Capital Impact Partners Awarded $6.8 Million Through the CDFI Program
Grants will support equitable lending products to housing, education and healthy food initiatives.
October 3, 2024 (Arlington, VA) – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has announced (PDF) that Capital Impact Partners was awarded $6.8 million in grants through the fiscal year 2024 round of the CDFI Program.
Capital Impact Partners received the second-highest award. In total, the CDFI Program awarded $408.2 million to 357 organizations.
These grants will enable Capital Impact Partners to expand its efforts to create new, innovative lending products in the Atlanta Metropolitan area, and expand support for healthy food businesses and supportive housing in its core geographies.
“We are grateful to the CDFI Fund for this substantial support, which we will leverage with our balance sheet capital to expand our work bringing greater access to affordable housing, healthy foods, education, and other key social determinants of health,” said Mindy Christensen, senior vice president of Community Development Lending for Capital Impact Partners, which is part of the Momentus Capital branded family of organizations.
A $800,000 Financial Assistance (FA) grant was awarded to Capital Impact Partners to support the expansion of its work in the Atlanta Metropolitan Area. Funds will be deployed through existing loan products such as acquisition, predevelopment, bridge, and construction loans.
These products address an identified need for capital for projects that conventional lenders consider higher-risk because they are located in areas that are experiencing high poverty, are smaller and generate smaller revenue streams, and fall outside of traditional underwriting standards. These loan products will benefit affordable housing projects, food access systems including food banks and retail groceries, and community facilities such as health centers and education facilities.
In addition, Capital Impact Partners received a $5 million Healthy Food Financing Initiative Financial Assistance (HFFI-FA) award to build inclusive food systems that provide economic opportunities and access to healthy, affordable food in communities impacted by historic disinvestment.
The HFFI-FA award will be targeted to support retail projects such as those in Washington, D.C., where Capital Impact Partners serves as the fund manager for the Nourish DC Collaborative. This will build upon the organization’s work with the Michigan Good Food Fund and Capital Impact Partners’ experience financing independent grocers, local wholesalers, food hubs, processors, and businesses providing healthy food access.
Capital Impact Partners also received a $1 million Disability Funds-Financial Assistance (DF-FA) award for supportive housing for people living with disabilities and other community service providers.
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About Capital Impact Partners
Capital Impact Partners, part of the Momentus Capital branded family of organizations, is transforming how capital and investments flow into communities to provide people with access to the capital and opportunities they deserve. As one of the nation’s leading mission-driven Community Development Financial Institutions, we champion key equity, social justice, and economic justice issues by deploying mission-driven financing, capacity-building programs, and impact investing opportunities.
Capital Impact Partners offers flexible financing for catalytic mission-aligned projects in four primary sectors: increasing access to health care, education, affordable housing, and healthy food.
In addition, we manage several multi-year initiatives in key regions to support emerging developers, small business owners, cooperatives, and community health enterprises through training, professional networks, access to experts and mentors, and pathways to grants and loan capital.
Capital Impact Partners has disbursed over $3 billion since 1982 to create access to critical social services, grow entrepreneurs, and create quality jobs. Capital Impact Partners’ leadership in delivering financial and social impact has resulted in the organization being rated by S&P Global and Fitch Ratings and recognized by Aeris for its performance.
Learn more at capitalimpact.org.
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 (an SEC-registered broker-dealer and FINRA/MSRB/SIPC member), 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 more than 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 5.5 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, Georgia, Michigan, Nevada, New York, Texas, and the Washington D.C. metro area.
Learn more at momentuscap.org.
