-based – that help individuals and families thrive. Throughout 2018, from criminal justice to education and housing to impact investing, we have striven to foster justice and empowerment to dismantle structural disinvestment and move communities toward shared prosperity. In this newsletter, our 2018 Annual Report shows our impact in our communities throughout last year and our resolve to help communities succeed. 

Our 2018 Annual Report: Amplifying Assets

Our efforts to address the root causes of poverty and invest in community success have led us to amazing people across the country. Throughout our Annual Report, you will read stories about some of those people: people with whom we have the privilege to work to transform communities into places full of opportunity and who are able to access opportunity in a way that they had not been able to do before.

Read Our Annual Report

Our Stories of Impact 

Supporting Financial Inclusion for Returning Citizens

After his release from prison, Juan Reid was filled with optimism for how to build a new life. However, like many returning citizens, he faced obstacles that held him back from achieve his goals. With the right support, Juan ultimately founded his own business, demonstrating how equitable and inclusive approaches can support financial inclusion and stability for individuals with criminal records.
 

Follow Juan from incarceration to entrepreneur

Creating Social Impact in the Lone Star State

When Lixi’s struggles with math began impacting her self-esteem, Montessori For All provided an intentionally diverse and comprehensive alternative to her traditional education. NASCO Properties, Inc., offers Hannah and her fellow residents an innovative solution to the affordable housing dilemma through an alternative to the traditional cooperative model. Across Texas, Capital Impact is supporting several organizations that are improving access to a range of quality services – and increasing quality of life in the process.

Read more about unique social impact projects opening across Texas

Watch our Montessori For All video

Providing Comprehensive—and Convenient—Care for Aging Adults

As Marcelina got older, she struggled to keep her diabetes under control. After being hospitalized for diabetic complications, she was referred to Urban Health Plan’s Center for Advanced Aging conveniently located in her neighborhood. The Center is part of an innovative health movement that delivers comprehensive care to aging populations while allowing them to continue living and remain active in their communities.

Meet the patients benefiting from this model of care

Watch our Urban Health Plan and Hudson Headwaters videos

Impact Investing for U.S. Communities

“When I tried to say I only wanted to do social investing, and not any conventional investing, they told me I’d starve. I said ‘No, I won’t.’” Years later, with clients in 25 states, financial advisor Andy Loving has shown that you can earn financial returns, as well as social returns, on your investments. In this video, Andy talks about his work and explains why Capital Impact’s Investment Note is part of his portfolio recommendations.

Learn more about Andy’s investing philosophy in this video

Capital Impact Expands Capacity Building for Real Estate Developers of Color to Washington, D.C.

Development around the Washington Metropolitan area is booming, yet with so much opportunity, the pool of real estate developers still does not reflect the region’s diversity. To increase opportunities for minority real estate developers in Washington, D.C. to participate in the region’s booming development landscape, we are launching our Equitable Development Initiative in the Washington Metropolitan area. EDI targets flexible capital and capacity building tools to minority developers to reduce barriers to entry and strengthen their business enterprises while promoting equitable community development, particularly affordable housing for communities of color.

We are accepting applications for the Equitable Development Initiative now through July 31st.

►Apply Now for the Equitable Development Initiative

►Learn More about EDI

Questions?: edidc@capitalimpact.org

Capital Impact and D.C. Mayor Muriel Bowser Celebrate Affordable Housing Milestone

We are excited to celebrate a new milestone as fund manager of the Affordable Housing Preservation Fundin partnership with D.C. Mayor Muriel Bowser and the D.C. Department of Housing and Community Development: protecting more than 600 affordable housing units for individuals and families across the District. With these housing units preserved in our first two deals under the Fund, we have pushed the total number of affordable units preserved under the Fund to more than 1,150.

“It’s so important that, as things change, they are enhanced for the people that live there,” said Mayor Bowser at an event last week to celebrate the protection of affordable housing units at Worthington Woods in Congress Heights. “That is the story of housing preservation. Looking at the good housing stock we have in the District and committing to saving it, and making sure it is there for our residents and future generations. That is why we established the Housing Preservation Fund.”

Read more about how we are protecting affordable housing in the District

Apply for financing to support affordable housing in D.C.
 

Immigrant and Workers’ Rights Are Common Thread in 2019 Co-op Innovation Award

Cooperatives have real power to transform structurally disinvested communities into strong vibrant places of opportunity. That is why we partnered with The Workers Lab on our fifth annual Co-op Innovation Award competition. We put out a call to cooperative development organizations that are creating tangible, transformative impact for communities nationwide. More than 100 organizations from all across the country applied.

