Capital Impact Partners Awarded $6.14 Million Through the CDFI Program
Grants will support equitable lending products, healthy food initiatives, and supportive housing
MARCH 3, 2023 (Arlington, VA) – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced this week that Capital Impact Partners was awarded $6.14 million in grants through the fiscal year 2022 round of the CDFI Program.
The CDFI Program awarded a total of $199.4 million to 435 organizations.
These grants will enable Capital Impact Partners to expand its efforts to create new, innovative lending products for emerging developers of color in Dallas, expand support for healthy food businesses in Washington, D.C., and increase supportive housing in the San Francisco Bay Area.
“We are grateful to the CDFI Fund for this substantial support that will be leveraged with our balance sheet capital to significantly expand three critically important financing initiatives,” said Ellis Carr, president and CEO of Capital Impact Partners. “These awards will increase our work to build healthy communities and generational wealth in disinvested communities in Texas, the District of Columbia, and California.”
A $640,000 Financial Assistance (FA) grant was awarded to Capital Impact Partners to launch an affordable and flexible acquisition loan product for developers of color in Texas, focusing on Dallas for affordable housing projects and community facilities. The new loan product will create pathways of success for developers who have yet to be able to enter the real estate industry due to a lack of capital, equity, and experience due to systemic barriers and disinvestment. Real estate developers of color in Texas will also be supported with training and technical assistance through the expansion of the Equitable Development Initiative offered in partnership with the City of Dallas.
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 in Washington, D.C., where Capital Impact serves as the fund manager for the Nourish DC Collaborative. This will build upon the organization’s Michigan Good Food Fund work and experience financing independent grocers, local wholesalers, food hubs, processors, and businesses providing healthy food access.
Capital Impact Partners also received a $500,000 Disability Funds-Financial Assistance (DF-FA) award for supportive housing in the San Francisco Bay Area for people with disabilities. This will expand the organization’s focus on housing issues in the region through its participation in the Bay’s Future Fund.
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.
Capital Impact is part of the Momentus Capital branded family of companies, including CDC Small Business Finance and Ventures Lending Technologies. Collectively, we offer 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.
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.
Headquartered in Arlington, VA, Capital Impact Partners operates nationally, with local teams in Austin, TX, Detroit, MI, New York, NY, and Oakland, CA.
Learn more at www.capitalimpact.org and momentuscap.org.
