Capital Impact was formed as a District of Columbia nonprofit in 1982 at the direction of the United States Congress to support the development of cooperatives in underserved communities.
NONPROFIT LENDING BEGINS
Our national mission-driven lending effort is formally launched to support all forms of consumer, worker and producer cooperatives—thus, contributing to the economic development of low- and moderate-income communities.
EXPANDING HEALTH CARE ACCESS
We begin to expand our impact beyond the cooperative sector. Through lending to Federal Qualified Health Centers, we support increased access to quality health care for those in low-income communities.
OAKLAND OFFICE OPENING
We solidify our national presence by opening an office in the Bay Area of Northern CA to complement our headquarters in Arlington, VA. Over the years, we reinforce our national strategy with loan officers located in key states.
INNOVATIONS IN AGING
The Robert Wood Johnson Foundation supports the launch of our “Coming Home Program.” This initiative facilitates more than 50 affordable assisted living projects across 13 states. It’s the first of our many efforts to support dignified aging in the community.
COMMITMENT TO EDUCATION
We launch our comprehensive charter school lending program to ensure access to a quality education for low-income students. Our first education loan is provided to EdVisions, a nonprofit organization that works to create and sustain small schools.
CALIFORNIA HEALTH CARE FOCUS
We launch the CPCA Ventures Loan Fund in partnership with the California Primary Care Association, The California Endowment and Dignity Health to deepen our health care impact. This $40M fund supports statewide financing of community clinics and health centers.
FIRST NEW MARKETS TAX CREDITS
We are awarded our first New Markets Tax Credit allocation. This program of the U.S. Department of the Treasury’s Community Development Financial Institution Fund attracts private capital to project financing in struggling communities.
PARTNERING TO AMPLIFY IMPACT
We embark on our first partnership with another CDFI as a way to service larger loans for big projects. This effort will serve as a model for creating financing partnerships with numerous CDFIs, foundations and traditional banks.
THE GREEN HOUSE PROJECT
We partner once again with the Robert Wood Johnson Foundation to lead a replication of The Green House Project, a radical new model for home-like skilled nursing care. In 2016 the program scaled to a point where it was able to operate as a stand-alone organization.
AMPLIFYING HOUSING COOPERATIVES
Capital Impact becomes a founding investor in ROC USA. This dedicated nonprofit makes resident ownership of manufactured home communities possible by helping residents work together as a cooperative to purchase the land their community sits on.
EXPANDING AGING IN THE COMMUNITY EFFORTS
We seed the initial development of the Village to Village Network, a peer network of grassroots organizations committed to creating livable communities for older adults. Successfully grown into a national presence, the network became an independent organization in 2015.
COMMITMENT TO SHARED EQUITY AFFORDABLE HOUSING (2009)
With support from the Ford Foundation, we launch the Cornerstone Partnership—a peer network for homeownership programs working to preserve long-term affordability. Cornerstone morphed into the Grounded Solutions Network in 2016.
We become officially certified by the Community Development Financial Institution Fund, which recognizes our lending to projects in low-income communities. This certification makes us eligible for a variety of programs offered by the Fund.
AFFORDABLE HOUSING CAPACITY BUILDING
A $2M award from the Social Innovation Fund, a program of the Corporation for National and Community Service, allows us to make grants to local homeownership programs, addressing affordability issues. A second $2M award helps extend this program in 2013.
A VISION FOR DETROIT
We join the Kresge Foundation, Skillman Foundation and Midtown Detroit to launch a focused effort in Detroit as part of the Living Cities Integration Initiative. Our lending work expands to collaboration with on-the-ground organizations, academic institutions, businesses and foundations to spur revitalization of Detroit’s Woodward Corridor.
HEALTHY FOOD FOCUS
First Lady Michelle Obama announces the California FreshWorks Fund, which we developed in partnership with The California Endowment to finance healthy food enterprises and support innovation across CA. After we deploy $60M and increase access for 800,000 Californians, management of the fund is transferred to a partner CDFI in 2015.
WELLS FARGO NEXT AWARD
In recognition of our pioneering work in Detroit, we receive the Wells Fargo NEXT Award for Opportunity Finance. This $2.75M award substantially expands our work across the city, allowing us to further our revitalization efforts.
WOODWARD CORRIDOR INVESTMENT FUND
The Kresge Foundation, MetLife, Inc., PNC Bank, Prudential, Calvert Foundation, Ford Foundation, Living Cities and the Max M. & Marjorie S. Fisher Foundation all support our launch of the Woodward Corridor Investment Fund and provide capital to projects that promote density, diversity, vibrancy and walkability in Detroit’s core.
A NEW NAME, CONTINUED IMPACT
We debut our new name, Capital Impact Partners, and adopt a brand identity that better reflects our culture, capabilities and strategy to deepen our mission to create social impact for those most in need.
DETROIT OFFICE OPENS
After years of dedicated efforts to support Detroit’s revitalization, we formally open up our Midwest office in the “New Center” section of the city. The office is centrally located to many projects we’ve financed in the heart of Detroit.
DETROIT NEIGHBORHOODS FUND
JPMorgan Chase makes a $100M commitment to Detroit, which includes $25M to launch our Detroit Neighborhoods Fund. The Fund provides financing for multi-family residential properties, mixed-use real estate and grocery stores. Mayor Mike Duggan joins us at the Rainer Court Apartments ribbon cutting to mark the first project opened under the fund.
BOND GUARANTEE PROGRAM
The CDFI Fund enables us to utilize its Bond Guarantee Program, an effort designed to support community revitalization. This allows us to offer our borrowers long–term financing at low fixed rates, thus enabling them to put more of their money toward impact.
$2 BILLION OF IMPACT MILESTONE
While it took 25 years to reach the $1B mark, it only took five more for us to mark the impressive milestone of deploying over $2B in efforts to increase access to critical social services that foster good health and economic development.
FHLBANK ATLANTA MEMBERSHIP
The Federal Home Loan Bank of Atlanta names us among its cooperative of financial institutions. We’re one of a few CDFIs that are part of this system. Our membership provides us with access to products that enhance our mission-driven lending efforts.
MICHIGAN GOOD FOOD FUND
The Michigan Good Food Fund is born to support efforts across the healthy food value chain—including production, distribution, processing, marketing and retail projects. This unique public-private partnership loan and grant fund is developed by the W.K. Kellogg Foundation, Fair Food Network and Michigan State University Center for Regional Food Systems.
AGE STRONG FUND
We continue to help low-income older adults age in their community with the Age Strong Investment fund, launched in partnership with AARP, AARP Foundation and Calvert Foundation. The $70M fund supports enterprises that benefit this high-need community. It also allows individuals to invest in the fund and earn a return through the Calvert Foundation.
Terry Simonette, who led the organization since its inception, announces his retirement. Ellis Carr, Capital Impact’s Chief Financial Officer, is named as his replacement. Ellis brings 20+ years experience addressing social and economic justice issues through his work in the financial services and community development sectors.
HEALTHIER CALIFORNIA FUND
Already the largest nonprofit lender to Federally Qualified Health Centers in CA, we look to deepen our impact with the Healthier California Fund. This new $20M loan fund, launched with The California Endowment, supports growth and innovation at community health centers and clinics in underserved, low-income communities.
AA S&P Global Rating
S&P Global, the world’s leading provider of independent credit ratings, assigns Capital Impact with a “AA credit rating with stable outlook.” The ratings analysis recognized our strong asset quality and liquidity, minimal risk profile, and consistent growth in loans and assets.