We are thrilled announce the following three winners of the Co-op Innovation Award, all of which are empowering workers’ and immigrant rights through the cooperative model:

Independent Drivers’ Guild: $25,000

Centro de Trabajadores Unidos: United Workers’ Center: $25,000

CLEAN Carwash: $50,000

Learn How These Organizations Are Transforming Their Communities
 

We’re Hiring!

Heat up your summer and career by joining our mission-driven team! Capital Impact offers a mission-driven experience and a suite of benefits. Our openings include a Senior Director, Strategic Lending Initiatives; Structured Finance Manager; and Loan Officer. We look forward to hearing from all interested candidates.

 Join the Capital Impact Team

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Spring 2019: $500 Million Partnership | Investment Notes Milestone | Black Entrepreneurship | Immigrant Rights

 

Breaking down historical and structural barriers to success for communities takes innovative partnerships and investments built to afford every individual the ability to prosper. Capital Impact continues to work hand-in-hand with partners to create the change and opportunity that communities see for themselves. Given reminders of injustices both old and new, the need to increase social and economic equity nationwide drives our work every day.

Addressing the National Housing Crisis through Partnerships

Augmenting Affordable Housing for Bay Area Communities

 Across the country, communities are experiencing an affordable housing crisis; the San Francisco Bay Area is no exception. We are bringing our experience in expanding inclusive communities by joining the new $500 million Partnership for the Bay’s Future to address this issue. Through this effort, we are working to expand and protect up to 175,000 homes over the next five years and preserve and produce more than 8,000 homes over the next five to 10 years across the region. 

 

Learn More about the Fund

 

Strengthening Underinvested Communities in Washington, D.C. 

Housing is a fundamental right, laying the groundwork for all other critical social services. To ensure that more families have access to affordable housing, Annaly Capital Management and Capital Impact launched a new $25 million joint venture committed to supporting affordable housing and other community development projects in Washington, D.C. 

 

Our Continued Partnership with Annaly

Impact Investing Milestone Creates Transformative Change

Engaging investors big and small to invest in our mission has helped us create social impact in our communities while offering investors the opportunity to “do good” while getting a financial return on their investment. That is why we are excited to have reached a milestone with our investors, selling more than $100 million of our S&P-rated Investment Notes through Incapital LLC’s Legacy platform. In addition, we are proud to be named to ImpactAssets’ 2019 impact investing showcase, our second year in a row.
 

 

Our Investors Help Us Transform Communities

 

Invest in Our Impact

 

Broadening Opportunities in Black Entrepreneurshipe

Expanding Economic Opportunity for Entrepreneurs of Color 

The opportunity to drive economic growth by investing in Black businesses is real. However, economic opportunity is out of reach for many Black entrepreneurs. Building off of our experience through the Equitable Development Initiative, we are fostering opportunity for minority entrepreneurs in Washington, D.C. through the Entrepreneurs of Color Fund. Started by JPMorgan Chase, the Fund will support local minority entrepreneurs through access to capital and technical assistance. 

 

Working Within Communities to Help Minority Entrepreneurs Thrive

 

Empowering Developers of Color to Support Detroit’s Revitalization

Continuing our focus on expanding opportunity for minority real estate developers, the second round of our Equitable Development Initiative is now underway. Launched in 2018 to create new pathways for developers of color to shape Detroit’s future, we have now supported 47 minority developers in the city with the education, mentorship, and resources necessary to enable their participation in the city’s revitalization. 

 

Filling Gaps to Equity and Opportunity

 

Centering the Needs of Immigrant Communities

Immigrant rights have been a topic of national conversation of late, creating questions for racial equity and economic opportunity. Centering the needs of underinvested communities is at the core of our work, and in the second half of 2018, we provided mission-driven capital to projects across the country to achieve this goal. We invested in Tacoma Community House in Washington State, Make the Road in New York, and Casa Familiar in California to give voice to the right that the immigrant community has to thrive.

 

Our Fourth Quarter Investments

 

Understanding Inequities Faced by Communities of Color

How the Civil Rights Movement Gave Rise to Community Health Centers

During the civil rights movement, communities of color, particularly those in the South, were not granted equitable access to health care at hospitals. Dr. Jack Geiger changed that by proposing the idea of community health centers to address the needs of underserved communities. 

