Capital Impact Partners Honored by Novogradac Journal of Tax Credits in QLICIs of the Year Awards
The award recognizes Capital Impact Partners for its financial support of Whitman-Walker’s new Max Robinson Center medical and research facility in Southeast Washington, D.C.
June 4, 2024 (Washington, D.C.) – Capital Impact Partners has received the Real Estate QLICI of the Year award — which recognizes investments in the development, management or leasing of real estate — for its work with Whitman-Walker’s Max Robinson Center in Washington, D.C.
The award is featured in Novogradac Journal of Tax Credits’ annual Community Development QLICIs of the Year Awards, which celebrate community development entities that made exceptional qualified low-income community investments, or QLICIs.
In 2023, Whitman-Walker opened a new, larger site for its Max Robinson Center in the southeast D.C. neighborhood of Congress Heights, helping ensure quality health care for community members in a long-disinvested region of the city. The 118,000-square-foot medical facility provides a variety of primary care, dental care, and behavioral health services, as well as important health care and policy research.
Capital Impact Partners provided the project with $4 million in financing through New Markets Tax Credit (NMTC) allocation. In total, this project received more than $32 million of NMTC allocation from Capital Impact Partners, Chase, Jubilee Manna Community Development Enterprise, D.C. Housing Enterprises, and Industrial Bank. Additional financing support was provided by Chase as the NMTC investor and EagleBank as lender. Diarra McKinney, a D.C.-based developer who runs Rosewood Strategies, was the project’s NMTC consultant. Mr. McKinney is also a participant in Capital Impact Partners’ Growing Diverse Housing Developers program for training and mentoring diverse developers.
“We’re proud to support Whitman-Walker, a longstanding and respected health organization that provides quality, affordable care to individuals from disinvested communities,” said Mindy Christensen, senior vice president, community development lending for Capital Impact Partners, part of the Momentus Capital branded family of organizations. “This expansion allows Whitman-Walker to serve more than 15,000 unique patients per year, an increase of 10,000 patients. This new site for the Max Robinson Center also means Whitman-Walker’s team can continue to perform life-saving research to end the HIV epidemic, eliminate health disparities, and promote wellness and resiliency. And the additional space also means the creation of more new jobs.”
With three locations in the city, Whitman-Walker provides primary medical care, behavioral health care, dental care, and a range of health-related legal and support services to more than 20,000 individuals and families annually in the greater Washington, D.C. region.
“Whitman-Walker envisions a society where all people are seen for who they are, treated with dignity and respect, and afforded equal opportunity to health and wellbeing. That’s why for more than 30 years, our Max Robinson Center has been located in Ward 8 of Washington, D.C., where many of our community members live well below the poverty line,” said Naseema Shafi, CEO of Whitman-Walker Health. “The funding we’ve received allowed us to expand the Max Robinson Center into a new location, which means we have been able to expand our services to care for more people in an area where health care is crucial yet often not as accessible.”
The federally administered New Markets Tax Credit Program helps mission-driven lenders like Capital Impact Partners attract private investment capital to disinvested communities. The program provides individual and corporate investors with a federal tax credit in exchange for making investments in businesses or economic development projects. This incentive bolsters mission-driven lenders’ ability to provide loans to projects delivering social impact in communities across the country.
Capital Impact Partners has received $742 million in New Markets Tax Credit Allocation and deployed $729 million to 91 projects that have delivered social impact and created economic mobility and wealth creation. Capital Impact Partners is primarily focused on using its tax credit allocation in support of health care, education, and inclusive food system developments.
Capital Impact Partners and CDC Small Business Finance are each part of the Momentus Capital branded family of organizations, which also includes their affiliates, Momentus Direct Capital, Momentus Securities (a FINRA-member broker/dealer), and Ventures Lending Technologies. Momentus Capital works to expand equitable capital and opportunities for communities, providing them with the momentum they need for success.
This is the latest recognition for the Momentus Capital branded family of organizations:
- Momentus Capital was named the #3 large-sized nonprofit to work for, and the #17 overall, by The NonProfit Times in its 2024 awards.
- Team member Tony Barengo was honored in the San Diego Business Journal’s Leaders of Influence in Commercial Real Estate awards in 2024.
- Team member Susan Lamping was named to the San Diego Business Journal’s Women of Influence 50 Over 50 list in 2024.
- Team member Melissa Stallings won the “Diversity in Business” Award From the Washington Business Journal in 2024.
- The Washington Business Journal honored Momentus Capital President and CEO Ellis Carr on its “Power 100” list in 2023. Mr. Carr was also recognized in 2022 by the Washington Business Journal as the Nonprofit Leader of the Year, and was named by Fast Company to that publication’s 14th annual list of the Most Creative People in Business.
- Team member Miriam Torres Baltys received the Financial Services Champion of the Year” award from the SBA’s San Diego District Office in its 2023 National Small Business Week Awards.
- Team member Aaron Gougis won a “Leaders in Diversity” award from the Dallas Business Journal in 2023.
