$10 million Fund will be used to leverage private and philanthropic dollars to create $40 million for investing in affordable housing across D.C.’s eight wards
WASHINGTON, DC (March 14, 2018) – Washington, D.C.’s Mayor Muriel Bowser today announced that Capital Impact Partners and Local Initiatives Support Corporation-DC (LISC), two national nonprofit Community Development Financial Institutions (CDFIs), will manage the District’s newly created $10 million Affordable Housing Preservation Fund. The Mayor’s Housing Preservation Strike Force recommended the creation of this Fund, located within the Department of Housing and Community Development (DHCD), to increase the preservation of affordable housing in the District.
Free Online Database Connects Investors to Fund Managers that Deliver Social, Environmental, and Financial Returns
Arlington, VA (March 6, 2018) – Capital Impact Partners, a leading mission-driven Community Development Financial Institution, announced today that it has been named to ImpactAssets 2017-2018 impact investing showcase, the ImpactAssets 50 (IA 50). The seventh annual guide features fund managers representing private debt and equity investments that deliver social and environmental impact as well as financial returns.
Milestone achieved as part of record-breaking year supporting projects that increase access to critical social services
Arlington, VA (February 26, 2018) – Capital Impact Partners, a leading mission-driven Community Development Financial Institution, announced today it marked more than $2.5 billion in loans to underserved communities across the country since its founding.
Capital Impact reached this milestone by financing projects that increase access to a variety of fundamental social services, including quality health care and education, affordable housing, healthy foods, cooperative development, and the ability for older adults to age in their communities. This effort has touched the lives of more than five million people and created more than 37,000 jobs.
Investments in health, education, and dignified aging projects – as well as impact investing, partnerships, and capacity building – empowered disinvested communities to excel
Arlington, VA (February 26, 2018) – Summing up immense impact for underserved communities in 2017, Capital Impact Partners announced today that it provided more than $67.5 million in financing during the fourth quarter of 2017. This helped the organization reach a record loan volume of $220 million in 2017, as well as $2.5 billion in financing to underserved communities across its history. The fourth quarter also saw several significant developments for Capital Impact – from the launch of its impact investing program to an innovative program development initiative focused on equity– forging opportunities for advancement in disinvested communities.
$51 million in health, education and dignified aging projects advance equity for those most in need
Arlington, VA(December 22, 2017) — Capital Impact Partners announced today that it provided more than $51 million in project financing during the third quarter of 2017, supporting increased access to health care, education, affordable housing, and healthy food for underserved communities around the United States. These transactions – including a few returning borrowers – represent concrete impact and positive outcomes for individuals in areas that often suffer from underinvestment or have
neglected populations.
To Members of the Tax Reform Conference Committee:
As leaders of four of the nation’s largest nonprofit financial institutions dedicated to improving economic opportunity in local communities, we write to urge your support for the preservation of the New Markets Tax Credit (NMTC) during upcoming negotiations on tax reform legislation.
Arlington, VA and New York, NY (November 1, 2017) — Capital Impact Partners and Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly”) today jointly announced the launch of a new $25 million joint venture dedicated to supporting community development in underserved cities across the country. An innovative structure in the mortgage REIT sector, the collaboration provides direct financing for socially responsible projects in low-income communities while simultaneously enabling Capital Impact’s ability to further expand its work nationally.
October 19, 2017 (Detroit) – Today, Capital Impact Partners — with support from JPMorgan Chase & Co. — announced a new $5 million program committed to help more real estate developers participate in Detroit’s continued economic recovery by providing them with critical training opportunities and access to capital. The program will help 15-20 new local developers help their businesses grow.
As part of the firm’s $150 million investment in Detroit’s recovery, JPMorgan Chase has committed to a $500,000, two-year investment in Capital Impact’s EDI program. This program will provide a combination of catalytic capital, one-on-one mentorship with local experts, and formalized training to bolster inclusivity within Detroit’s real estate market. The two-year program is designed to kick-start the development of small- and mid-sized mixed-use, multi-family residential projects in the city’s mixed-use corridors and is aligned with Capital Impact’s mission — helping people build communities of opportunity that break barriers to success.
Nationally and locally, local developers are often underrepresented in the broader real estate development industry. In fact, Capital Impact realized of the $152 million it loaned in Detroit between 2006 and 2015, projects led by local developers received approximately 1/10th of that financing.