 

Learn How This Idea Changed Health Care Nationwide

 

Examining Financial Vulnerability for Black Families

Financial vulnerability is a reality for many people, especially Black Americans. Black households experience more financial vulnerability than all other households, fallings behind in savings, credit, employment, and homeownership. Our latest blog examines the economic outlook for Black Americans. 

 

Findings from Prosperity Now’s 2019 Scorecard

 

We’re Hiring!

This spring, join our mission-driven team! Capital Impact offers a mission-driven experience and a suite of benefits. Our openings include a Director of Lending Operations; Real Estate Program Specialist; Manager, Loan Servicing and Loan Accounting, Grants & Contracts Specialist, and several internships. We look forward to hearing from all interested candidates.

 

Join the Capital Impact Team

 

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Winter 2019: 1968 | Co-op Conversions | Inclusive Food Systems | Capital Impact in the Media

 

As 2018 winds down, we at Capital Impact also reflect on the 50th anniversary of 1968, a pivotal year in identifying the injustices experienced by communities of color. While gains have been made, it is important to ask how far we truly have come and how much harder we must work to create a future in which all people are valued equally. Our mission-driven focus compels us to use those insights – still relevant today – to spread economic, social, and racial justice in our communities nationwide. 

 

Reflections on Equity, Justice, and Innovation

1968: 50 Years Later, How Far Have We Come?

 

Structural discrimination and ensuing wealth inequality have burdened low-income communities, particularly communities of color, for generations. In 1968, the Kerner Commission reviewed the circumstances that led to race riots across the country, identifying institutional racism and the resultant lack of investment in communities of color as causes central to the violence that boiled over. In 2018, the findings of the Kerner Report still feel fresh, given headlines that we read every day. In our most recent blog, our President and CEO Ellis Carr examines how far we have come since 1968 and what questions need to be answered in order to deliver equity and justice for our most vulnerable communities.

 

Forging a Path to Shared Prosperity

 

Innovation as a Tool for Transformative Change

 

Given continued disinvestment in communities of color, mission-driven organizations have to find strategies for empowering individuals to overcome barriers to success. One of our greatest tools in addressing issues of systemic discrimination and wealth inequity is innovation. Going beyond familiar places and products helps expand our reach to new customers and markets with products and investments that meet contextual needs. Innovation takes time, resources, and most importantly, commitment. We rely on each of our core values to incorporate innovation into our everyday work. Learn more about how innovation is integrated within our organizational culture.

 

Innovation as Culture

 

Convening Communities to Promote Inclusive Work and Food Systems

Building Wealth and Preserving Businesses through Worker Ownership

 

Every year, Baby Boomers reach retirement age, but many Boomer business owners do not have succession plans. As these small businesses close, they leave holes in the local economies that they have anchored for years, and leave millions without jobs. In partnership with The ICA Group and funded by Citi Community Development, Capital Impact released “Co-op Conversions at Scale: A Market Assessment for Expanding Worker Co-op Conversions in Key Regions & Sectors,” a new report that identifies the worker cooperative model as a means to support vibrant community businesses that maintain economic viability and job retention in underinvested communities. We also held a convening to discuss the findings and bring together stakeholders, including keynote speaker Rep. Nydia Velazquez (D-N.Y.), who championed the Main Street Employee Ownership Act.

 

Empowering Workers to Become Owners

 

Creating Vibrant Communities through Inclusive Food Systems

 

Equitable food systems create vibrant, healthy economies. However, many low-income communities, particularly communities of color, have unequal access to healthy food and opportunities within the local food economy. Next month, Capital Impact will bring together local leaders and stakeholders for “Community and Capital: Expanding Equity through Inclusive Food Systems,” a convening exploring how local food systems can be better supported in the District of Columbia. For more information about this event, please reach out to Olivia Rebanal at orebanal@capitalimpact.org.

 

Learn About Our Healthy Food Work

 

Innovating at the Intersection of Financial Inclusion and Mass Incarceration

Each year, Capital Impact joins other organizations and stakeholders at SOCAP to discuss ways to create social impact for underserved communities. This year, we took part in several events, including a “fireside” chat (pictured above) between our President and CEO Ellis Carr and Mission: Launch co-founder Teresa Hodge about the potential for financial opportunity and economic mobility, particularly through entrepreneurship, for returning citizens.

