Where All People Thrive


Equalizing Opportunity

We expanded community access to funding and resources to support innovative and high-impact projects in the areas of early childhood education, food access, and social determinants of health.

Investing in Impact

In 2022, $237 million of our lending capital supported a diverse portfolio of community investments across 16 states.


Informing Equity

Our research and data informed policymakers and community change-makers nationwide as they made tangible improvements to address critical housing, childcare, and wealth-building issues.

Fostering Partnerships

We brought together key stakeholders— community members, nonprofits, foundations, and government agencies—to cultivate a shared vision for addressing complex community challenges.


Dear Friends

In many ways, 2022 was a formative year for Reinvestment Fund. Our work in action yielded more families living in affordable homes; more communities with equitable access to healthy foods and health care; more children receiving high-quality and affordable education; and more jobs that pay family-sustaining wages.

In the past year, we invested $237 million in lending capital across 16 states, supporting equitable development projects. Reinvestment Fund eliminates barriers to capital for borrowers of color by providing greater flexibility through updated loan policies and risk ratings. We are proud to share that we deployed 47% of our loan originations ($117.8 million)—representing 50% of closed loans—to BIPOC-owned or led organizations.

We deployed $60 million to increase access to safe, affordable homes; over half of the housing units created or preserved are in the Southeast region. In addition, we reinforced our commitment to advancing racial equity and underrepresentation in the housing industry through a new initiative that works with top U.S. housing development firms led by BIPOC owners, to create racially equitable, affordable, and responsive housing solutions.

In the past year, we invested $237 million across 16 states, supporting equitable development projects.

Our New Markets Tax Credit program funded projects that provide essential services in their communities and serve as anchors for community revitalization in economically distressed areas. We deployed $58.5 million in allocations to nine high-impact projects enhancing commercial real estate, building community facilities, and expanding health care and healthy food access. More than half of the NMTC projects are led by women or people of color.

We brought together diverse stakeholders to foster a shared vision for addressing complex community challenges, such as inequitable access to food. In 2022, the Healthy Food Financing Initiative (HFFI) expanded its reach four-fold by awarding $22.6 million to 134 healthy food projects across 46 states. In addition, several of our grant programs, including HFFI, Fund for Quality (FFQ) and Invest Health, were awarded new grant funding to expand their initiatives.

Policy Solutions continued to produce cutting-edge reports focusing on critical issues, including affordable housing, supply and demand in early childhood education, and wealth-building.

Policy Solutions continued to produce cutting-edge reports focusing on critical issues, including affordable housing, supply and demand in early childhood education, and wealth-building. We use data to understand impediments to opportunity and address systemic racism and other entrenched challenges. For example, we published research and data on racial bias in Philadelphia’s home appraisals and new forms of potential predatory lending emerging across multiple states. Our findings, along with our supply of evidence-based data tools, were cited in numerous media outlets and informed market-based policy interventions.

This year was defined by action, and we are incredibly proud of the accomplishments and strides made across our organization. Reinvestment Fund is looking towards 2023 and beyond, focusing on mission, impact, and commitment to aligning strategy to support better those historically excluded by mainstream capital.

We are optimistic about the opportunities ahead and remain grateful for the support of our investors, partners and stakeholders who share our vision and make this work possible.

Don Hinkle-Brown

President and CEO

Saul Behar

Chairman of the Board

Our Results

2022 Impact in Numbers



educational opportunities for students


full-time equivalent permanent jobs



healthy food projects

2.7 million

square feet of real estate


metric tons of greenhouse gas emissions avoided





patient visits and stays


minority- or women-owned/controlled businesses

Our investments are proudly aligned with the following United Nations Sustainable Development Goals

Financial Summary
Performance, 2015-2022


Financing Transactions* Closed in Calendar Year 2022

$263 Million


Select Financial Data ($ in Thousands)

For a full set of financial statements, DOWNLOAD THE CY2022 AUDIT REPORT.

In the News

Invest with Us

Thank you to the many individuals, faith-based institutions, financial institutions, government, and philanthropy who supported Reinvestment Fund’s work through our Promissory Note program, program-related and other investments, charitable donations, grants, and contracts. We are grateful for your trust and financial support, which makes our work possible.

INVEST with us today.


