New Development in Midtown Detroit Further Highlights the City’s Revitalization
Previously Vacant Historic Building Will House 25 Rental Apartments
ARLINGTON, VA (March 4, 2014) – As yet another symbol of the revitalization of Detroit’s urban center, Midtown Detroit will soon be home to an additional 25 rental apartments, thanks to an important collaboration between the State of Michigan, two community development finance institutions (CDFIs) and a community organization. The 609 E. Kirby Project, made possible by the Living Cities Catalyst Fund, will renovate a currently vacant historic building that served as the first Hebrew School in the City of Detroit. Originally constructed in 1922, the building sits in the immediate vicinity of the Detroit Institute of Arts.
The two CDFIs—Capital Impact Partners and Invest Detroit—partnered with the Michigan Economic Development Corporation and the University Cultural Center Association, a subsidiary of Midtown Detroit, Inc., to provide more than $4.25 Million in financing for the transaction.
New Markets Tax Credits Help Make A Senior Living Option a Reality in Colorado.
Nearly 175,000 People Impacted by Capital Impact Partners with Six Deals in December that Expanded Access to Quality Services to Build Healthier Communities
Nearly 175,000 People Impacted by CDFI
Capital Impact Partners Closes Six Deals Expanding Access to
Quality Services to Build Healthier Communities
Arlington, VA (January 03, 2014) – One of the largest Community Development Financial Institutions (CDFI) in the country, Capital Impact Partners (formerly NCB Capital Impact), announced today that their financing work in December 2013 directly impacted nearly 175,000 people as well as provided important economic benefits to the communities in which these loans were made. Capital Impact Partners financed projects nationwide this year to help create access to better health care and education, healthy foods and alternative care options for older adults. In December alone, Capital Impact Partners closed the following deals:
Detroit: Coming Back from Bankruptcy
It takes cross-sector collaboration and deep civic commitment to change the trajectory of a city with the social, political, and fiscal complexity of Detroit. This SOCAP 13 panel examines efforts to turn Detroit around through big ideas and bigger actions. Watch Scott Sporte, Chief Lending Officer and others show how place-based innovation and multigenerational, multidisciplinary efforts can begin to transform a city. Click here to see the video
NCB Capital Impact Receives Coveted $2 Million Social Innovation Fund Award for its Cornerstone Partnership Initiative
Two Year Award Enables Continuation of the Successful Cornerstone Homeownership Innovation Program
WASHINGTON, D.C. (September 25, 2013) — An innovative effort that builds capacity of local programs that affordable and sustainable homeownership a reality for millions of Americans received a vote of confidence with a two-year, $2 million continuation award from the Corporation for Community and National Service’s Social Innovation Fund (SIF).
The SIF award provides two additional years of funding for NCB Capital Impact’s (Capital Impact) Cornerstone Homeownership Innovation Program (CHIP), which provides grants to homeownership programs across the country that preserve long–term affordability and community stability. CHIP is administered by Capital Impact’s Cornerstone Partnership Initiative, a peer network supporting programs that help more hard–working people buy homes today, maintain those homes and keep them affordable in the future. By adopting common principles, sharing best practices, and providing tools and resources, the partnership aims to help governments and nonprofits stretch their dollars further to help more people realize the dream of homeownership.
Capital Impact Partners and The Kresge Foundation Launch Innovative Woodward Corridor Investment Fund
$30.25 Million Fund to Provide Critically Needed Real Estate Financing in Detroit
ARLINGTON, VA (September 17, 2013) —Capital Impact Partners and The Kresge Foundation today announced the launch of the Woodward Corridor Investment Fund, developed to invest in transformative real estate projects that advance the physical redevelopment of Detroit’s Woodward Corridor. With the support of MetLife, Inc., PNC Bank, Prudential, Calvert Foundation, Living Cities, and the Max M. & Marjorie S. Fisher Foundation, the Fund will provide capital to projects that are mixed-use, mixed income, transit-oriented and promote density, diversity, vibrancy, and walkability in Detroit’s core.
Innovative Financing Strategy Benefitting Low-Income Communities Qualifies NCB Capital Impact as Finalist for $8.25 Million Award
Community lender recognized for its innovative plan to bring needed funding to Detroit
WASHINGTON, DC (July 11, 2013)—NCB Capital Impact was selected as one of three finalists for the NEXT Opportunity Award for its compelling plan to expand its financing for individuals and families in low and moderate income communities. NCB Capital Impact’s mission is to help people and communities reach their highest potential at every state of life. Since its inception, Capital Impact has deployed nearly $1.9 billion nationwide to economically disadvantaged communities, including more than $70 million in Detroit.
VtV Network Awards Nearly $56,000 to Villages
Twelve grassroots “Villages” across the U.S. were awarded $55,950 by Capital Impact’s Village to Village (VtV) Network to support the creation of a sustainable business and organizational infrastructure for their Village organizations. These grants stem from a MetLife award of $250,000 to NCB Capital Impact in May to continue the expansion of the VtV Network, including a second round of Business/Operation Sustainability Grants.
Grants to help develop business solutions to enhance sustainability
Recipients in six states and the District of Columbia
The 12 Villages will use their grant funds to develop sound business solutions and innovative approaches to sustainability, membership retention and strategic partnership strategies. Additionally, the grantees will share lessons learned and successful models with the VtV Network. The 12 Villages awarded grants include: Canopy of Neighbors, Buffalo, New York; Lincoln Park Village, Chicago; East Rock Village, New Haven, Connecticut; Capital City Village, Austin, Texas; Tierrasanta Village of San Diego, California; Elderhelp of San Diego, California; Glover Park Village, District of Columbia; Neighborhood Falmouth, Massachusetts;?North Oakland Village, Oakland, California; Plumas Rural Services, Quincy, California; Westchester Playa Village, Los Angeles, California; Dupont Circle Village, District of Columbia.
Today, there are approximately 94 operating Villages in the U.S., and over 120 communities that are in some stage of developing a Village. Currently, 210 organizations are members of the VtV Network.
Cleared Trees Rooted in Furniture in Virginia’s First Green House Homes
By Maureen Pearson – Originally Published: JANUARY 11, 2013 The Green House Project Blog
Residents and staff who gather for meals in any of the three Woodland Park homes on the campus of VMRC will be seated at a table made from trees cleared from the site. Several of the white oak trees were cut, dried then hollowed out for preparation for the woodworking phase.
Marv Nisly, vice president of Design & Construction at VMRC, said that there was talk during construction if there was a use for the trees in the homes. “We considered some options and estimated the amount of wood we would need,” he said. VMRC received in-kind services in part from Willow Run Saw Mill and Lantz Woodworking for the furniture-making process.
The result was three sets of several pieces of furniture for each home in the Woodland Park neighborhood: a dining room table which seats 14, a hutch, a game table, side table and matching bookshelves. The white oak pieces were then stained and finished to match the furniture decor in the homes.
VMRC officials say the response has been overwhelming when people learn the story of the furniture. “Many white oak and ash trees graced the property where the original Woodland building was located on VMRC’s campus. When the building was razed to clear the site for Woodland Park, we intentionally kept as many trees that we could,” said Maureen Pearson, VMRC’s director of Communications. “Using the wood from the cleared trees means that the residents of Woodland Park will continue to enjoy those trees but in a different form.”