 

Read Our Blog and Report About Financial Inclusion for Returning Citizens

 

Empowering Minority Developers to Transform Communities

Creating a space at the table for underinvested individuals takes intention. In Detroit, minority real estate developers were underrepresented in development projects across the city. A year into our Equitable Development Initiative – designed to create an entry point for minority real estate developers in Detroit to participate in the city’s revitalization – our first class of participants has received training and mentorship to better help them compete and bring lasting change to the communities that they know so well. Given their progress, we are excited that a second round of the initiative will start training a new cohort of developers in 2019.

 

Leveling the Playing Field in Detroit

 

Capital Impact Partners in the Media

 

  • In partnership with The ICA Group and funded by Citi Community Development, Capital Impact released a new report that identifies the worker cooperative model as a means to support vibrant community businesses that maintain economic viability & job retention in underinvested communities, explored in this Next City article. We also held a convening to discuss the findings and bring together stakeholders, including keynote speaker Rep. Nydia Velazquez (D-N.Y.), shown in photo above.
  • Capital Impact President and CEO Ellis Carr talked to the Washington Business Journal about settings goals, addressing wealth disparities, and DJing as relaxation (yes, you read that right).
  • In the latest “Five Minutes With…” blog post by the Housing Association of Nonprofit Developers (HAND), Capital Impact Chief Lending Officer Diane Borradaile discussed the importance of affordable housing and how, through the D.C. Affordable Housing Preservation Fund, Capital Impact aims to keep low-income District residents in their homes.
  • With West Health and Build Healthy Places Network, Capital Impact published a series of blogs on the need for integrated services and investments to support healthy aging, including projects that address social isolation and malnutrition, major risk factors for the long-term health of older adults.
  • Candace Robinson, Capital Impact’s healthy aging lead, was quoted in the Houston Chronicle about the role that older adults are playing in home health care, filling the gap for home health care workers as the number of older adults increases.
  • Capital Impact’s Equitable Development Initiative was listed in a Model D article as one of several programs helping minority developers to transform their communities.

 

We’re Hiring

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With your support this year, we witnessed firsthand what is possible when communities are empowered to take advantage of opportunities and reach for a better life.

 

Whether through affordable housing, cooperative development, or financial inclusion for returning citizens, you have been with us every step of the way as the Capital Impact team worked to break down barriers to success for communities nationwide.

 

As we continue to address the structural racism and discrimination that hold so many of our communities back, your partnership and dedication gives us the drive to continue this work into 2019 and beyond.

 

Thank you for your tireless efforts throughout 2018, and we look forward to exciting and transformational initiatives that will create more empowered communities of opportunity nationwide.

 

 

 

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We also want to thank our dedicated team, which makes this commitment to our communities possible. Watch our video and see how our values guide the investments that we make every day.

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Detroit Summer 2019: 2018 Annual Report | Woodward Corridor Investment Fund | Equitable Development Initiative | Meet Our Team

 

As we close the second quarter of 2019, we are amplifying assetsboth financial and community-basedto foster communities of opportunity that create equity for all Detroiters. Read our latest stories to see how we have and how we continue to work toward inclusive, mixed-income neighborhoods in partnership with communities and organizations. 

Amplifying Assets: Our 2018 Annual Report

Looking back at our journey through 2018, both as an organization and as a country, it is no surprise to us that Merriam-Webster’s “word of the year” was justice. The meaning and implications of justice were central to important conversations taking place in communities across the United States.

While we are pleased to see attention brought to this critical topic, justice – or the lack thereof – is an issue that we have wrestled with for decades. That is why justice – racial, social, economic – is core to our own mission and is a critical conversation that we seek to drive every day through our work.

In our 2018 Annual Report, read our stories and watch new videos featuring individuals and families who have been empowered to succeed. Also, see highlights of our continued impact as we seek equity, justice, and opportunity for all.

►Download Our Annual Report

►Read Our CEO’s Leadership Letter
 

Lessons in Community Development: Woodward Corridor Investment Fund

During Detroit’s economic decline in the early 2000s, the city lost more than a third of its residents. Capital Impact launched the $30-million multi-investor Woodward Corridor Investment Fund (WCIF) in 2013 to increase density in Downtown and Midtown Detroit and begin to revitalize the city.

Through investments in key projects along the Woodward Corridor, we saw signs of progress. Our research also showed, however, that inclusive, equitable community development takes years and a variety of approaches to bring cities back.