“Capital Impact recognizes the disparities local developers face in Detroit, and likely across the country. There is a need for increased support to better ensure local real estate developers who represent Detroit are able to participate in the city’s revitalization,” said Melinda Clemons, Detroit Market Lead, Capital Impact Partners. “We’ve seen success in the implementation of similar type programs in other cities like Milwaukee and Los Angeles and are confident this new effort will ensure that the brick-and-mortar development component of Detroit’s economic growth continues to be inclusive.”
Together, Capital Impact, JPMorgan Chase and several other organizations critical to the introduction of the EDI program — including partners within Detroit’s CDFI community, city government and National Development Council— will support budding local developers by providing them with mentorship, management training and low-cost capital to develop real estate projects in Detroit’s neighborhoods. The resources will help participants with project budgeting, real estate finance, project and contractor management, legal services and community engagement.
“This critical capital and training for new developers will help more Detroiters share in the city’s continued comeback,” said Peter Scher, Head of Corporate Responsibility, JPMorgan Chase. “It’s catalytic programs like this that will drive faster and more inclusive benefits in the neighborhoods where mixed-income housing is critically needed to ensure sustainable growth.”
There are approximately 50,000 minority-owned small businesses in Detroit, making it the fourth largest city for minority entrepreneurship. As the city’s recovery continues, more developers are needed for the rehabilitation and construction of housing in Detroit’s neighborhoods. Developers in this program will benefit from the loan funds JPMorgan Chase established with Capital Impact and Invest Detroit to finance mixed-use real estate, affordable multi-family housing, and commercial and retail developments in neighborhoods across the city. An example of this is the Coe Project in West Village, which is being led by local developer Clifford Brown.
The Coe is a 12-unit, mixed-use development with eight townhouses, four apartments and two small retail units, and is the first project of Detroit’s Strategic Neighborhood Fund. The project is supported by Capital Impact Partners, Invest Detroit, Broder & Sachse Real Estate and Sachse Construction.
“I am so proud to partner with organizations like JPMorgan Chase and Capital Impact Partners because together we can turn our vision into reality so much faster,” said Clifford A. Brown, urban developer and partner, Woodborn Partners. “As a developer in the city, I’m excited to show the next generation how much more we can achieve when we work together.”
To be eligible for the EDI program, participants must be minority developers from the Detroit area with some real estate development experience. Priority will be given to developers planning a 6-20 residential unit, multi-family or mixed-use development located in strong corridors that align with the City of Detroit’s targeted redevelopment areas. Developers without a planned project will also be considered for the program.
The two-year pilot phase of the EDI program will support up to 15-20 developers through training and mentorship; Capital Impact also plans to finance a subset of real estate development projects led by program participants over the next two years.
This latest investment by Capital Impact and JPMorgan Chase is in addition to the $30 million Detroit Neighborhoods Fund. The Detroit Neighborhoods Fund is capitalized through a $20 million investment by JPMorgan Chase and $10 million by Capital Impact to provide financing for multi-family residential properties, mixed-use real estate and grocery stores.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About Capital Impact Partners
Capital Impact Partners transforms underserved communities into strong, vibrant places of opportunity for people at every stage of life. It delivers strategic financing, incubates new social programs, and provides capacity-building to help ensure that low-to-moderate-income individuals have access to quality health care and education, healthy foods, affordable housing, and the ability to age with dignity. A nonprofit community development financial institution, Capital Impact Partners has disbursed more than $2 billion to revitalize communities over the last 30 years. Headquartered in Arlington, Va., Capital Impact Partners operates nationally, with local offices in Detroit, Mich., and Oakland, Calif. Learn more at www.capitalimpact.org.
Investors can earn a financial, as well as a social, return on their investments
Arlington, VA (October 11, 2017) — Capital Impact Partners, a non-profit corporation, certified by the U.S. Department of Treasury’s Community Development Financial Institutions Fund as a Community Development Financial Institution (CDFI), today announced the launch of an offering of up to $100 million of ‘AA’* rated fixed-income Capital Impact Investment Notes (Notes) that allows retail and institutional investors the opportunity to invest in the mission-driven organization’s nationwide efforts to create social impact for underserved communities. Available for as low as $1,000, individual and institutional investors can purchase the Notes through their brokerage accounts and earn a financial, as well as a social, return on their investments.
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