Investors and equity contributors
  • Adina Abramowitz
  • Carolyn T. Adams
  • Ruth Nelson Allen
  • Andrea R. Allon
  • Linda Lee Alter
  • Donna K. Altschuler
  • Marynell Anderson
  • Marcia L. Angermann
  • Frederick W. Anton IV and Sarah D. Anton
  • Mary Beth Appel and Johanna M. Berrigan
  • Ina Elfant Asher
  • Marcy K. Bacine and Daniel E. Bacine
  • Benjamin C. Baehr and Allison CM Baehr
  • John K. Ball and Elinor R. Ball
  • Olivia Grace Bance and Nyya Wellington Bance
  • Judith H. Banks
  • Richard S. Barkley
  • Natalie K. Barndt
  • Jerriette K. Bartlett and Allen L. Bartlett
  • Ruth Batts
  • Todd, Ariella, & Mira Baylson and the Baylson Partnership
  • Paul W. Beach, Jr.
  • Cathy J. Behar and Saul A. Behar
  • Joan H. Behr
  • Teri Bell
  • Charles J. Bentz and Mary C. Bentz
  • Joan Bergsteinsson and Paul Bergsteinsson
  • Jane Robin Bilger
  • Allen D. Black
  • Bart Blatstein
  • Elayne Blender
  • Amy E. Farrell and John D. Bloom
  • Linda Blyth and Alden Blyth
  • Jean Bodine
  • Edith F. Borie
  • Andrew K. Boucher
  • Margaret Berger Bradley
  • David Thomas Bradley
  • Noah B. Bradley
  • Amy A Brodigan Trust
  • Joshua Brooks
  • Nancy Brosius and William R. Brosius
  • Marland E. Buckner
  • Benjamin David Burenstein
  • Scott Burris and Margaret S. Lee
  • John A. Burton IV
  • Karen Andrews Bustard
  • Mary M. Butler
  • Daniel B. Butler
  • Thomas James Butler III
  • Stacey L. Butterfield
  • Catherine M. Califano
  • Geoffrey Campen
  • Catherine C. Carr and Louis N. Tannen
  • Cary Carter
  • Howard M. Casper
  • Carla Castillo
  • Harry Cerino
  • Jenny W. Chen
  • Sandra J. Choukroun
  • Jean-Marc Choukroun
  • Jolley Bruce Christman
  • Carroll H. Clay and Joseph V. F. Clay
  • Robert Hogan Closkey
  • M. Pilar Closkey and C. Sean Closkey
  • Helen J. Closkey
  • John M. Closkey
  • Wendy Coffman
  • Angela Coghlan
  • Michele and Thomas Coghlan
  • Linda Cohen
  • David P. Cohen
  • Elise Bromberg and Milton Cohen
  • Ivy L. Cohn and Stephen L. Cohn
  • Rebekah Cook-Mack
  • Robert L. and Michelle H. Cooney
  • Justin Copeland
  • Betsey S. Corkran
  • Elizabeth Corso and Matthew T. Corso
  • Elizabeth A. Covert and Denis M. Goudie Tenants in Common
  • Isabel P. Cox-Johnson
  • Kristin A. S. Crandall
  • Anthony B. Creamer
  • Andrew J. Crerand
  • Paula S. Crist
  • Michael M. Crist
  • Michael A. Crist
  • Andrew J. Crist
  • Marian B. Dalke
  • Ann G. Davidoff and Frank F. Davidoff
  • Michael A. Davis Jr.
  • Ellen Deacon
  • Jacqueline DeCarlo
  • Fred Dedrick
  • Jeffrey Dekro
  • Jose Dela-Pena
  • Dana Devon
  • Margaret C. Dolan
  • Margaret M. Doud
  • Emily Dowdall
  • Trilby Galen duPont Trust
  • Jennifer D. and Peter J. Duskey
  • Noel Eisenstat
  • Ben Eisenstat
  • Aaron Eisenstat
  • Paul S. Ellis and Mary Lynn H. Ellis
  • Wendy M. Emrich and James S. Emrich
  • Jane Erickson
  • Ollie Ervin
  • Jeremy G. Evans
  • William H. Ewing
  • Rachel Falkove-Masch and Michael J. Falkove-Masch
  • Jennifer E. Fassbender and Christian P. Fassbender