Our latest blog shows how far critical investments have brought Detroit from where it was, and how much still remains to be done to revive the Motor City.

►Read How the Woodward Corridor Investment Fund Spurred Investment in Detroit 

Advancing Equity and Opportunity: Equitable Development Initiative

The second cohort of our Equitable Development Initiative came to an exciting end as teams used lessons learned to present sample projects for how they would develop vacant parcels in Detroit’s Islandview neighborhood to an expert jury. While there were many inspirational ideas, we want to congratulate the winners:

Winning team: “SPIRIT” – developed by Ashley McLead, Duane Washington, and John Davis


 

 


Runner-up: “RETY” – developed by Essence Hiskman, John Truong, Ronald Weaver and Tracey Yurko




Many thanks to the program resource team, program advisors and jury, including:

Program Resource Team

Program Advisors

Jurors

EDI aims to build wealth in communities of color in Detroit by providing training, technical assistance mentorship, and project financing to real estate developers of color who are committed to Detroit’s revitalization. To date, Capital Impact has trained 47 individuals through the program and provided predevelopment financing to two projects in Detroit’s Avenue of Fashion and Virginia Park neighborhoods. Stay for updates on new sessions of the EDI program.

►More about the Detroit Equitable Development Initiative

Bringing Mixed-Income Housing to the Kercheval Corridor

Kercheval East

In May, we provided a $2.93 million construction loan as part of our Detroit Neighborhoods Fund (DNF) for the renovation and construction of the “Kercheval East,” a 16,000-square-foot mixed-use development. Kercheval East will deliver 15 new apartment units and approximately 3,300 sq. ft. of new commercial space along the Kercheval corridor in the Islandview/Villages neighborhoods, just east of several other Capital Impact investments.

Of the 10 one-bedroom units and 5 two-bedroom units, 20 percent will be affordable to households earning less than 80 percent of the Area Median Income. The new apartment units will bring increased density to the Kercheval corridor in alignment with the City of Detroit’s neighborhood strategy. Detroit Body Garage, a community gym, has already signed a lease within the building.

Learn More about How We Can Finance Your Project

Fostering Inclusive Food Systems: Michigan Good Food Fund

Across the state, the Michigan Good Food Fund (MGFF) is empowering good food entrepreneurs to provide greater healthy food options for communities experiencing economic hardship. Through flexible capital and technical assistance, MGFF helps not only to expand healthy food options to communities, but invests in racial equity for small business owners and communities of color. Watch MGFF’s latest videos featuring Torti Taco and Zilke Vegetable Farm to see the impact that our investments are having for Michigan residents.

Watch the Torti Taco and Zilke Vegetable Farm Videos

Meet Our Team

Connie Shaub, Portfolio Loan Officer

Connie joins Capital Impact with more than 20 years’ experience in commercial loan analysis, risk management and relationship management. She served as a small business lender and relationship manager for BB&T in Raleigh, NC for six years, before becoming a portfolio manager in the Special Assets division of Fifth Third Bank in Detroit, MI for the past nine years.

Connie will be responsible for managing Capital Impact’s ongoing loan relationships in the Detroit area. This includes managing day-to-day contact with borrowers, making sure that each relationship’s financial analysis and risk assessments are up to date. Connie has a Bachelor of Science in Business Administration with a concentration in Finance from the University of Vermont.

Did you know?: Connie has two rescue dogs that she adores from the Michigan Humane Society.

Favorite thing to do/See in Detroit: Connie and her husband regularly take their friends on biking tours of downtown Detroit called “Tour de Shaub.” The most recent one took them from the east side canals to the West Riverfront Park to Lumen restaurant in Beacon Park and to the new rooftop bar The Monarch Club.


Reg Ellis, Origination Loan Associate

Reg comes to Capital Impact with a background in the banking sector, including serving as a personal banker and portfolio banker, as well as a commercial analyst at a Community Development Financial Institution (CDFI). His former employer was part of the Detroit CDFI Coalition, which is where he learned about Capital Impact’s mission and great work in the area.

Reg is on track to become a loan officer. In his current role, he is on the frontier of new investment and revitalization for Detroit. Reg has a Bachelor of Science in Biology from Oakland University and an MBA in Finance and Management from Wayne State University.

Did you know?: Reg is technically a biologist! Consider him your personal liaison to the World of Biology!

