$70 Million Fund Will Finance Age-Friendly Community Projects
Washington, D.C. – October 15, 2015 – (RealEstateRama) — Capital Impact Partners today announced the launch of Age Strong™, an innovative social investment initiative that will lend a total of $70 million to enterprises that provide critical services and programs for struggling adults who are 50-plus. This initiative, in partnership with AARP Foundation and Calvert Foundation, aims to support enterprises and projects that create affordable homes, increase access to healthy foods, improve financial security, and offer more community-oriented models of care.
Starting with an initial investment from AARP Foundation, Calvert Foundation will raise up to $70 million from investors seeking financial and social returns. AARP is committed to matching up to $6 million to further strengthen the impact of this initiative. Capital Impact Partners will provide financing to enterprises meeting the needs of the vulnerable low-income older adults.
The number of Americans over 65 will double in the next 25 years, and more services will be required to fulfill their needs. Age Strong funds enterprises that provide those services, with a focus on meeting the needs of vulnerable older adults.
“Age Strong is an innovative approach to supporting enterprises that are meeting the critical needs of vulnerable adults 50-plus. It demonstrates what is possible when partners with complementary strengths and aligned missions come together with a shared goal.” said AARP Foundation President Lisa Marsh Ryerson. “This initiative deliberately aligns with our work to help struggling low-income older adults attain safe and affordable housing, steady income, adequate and nutritious food, and create strong and sustaining bonds that will help create more vibrant and strong communities.”
Age Strong is the only social investment initiative that focuses specifically on low-income and/or vulnerable 50-plus adults. It brings together AARP Foundation and AARP’s experience and voice for the 50-plus, Calvert Foundation’s impact investment platform and Capital Impact Partners’ expertise in financing community development projects.
“Through our investment product people can invest in Age Strong starting at $20, and fund enterprises that provide critical services for vulnerable older adults” said Calvert Foundation President and CEO Jennifer Pryce. “It’s a win-win because investors earn returns while creating positive social impact. For more than 20 years we’ve been connecting people with the causes they care about through investment, and Age Strong is one of our most exciting new options.”
“The ability to age strong requires that all people, especially the most vulnerable older Americans, have access to those critical services that enable them to lead healthy, vibrant, and engaged lives,” said Terry Simonette, President and Chief Executive Office at Capital Impact Partners. “Through this partnership we have the ability to help ensure that good projects that support age-friendly communities receive the capital they need to grow and deliver social impact.”
Through Age Strong, Capital Impact provides financing of community or economic development projects that provide positive benefits for the 50-plus, low-income population. Examples of loans include: real estate acquisition, construction and property improvement, and equipment purchase. Borrowers interested in the specific terms should visit http://www.capitalimpact.org/age-strong/.
The Age Strong initiative aligns with AARP Foundation’s vision of deploying investments to enterprises that empower vulnerable older adults through innovative programs that demonstrate social impact in the areas of housing, hunger, income and isolation. Age Strong is true to its name – helping older Americans stay strong and secure as they age.
B-roll/video about Age Strong can be found here: https://vimeo.com/aarpbroadcast/review/141694367/b8a71b84f7
To learn more: www.AgeStrongInvest.org.
About AARP Foundation
AARP Foundation is working to win back opportunity for struggling Americans 50+ by being a force for change on the most serious issues they face today: housing, hunger, income and isolation. By coordinating responses to these issues on all four fronts at once, and supporting them with vigorous legal advocacy, the Foundation serves the unique needs of those 50+ while working with local organizations nationwide to reach more people, strengthen communities, work more efficiently and make resources go further. AARP Foundation is AARP’s affiliated charity. Learn more at www.aarpfoundation.org.
About Calvert Foundation
Calvert Foundation enables people to invest for social good. Through its flagship Community Investment Note®, Calvert Foundation has raised $1 billion in investment from more than 15,000 investors to invest in hundreds of nonprofits and social enterprises worldwide. Investor dollars empower women, fund the construction of affordable housing, provide loans to small business owners, increase access to healthcare, and support fair trade and sustainable agriculture. More at www.calvertfoundation.org.
About Capital Impact Partners
Capital Impact Partners transforms underserved communities into strong, vibrant places of opportunity for people at every stage of life. 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 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.