  • Rabbi Jennifer E. Feldman
  • Rebecca Fellerman
  • Janet Filante
  • James T. Fleming
  • Donna C. Folkemer
  • Joseph Freedman
  • Dayle Friedman
  • Seth and Nancy Fuchs-Kreimer
  • Frank F. Furstenberg and Nina Segre
  • Gadfly Trust
  • Lisa R. Gaffney
  • Sarah B Gamble Trust
  • Barbara Gandy
  • Daniel K. Garofalo and Felicity H. Paxton
  • Mary Gibbs
  • Timothy F. Gillespie and Katherine Gillespie
  • Eva Gladstein
  • Theresa Glennon and Jeffrey Lawrence Dunoff
  • Steven Goldfield
  • Diane Goldman and Otha Goldman
  • Abraham Goldstein
  • Ira Goldstein
  • Sophya Barringer Gordon
  • Michael Gordon
  • Scott H. Gordon
  • Edward J. Gracely
  • Marshal and Tamar E. Granor
  • David Haas
  • Estate of Phyllis Haas
  • Phoebe Haddon
  • Richard and Constance C. Haggard
  • The Debra J. Hansen Trust
  • Nicole Vance Harris
  • Randi J. Siegel & John M. Harris
  • Judith Edquist Hartl and Konrad Palmer Hartl
  • Judith Edquist Hartl
  • Michaela B. Hartman
  • Jeremiah J. Hayes
  • Daniel F. Hayes
  • Pamela Heier and Ronald Heier
  • Joseph A. Herwig and Elizabeth A. Herwig
  • Stanley T. Hibberd, III
  • M. Amanda High
  • Theodore L. Hill, III
  • Theodore L. Hill and Julie F. Cristol
  • Anne and David Hilton
  • Donald R. and
    Christopher M. Hinkle-Brown
  • Jill Horn
  • Desmond Todd Hudson
  • Daniel P. Tompkins and Drew Humphries
  • Jesse L. Hunting
  • Mary Hurtig and Howard Hurtig
  • Jeffrey Robert Jaeger
  • Dana Lynn Johnson
  • Viki Bok & Dick Jones
  • Jenny W. Chen and Brian J. Jordan
  • Brian J. Jordan
  • Amanda Joseph
  • Claire Louise Jurkowski
  • Julia G Kahrl Trust
  • Noel E. Karasin
  • The Karuna Trust
  • Stephen L. Kazanjian
  • Joan D. Lukas and Seamus E. Kearney
  • Robert E. Keith and Margot W. Keith
  • Anne and Morris Kellett
  • Barbara Ann Kelley
  • Arlene Kelly
  • Sharon Kershbaum
  • Theodore Kheel
  • Christina Kind Irrevocable Trust
  • Valerie Kind Rubin
  • Sue Ellen Klein
  • Mary W. Klein and Justin P. Klein
  • Kenneth L. Klothen and Eve Biskind Klothen
  • Andrea Knox
  • George A. Korein
  • Alan Kosansky
  • Donald W. and Vicki W. Kramer
  • Sara J. Landis and Adam B. Garber
  • Earl Laney
  • Bernard S. Langer
  • Eaton E. Lattman
  • Suzanne O. Laurito
  • Steven S. Lazin
  • James and Eleanor Lee
  • Eleanor Lee
  • Roy J. Lehman
  • Charles Leiden and Barbara Wertz-Leiden
  • David G. Lewis
  • Charisse R. Lillie
  • Herbert James Lindley
  • Beth Lipson and David Lipson
  • Margaret Lobenstine and Geoffrey Lobenstine
  • Geoffrey E. Lobenstine
  • Lance S. Loethen and Terra R. Edenhart-Pepe
  • Trinita Logue
  • Thomas A. Love and Gregory DeShields
  • James J. and Kathleen G. Lynch
  • Linda Manzo
  • Jonathan H. Marshall
  • Anthony B. Maruca and Jennifer R. Vail
  • Carolyn J. Mather
  • Linda Schairer Matlack
  • Dawn Matthews-Martin
  • Emily L. Mattole and Donovan D. Mattole
  • Katherine Maus
  • Sarah Maus
  • Eloisa Mayr
  • Patricia McBee and Bradley Sheeks
  • Michael D. McClary