Favorite thing to do/see in Detroit: Reg’s favorite Detroit “thing” to do is visit Eastern Market to buy fresh fruit and lamb chops that are destined to be grilled.

 

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California Summer 2019: Regional Housing Flexible Fund │ Our Continued Impact │ Meet Our Local Team │ Where You Can Meet Us

 

Working within our communities has shown us that justice and empowerment move individuals and families forward by giving them access to programs and initiatives that help them to thrive. Through the end of 2018, Capital Impact invested more than $35 million in projects to develop a path to opportunity for California residents. In 2019, we continue to invest in innovative ideas with partners to promote economic mobility, racial justice, and shared prosperity across the state.

Preserving and Producing Affordable Housing for Bay Area Communities

Across the country, communities are experiencing an affordable housing crisis. In the San Francisco Bay Area, the crisis is particularly acute: in 2017, the Bay Area added more than 50,000 jobs, but only added 15,000 housing units. Today, two full-time workers making $15 per hour – around $62,000 per year – can only afford to live in 5 percent of the region’s neighborhoods.

Last week, Oakland Mayor Libby Schaaf joined Capital Impact, Local Initiatives Support Corporation, and the Corporation for Supportive Housing to give an overview of the Regional Housing Flexible Fund, which is the Investment Fund of the new $500 million Partnership for the Bay’s Future. The Partnership aims to address the housing crisis in the Bay Area. 

As part of the Partnership, Capital Impact has committed $50 million in flexible, mission-driven capital to increase access to affordable housing through the Regional Housing Flexible Fund. Our Community Development Financial Institution (CDFI) partners at LISC and the Corporation for Supportive Housing, as well as a variety of philanthropic donors, are also contributing to this Fund to maximize its impact. Through this effort, we are working in partnership to expand and protect up to 175,000 homes over the next five years and preserve and produce more than 8,000 homes over the next five to 10 years across the region.

In order to increase the supply of affordable housing and foster economic development, we will engage with mission-driven developers, community groups, neighborhood associations, and local partner organizations. Our community-led, inclusive growth strategies will help ensure that residents can live close to employment, shopping, and critical social services.

For more information about the Fund and our affordable housing work, reach out to Fathia Macauley at fmacauley@capitalimpact.org.

Continuing Strong Community Impact Across the State

High-quality health care is a critical element of healthy, prosperous communities. Through our work as a mission-driven CDFI, we have supported 50 percent of the Federally Qualified Health Centers (FQHCs) in California. FQHCs provide vital and comprehensive care for families that otherwise struggle to cover the high cost of health care.

South Central Family Health Center (SCFHC) in Los Angeles provides approximately 21,000 patients in its South Central community with comprehensive services, including primary care, dental care, behavioral health services, women’s health and prenatal care, vision care, pediatrics, pharmacy services, and wellness classes and health education. Ninety-nine percent of patients live below 200 percent of the federal poverty level and 90 percent live below 100 percent below of the federal poverty level. Many in the community have high blood pressure and diabetes. SCFHC provides high-quality health care to its clients, routinely earning high marks for service. SCFHC serves 25 percent of the local market because of its quality of care.

To address the high need for optometry services, Capital Impact provided a $500,000 loan through our California Primary Care Association (CPCA) Ventures Fund for the renovation of a building to create a new 4,200-square-foot vision care center. This new building stands directly across the street from one of SCFHC’s existing health centers, which Capital Impact also helped to finance. The new facility will create 5 construction jobs and 10 full-time positions, while filling a gap in care for the more than 8,300 patients that the clinic will serve.

La Clinica de la Raza is an FQHC that serves nearly 87,000 clients from 35 sites across the San Francisco Bay Area, many of whom experience considerable economic burden. Fifty-nine percent of its clients earn at or below the federal poverty level.  La Clinica currently serves approximately 15,000 patients out of five leased clinic locations in Vallejo, a city that has seen historical disinvestment and an economic downtown. Working out of five locations makes it inefficient for its staff to connect primary care services with behavioral health, dental, and the many other medical services that it provides.

To increase its capacity and better serve its clients, La Clinica is renovating a blighted building to become the new 26,000 sq. ft. home for its medical services in Vallejo. The renovation will not only enable the organization to expand its services and serve more patients, but also increase quality through integrated services. Capital Impact provided $9 million out of an $18 million New Markets Tax Credit transaction, which will support the revitalization of Vallejo; Northern California Community Loan Fund provided the other $9 million, with US Bank serving as source lender and tax credit investor.

