New $5 Million Program Helps Black Developers Rebuild Detroit
October 2017
While Detroit is rebuilding, African-American real estate developers have been largely absent from that effort. To ensure that the pool of developers truly reflects the city’s diversity, Capital Impact launched the Equitable Development Initiative with an initial investment from JPMorgan Chase. This article illustrates how this program will combine capital support and training to empower minority real estate developers to create transformative change in the city.
In this cover story about the variety of organizations working together to fuel Detroit’s revival, Capital Impact’s senior Detroit loan officer, Melinda Clemons, spent time touring the city with Fortune Magazine to highlight projects that support inclusive growth. The article highlights the leadership of JPMorgan Chase’s $150 million effort in the city and supporting the mission-driven efforts of CDFIs like Capital Impact and Invest Detroit.
Op-Ed: Congress: Continue to Invest in America’s Struggling Cities and Towns
September 2017
With the Community Development Financial Institutions Fund – a program of the U.S. Department of the Treasury – threatened by budget cuts, the leaders of the nation’s four largest CDFIs joined together to write an op-ed published in The Hill. This important call to action asks Congress to ensure that the CDFI Fund is fully funded and safeguard this critical agency to continue supporting the work of CDFIs as they help create economic prosperity for low-income communities and empower Americans to live healthier, more equitable lives.
How CDFIs Expand Economic Opportunities in Underserved Communities
August 2017
More than Money, a podcast that explores how “we can use our values to inform how we engage with our work and invest our wealth,” recently sat down with Capital Impact’s President and CEO Ellis Carr to discuss our approach to community development and the role of CDFIs in communities. In this podcast, you will learn how we work as a market maker and market catalyst to help communities thrive.
Could This Idea Help Fix America’s Shortage of Home Care Workers?
August 2017
The number of adults aged 65 and older requiring long-term care could rise by more than 70 percent over the next quarter century, according to experts. Yet, the supply of home care workers is likely to fall short of that demand. Through a new program led by Capital Impact and supported by the AARP Foundation, we aim to use the power of cooperatives to bridge that gap while also creating quality jobs for women aged 50 and older.
Could This Idea Help Fix America’s Shortage of Home Care Workers?
June 2017
While nearly eight million Californians live in poverty, a proven tool to spur investment in their communities continues to be at risk of being cut by the state legislature. Known as COIN, this public-private partnership between the California Department of Insurance, the insurance industry and CDFIs leverages tax credits to support community development investments. In this op-ed, Capital Impact’s President and CEO Ellis Carr and Chief Lending Officer Scott Sporte lay out the important case for why this program must be saved.
The Growing Movement to Invest in the Older Americans’ Market
May 2017
Raising money for projects, products or services that help older adults age with dignity in their communities has been notoriously tough. But as aging journalist Chris Farrell uncovered, social entrepreneurs are beginning to fill that gap. Capital Impact’s Age Strong Investment Fund was recognized as a key program working to deliver not only necessary capital but social impact as well.
Could This Idea Help Fix America’s Shortage of Home Care Workers?
May 2017
Formerly a resident of Michigan, journalist and author Marc Gunther wrote an in-depth piece about the city’s revitalization. Gunther illustrates Capital Impact’s role in utilizing investments from government agencies, banks and foundations to spur investments in social impact projects that drive economic activity and improve lives. The article notes that “Capital Impact Partners seeks to do all this work in ways that promote inclusive neighborhoods, meaning that they should accommodate a mix of well-to-do, middle-class and poor people.”
If Trump Cuts this Little-known Federal Program, it will Gut Low-income Communities
March 2017
When the new administration sought to eliminate the U.S. Department of Treasury’s CDFI Fund in its FY2017 budget, the role that Community Development Financial Institutions play in delivering capital to low-income communities came under increased scrutiny. Fast Company featured Capital Impact in its in-depth look that highlighted the key role CDFIs play, specifically noting: “Companies like Capital Impact Partners don’t do the work they do for recognition or glory–they do it to get money to the people and communities that need it most.”
As Detroit turns a corner, luxury housing is creating concerns about gentrification. In looking at this important issue, the Wall Street Journal featured Capital Impact’s study focusing on addressing resident relocation and displacement. With a focus on multifamily development in Detroit—but applicable nationally—our report identifies a number of practices that can be used to plan for and responsibly manage development processes that protect low-income residents.
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