CDFI Program awards will support innovative initiatives for equitable community development
Arlington, VA – RealEstateRama – The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced yesterday that Capital Impact Partners was awarded $2.8 million in grants through the 2019 round of the CDFI Program. The organization was the 5th highest awardee among 412 applicants. The awards will enable Capital Impact Partners to expand its Equitable Development Initiative (EDI) in Detroit and develop a new loan product for EDI graduates; support job training, supportive housing, and health services for individuals with disabilities in California; and expand its Michigan Good Food Fund.
A $650,000 Financial Assistance (FA) grant was awarded to support Capital Impact Partners’ training program for minority real estate developers in Detroit, the Equitable Development Initiative (EDI), and to launch a new loan product that will finance development projects by EDI graduates. These two innovative initiatives will create opportunities for program graduates to lead new affordable housing and commercial space development in Detroit.
The EDI program provides training and mentorship to ensure that real estate developers better reflect the city’s diversity and that developers of color are able to take a leadership role in shaping the local development landscape. Through this effort, EDI participants also further an inclusive growth strategy by focusing on mixed-use, mixed-income investments that support economic development and wealth creation and prevent displacement.
“We believe that real estate developers, regardless of income level, track record, race, or ethnicity, should be able to participate in and benefit from investment in the communities where they live,” said Ellis Carr, president and CEO of Capital Impact Partners. “Capital Impact is honored to be an award recipient, and we will utilize the funds to create significant new opportunities for developers and communities in need.”
For the first time in its history, Capital Impact Partners received a Disability Funds-Financial Assistance (DF-FA) award. The $202,000 award will be deployed in California to support job training, supportive housing, and health services to individuals covered by the Americans with Disabilities Act.
In addition, Capital Impact Partners received a $2 million Healthy Food Financing Initiative Financial Assistance (HFFI-FA) award to expand its Michigan Good Food Fund work supporting healthy food enterprises throughout Michigan. The range of targeted sectors include independent grocers, local wholesalers, food hubs, processors, and mobile fresh food marts and farm stands.
About Capital Impact Partners:
Through capital and commitment, Capital Impact Partners helps people build communities of opportunity that break barriers to success. We deliver strategic financing, incubate new social programs, and provide 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 $2.7 billion to revitalize communities over the past 35 years. Our leadership in delivering financial and social impact has resulted in Capital Impact earning an “A+” rating from S&P Global and being recognized by Aeris since 2005 for our performance. Headquartered in Arlington, VA, Capital Impact Partners operates nationally, with local offices in Detroit, MI, New York, NY, and Oakland, CA. Learn more at www.capitalimpact.org.