Through Capital Impact’s Healthier California Fund, Harbor Community Clinic (HCC) has been able to expand its pediatric services in the Los Angeles neighborhood of San Pedro. Many in this community are uninsured or underinsured and HCC provides a health care safety net that would not otherwise exist. More than just a provider of primary care and pediatrics, HCC offers dental care, as well as behavioral health and respiratory services. In addition, HCC employs many local residents, which enables community members to earn a decent wage for their families and build wealth.

Through a $2.7 million loan from Capital Impact, HCC is renovating a 7,878-square-foot building that will house its pediatric care services. As HCC sees more than 1,500 children each year, Capital Impact’s financing allows HCC to leave its previous constrained space to provide more comprehensive and dignified services in a new facility.  

In South Los Angeles, which is listed as a medically underserved area, Martin Luther King Jr. Community Hospital provides critical inpatient, emergency, and outpatient care that local residents need. Its service area contains 1.3 million people, which has strained its emergency room staff. To provide a higher-quality experience for clients, MLK needed additional space to provide adequate post-discharge care.

Using $8 million in a New Markets Tax Credit allocation from Capital Impact, MLK is creating its Martin Luther King Jr. Wellness Center, a new 44,500 sq. ft. building on its campus which will house a variety of primary and specialty care providers. MLK will operate directly out of 21,200 sq. ft. and will lease the remainder of the space to a pharmacy and tenants providing dialysis, wound care, and other medical services.

Find out more about Capital Impact’s investments throughout California in 2018.

Meet Our Local Team

Andy King, Senior Loan Origination Officer
Andy King joined Capital Impact Partners in February 2019, based in our Oakland, CA office. Andy prepares and negotiates loan proposals with borrowers and partners, structures and underwrites loan transactions, and manages the loan approval process from deal screening to loan approval. Prior to joining Capital Impact Partners, Andy worked for 15 years in the banking sector in community development lending, providing more than $1 billion of debt financing for affordable multifamily housing projects, comprising 3,000+ units in more than 100 projects. Andy looks forward to bringing his passion for affordable housing and community development to Capital Impact Partners’ work – including community health and education – to forge a path for social and economic equity for communities. Andy has a Bachelor’s degree from the University of California, Davis, and lives in San Francisco with his wife and (almost) 15-year-old son, and their dog Bailey.

Did you know?
Andy is an occasional hockey player. Ask him about a pick-up game!

Favorite Things to see and do in Oakland?
Anything with his wife and son. Outdoor favorites include enjoying San Francisco, occasionally embracing days as a tourist (even after 25+ years as a city resident) with a cable car ride, or a walk along the bay enjoying the Golden Gate Bridge view. Biking and hiking in one of Oakland’s parks are other family favorites. Additionally, Andy and his family pursue various cultural activities, from the San Francisco Opera (once) to a “surprise” Taylor Swift concert (yes, his idea, and it was great!) to a Monster Truck Jam…that one was the collective favorite!

Where You Can Meet Our Team

Meet the Capital Impact team at upcoming events across California! We will be attending and presenting at several conferences and events, including the following:

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Washington, D.C. Summer 2019: Our 2018 Annual Report | Affordable Housing Preservation | Entrepreneurs of Color | Inclusive Food Systems

 

A recent study identified that Washington, D.C. experienced the most intense gentrification in the country from 2000-2013. That impacts all aspects of life for District residents, forcing individuals and families already experiencing economic hardship to make difficult decisions. Capital Impact Partners continues to foster innovative strategies and partnerships to expand access to long-denied resources and break down systemic barriers so that community members in our own backyard can determine success for themselves.

Our 2018 Annual Report: Amplifying Assets

Looking back at our journey through 2018, both as an organization and as a country, it is no surprise to us that Merriam-Webster’s “word of the year” was justice. The meaning and implications of justice were central to important conversations taking place in communities across the United States.

While we are pleased to see attention brought to this critical topic, justice – or the lack thereof – is an issue that we have wrestled with for decades. That is why justice – racial, social, economic – is core to our own mission and is a critical conversation that we seek to drive every day through our work.

In our 2018 Annual Report, read our stories  – like that of Juan Reid of D.C.’s Tightshift Laboring Cooperative – and watch new videos featuring individuals and families who have been empowered to succeed through our work in partnership with communities and organizations. Also, see highlights of our continued impact as we seek equity, justice, and opportunity for all.

