Capital Impact Partners Awarded $3.5 Million in CDFI Fund Community Development Grants
Grants will support equitable lending products, healthy food initiatives, and supportive housing
ARLINGTON, Va., Sept. 25, 2020 /PRNewswire/ -- The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced yesterday that Capital Impact Partners was awarded $3.5 million in grants through the 2020 round of the CDFI Program. The organization was the 4th highest awardee among the 357 organizations recognized. The awards will enable Capital Impact Partners to expand its efforts to create new lending products for emerging developers of color in Washington, D.C.-Maryland-Virginia (DMV), expand support for healthy food entrepreneurs across California, and increase supportive housing in the San Francisco Bay Area.
"The disproportionate impacts of COVID-19 and racial injustices we have witnessed this year on communities of color require a dedicated and focused response to ensure that these communities do not lose additional assets that they bring to the table in support of strong, vibrant communities," said Ellis Carr, president and CEO of Capital Impact Partners. "We are grateful for the support of the CDFI Fund to advance our work to champion equitable access to capital and opportunity through these programs."
A $557,000 Financial Assistance (FA) grant was awarded to help Capital Impact Partners expand its efforts to provide acquisition and predevelopment loans to developers of color in the DMV for affordable housing projects and community facilities. It is the organization's goal to utilize the new loan products to create pathways of success for developers who have not been able to enter the real estate industry due to lack of capital, equity, and experience as a result of systemic barriers and disinvestment. This will build upon the organization's recently launched loan product called the Diversity in Development - Detroit Loan Fund.
In addition, Capital Impact Partners received a $2.75 million Healthy Food Financing Initiative Financial Assistance (HFFI-FA) award to support equitable access to capital for healthy food entrepreneurs and retailers operating across California. This will build upon the organization's Michigan Good Food Fund work targeting independent grocers, local wholesalers, food hubs, processors, and mobile fresh food marts and farm stands across that state.
Capital Impact Partners also received a $268,750 Disability Funds-Financial Assistance (DF-FA) award for supportive housing in the San Francisco Bay Area for people with disabilities. This will expand on the organization's focus on housing issues in the region through its participation in the Bay's Future Fund.
About Capital Impact Partners:
Through capital and commitment, Capital Impact Partners helps people build communities of opportunity that break barriers to success. Through mission-driven financing, social innovation programs, capacity building, and impact investing, we champion social and economic justice issues. Through this work, we help increase equitable access to quality health care and education, healthy foods, affordable housing, cooperative development, and the ability to age with dignity.
Capital Impact has disbursed more than $2.8 billion since 1982. Our leadership in delivering financial and social impact has resulted in being rated by S&P Global and recognized by Aeris for our performance. Headquartered in Arlington, VA, Capital Impact Partners operates nationally, with local offices in Austin, TX, Detroit, MI, New York, NY, and Oakland, CA. Learn more at www.capitalimpact.org.
SOURCE Capital Impact Partners
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