- Chief Human Resources Officer Kimberly Dorsett was named one of DCA Live’s 2023 HR Leaders of the Year and was named to the 2024 Leaders of Distinction list in HRO Today’s CHRO of the Year awards.
- Momentus Capital was nominated to the Washington Business Journal’s Inno on Fire awards in 2022 for helping to fuel the region’s economy.
- CDC Small Business Finance finished Fiscal Year 2022 as the foremost SBA 504 and Community Advantage lender and Fiscal Year 2023 as the #1 Community Advantage lender in the United States.
- CDC Small Business Finance was named the Community Advantage Lender of the Year in the SBA’s Michigan District for Fiscal Year 2023. CDC Small Business Finance was also named the Community Advantage lender of the year and a Top 10 lender of the year in the SBA’s Michigan District for Fiscal Year 2022.
- CDC Small Business Finance also was named the top SBA Community Advantage lender in the Fresno (Calif.) District for Fiscal Year 2022.
- Team members Ken Rosenthal and Stacey Sanchez received two top honors from Coleman Report in 2022 as the leading banking publication’s SBA Business Development Officers of the Year.
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About Capital Impact Partners
Capital Impact Partners is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. We work to champion key issues of equity and social and economic justice by deploying mission-driven financing, capacity-building programs, and impact investing opportunities.
A nonprofit Community Development Financial Institution, Capital Impact has disbursed more than $3 billion since 1982 to create access to critical social services, grow entrepreneurs, and create quality jobs. Capital Impact’s leadership in delivering financial and social impact has resulted in the organization being rated by S&P Global and Fitch, and recognized by Aeris for its performance.
About the Momentus Capital Brand
The Momentus Capital branded family of organizations refers to the combined operations of Capital Impact Partners and CDC Small Business Finance, as well as their affiliates, Momentus Direct Capital, Momentus Securities (a FINRA-member broker/dealer), and Ventures Lending Technologies. While each organization under the Momentus Capital brand still operates as a separate entity, their clients will now have access to more resources and products.
The Momentus Capital branded family of organizations is transforming how capital and investments flow into communities to provide people access to the capital and opportunities they deserve. We are working to reinvent traditional financial systems that have failed to address systemic issues of inequality, economic empowerment, and the widening racial wealth gap by offering a continuum of financial, knowledge, and social capital to help local leaders build inclusive and equitable communities and create generational wealth. This includes a comprehensive package of loan products, impact investment opportunities, training and business advising programs, and technology services that advance locally-led solutions.
Leveraging 80 years of combined experience, more than $3 billion in assets under management, and strong community engagement, we have delivered $24 billion in financing, created and preserved 293,000 jobs, and served 13,800 small businesses and five and a half million people across their history.
With headquarters in Arlington, Virginia, and San Diego, California, Momentus Capital operates nationally with a focus on larger urban areas and cities in Arizona, California, Michigan, Nevada, New York, Texas, and the Washington metro area. Learn more at momentuscap.org.
About D.C. Housing Enterprises
D.C. Housing Enterprises is a Washington D.C.-based nonprofit community development entity and subsidiary of the District of Columbia Housing Authority. DCHE was established in 2009 to attract greater investments to the District of the Columbia to support the financing of commercial, mixed-use and community facility projects that are critical to the creation of healthy and economically vibrant mixed-income neighborhoods. Since its founding, DCHE has closed on $147 million in funding for projects in education, affordable housing, health care and other services needed by low-income District residents.
About Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 12 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.
About Manna Homes
Manna Homes is a nonprofit organization dedicated to providing education, and housing solutions for individuals and families facing housing insecurity in the Washington DC region. Established in 1982 with a commitment to community, Manna Homes’ mission is to offer and advocate for quality, equitable, and sustainable housing through preservation and the creation of new affordable for-sale and rental housing, as well as pathways to long-term homeownership. The Jubilee Manna Sub-CDE IV, LLC is a partnership between Jubilee Housing, and Manna Homes
About Rosewood Strategies
Rosewood is an integrated real estate finance and development company focused on strategic high-impact development opportunities in the Washington, D.C. metro area, the Mid-Atlantic, and the Southeast United States. As a full-service real estate financing and development firm, Rosewood provides a range of services focused on identifying and nurturing high-performing assets. Our commitment lies in helping our Owner-Clients to effectively navigate the complex terrain of real estate development, facilitating the successful achievement of their projects. Throughout every phase of the development process, we diligently work to ensure that each project, from its initial concept to final completion, meets its intended design and financial objectives.
About Whitman-Walker
For over 50 years, Whitman-Walker has been part of the fabric of the local D.C. and national community as first responder and care-provider for those living with HIV; a leader in LGBTQ care and advocacy; a research center working to discover breakthroughs in HIV treatment and prevention science; and one of D.C.’s most trusted partners during the current COVID-19 pandemic. Whitman-Walker envisions a society where all people are seen for who they are, treated with dignity and respect, and afforded equal opportunity to health and wellbeing. More info can be found at whitman-walker.org.