►Learn More about Our 2018 Impact

►Read Our Leadership Letter

Preserving and Creating Affordable Housing for District Residents

Across Washington, D.C., the cost of housing is rising beyond the reach of many District residents. That puts them at risk of losing their homes, where some have lived for years, even generations. To address the significant need for affordable housing in the D.C. area, Capital Impact took on the role of fund manager for the city’s Affordable Housing Preservation Fund (AHPF), which is preserving affordable housing across the city, supporting residents to remain in their communities.

Ridgecrest Village, our first loan under AHPF, is a great example of how the Fund is preserving housing and opportunity for District residents. Located in Ward 8’s Congress Heights neighborhood, Ridgecrest Village is a community of 272 apartment units that house approximately 900 city residents. About 10 percent of residents within the complex have lived there since the 1970s. When the complex owner decided to sell, tenants of Ridgecrest Village were able to use D.C.’s Tenant Opportunity to Purchase Act to select a developer to buy the property through AHPF, preserving the affordability and making way for tenant-designed improvements. Now this community can control its future and financial stability, and can take advantage of an increasing amount of amenities across the city.
 

Empowering Entrepreneurs and Communities of Color in Washington, D.C.​

Equitable Development Initiative – D.C.

In March, Capital Impact held a conversation about ways to increase opportunities for minority real estate developers in Washington, D.C. to participate in the region’s booming development landscape. Development around the Washington Metropolitan area is booming, yet with so much opportunity, the pool of real estate developers still does not reflect the region’s diversity. To increase those opportunities, we are launching our Equitable Development Initiative in the Washington Metropolitan area. EDI targets flexible capital and capacity building tools to minority developers to reduce barriers to entry and strengthen their business enterprises while promoting equitable community development, particularly affordable housing for communities of color.

We are accepting applications for the Equitable Development Initiative now through July 31st.

For more information about EDI, e-mail us at edidc@capitalimpact.org.

►Apply Now for the Equitable Development Initiative

►Learn More about EDI


Entrepreneurs of Color Fund

In February, we joined JPMorgan Chase to announce the expansion of the Entrepreneurs of Color Fund in the Washington, D.C. area. The Fund will support local minority entrepreneurs from northern Virginia to Baltimore to drive business growth through access to capital and technical assistance and aims to:

  • preserve and grow minority-owned businesses in commercial corridors;
  • cultivate a new generation of minority housing developers (EDI); and
  • streamline anchor institution procurement.

With Capital Impact working as fund manager, the Latino Economic Development Center (LEDC) and the Washington Area Community Investment Fund (Wacif) will provide low-cost capital with business advisory services, including networking support and business coaching to minority small business owners in the region. Additionally, the Harbor Bank of Maryland will lead efforts to provide low-cost loans and business support to minority businesses in Baltimore and Prince George’s County, MD.

JPMorgan Chase is seeding the loan fund with a commitment of $3.65 million, alongside a $2 million commitment from Capital Impact Partners and a $1 million investment from the A. James & Alice B. Clark Foundation, for a total of $6.65 million. This effort builds on existing Entrepreneurs of Color Funds in Detroit, Chicago, San Francisco and the South Bronx.

►Read Our EOCF Fact Sheet

►Learn More about the EOCF Initiative

Expanding Equity through Inclusive Food Systems

Food access is a basis necessity for creating vibrant, healthy communities. However, many communities, particularly communities of color, have unequal access to healthy food. In December 2018, we held a convening to explore how local food systems can be better financially supported in Washington, D.C. Community members, government officials, and representatives from community-based organizations engaged in a lively discussion envisioning how food systems can foster economic opportunity, better health outcomes, racial equity, and self-determination for District communities.

Alongside capital and technical assistance, the group identified the need to include communities at the beginning of community development strategy, and in fact, allow communities to set these strategies, as they have the best knowledge of community needs and viable solutions. Many communities have been working to address the need for healthier food and increased employment opportunities, and that insight can be integral in creating lasting transformation with support from Community Development Financial Institutions and others. Capital Impact has held follow-on meetings to drill down on more concrete steps that Capital Impact and others can take to foster an inclusive food system in the District.

Check back soon for our convening report!

►More about Our Inclusive Food Systems Convening

Where You Can Meet Our Team

Meet the Capital Impact team at upcoming events across the Mid-Atlantic! We will be attending and presenting at several conferences and events, including the following:

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