  • Thomas McClellan
  • Laura McKenna and Marc McKenna
  • Laura McKenna
  • Anne Kind McKenna
  • Marie K. McKenna
  • Joseph E. and Susannah C. McQuillan
  • Molly R. Melloh
  • Judith S. Memberg
  • Sylvia L. Metzler
  • Lydia Y.B. Midwood
  • Halima Miha
  • Joyce E. Miller
  • Michael Martin Mills
  • Elizabeth A. and Charles J. Minnich
  • Elizabeth Minnich
  • William Mitchell and Arlene Griffeth Schotanus
  • Jeremy Moore
  • R. Vonetta Moore
  • Alan Morrison and Amy V. Morrison
  • Savannah W. Mudd and Jenifer A. Mudd
  • Savannah W. Mudd
  • Stephen P. Mullin
  • Pamela B. Nelson
  • Harriet B. Newburger
  • Elizabeth Nordell
  • Michael Norton
  • Donna Nuccio and Joseph Nuccio
  • Elizabeth O'Donnell
  • Karen E. Orso
  • Carl Oxholm and Kimberly C. Oxholm
  • Sara Susan Palmer
  • Patricia A. Patrizi
  • Kim D. Paymaster and David L. Wade
  • Steven J. Perkiss and Cindy S. Perkiss
  • Andrew I. Philipsborn and Jane R. Bilger
  • Leah Pillsbury
  • Valerie G. Piper
  • Ruth E. B. Podolin
  • Robert Pollack
  • Anne Bowen and John E. Poulin
  • Allyson B. Randolph
  • Susan C. Rassas
  • Julia V. Read
  • Ruth N. Reed
  • Myra Reichel
  • Lisa Renstrom
  • Diana VK Resek
  • Nicolas P. Retsinas and Joan M. Retsinas
  • Carol A. Rice
  • Willard C. Richan
  • Elizabeth R. Richman and Hershel J. Richman
  • Fernando Chang-Muy and Leonard Rieser
  • Leonard Rieser
  • Nancy Roach and Charles G. Roach
  • Joan C. Roberts
  • Margarita Rose and Robert Tuttle
  • Timothy Roseboro
  • Beth Rosenbaum
  • Ariel R. Rosenberg
  • The Elizabeth B. and Arthur E. Roswell Foundation Inc.
  • Katrina H. Rouse
  • Daphne C. Rowe
  • David Rudovsky
  • Rev. E. Kyle Saint Claire
  • Robert G. Sanders
  • Nancy Brokaw and David Sanders
  • Barbara A. Sarcinello and Joseph Sarcinello
  • Andrew Whalen Saul
  • Cecilia Schickel and Susan M. Hight
  • Steven M. Schnell and Lisa K. Schnell
  • Marc Schwartz
  • Michael R. Schwartz
  • MacKenzie Scott
  • Daniel Segal
  • Patricia Segal and Stephen Segal
  • Julia Serbulov
  • Barry J. Seymour and Jody R. Piltz-Seymour
  • Catherine N. Shelton
  • Simran Sidhu and Ravi Acharya
  • Ruth L. Sigal
  • Jerome D. Smalley
  • Marie Smart and John Smart
  • Anthony E. Smith
  • Patricia L. Smith and Elbert Sampson
  • Jennifer Langer Smith
  • Jonathan Roberts Snipes
  • Matt Soloff
  • E. Morgan Spade and Matthew Spade
  • Julie Spahr
  • Tad Sperry
  • Howard Spodek
  • Dylan J. Steinberg and Amey A. Hutchins
  • Carolyn K. Stephens and Bruce M. Stephens
  • Sara Vernon Sterman
  • Christopher Michael Sterman
  • Jacob M.W. Sterman
  • Tabitha Grace Vernon Sterman
  • George M. Stern and Deborah S. Stern
  • Kathleen Stevens and Leonard Stevens
  • Patricia Stewart
  • Andrew Stone and Gene Bishop
  • Catherine Walker Stradley
  • William JT Strahan and Marie A. Strahan
  • John S. Summers
  • Susan Shawn Roberts Trust
  • Meghan M. Swan
  • Christina M. Szczepanski and Adam T. Szczepanski
  • Francis Talarowski and Susan Best
  • Joshua I. Tauberer
  • Phyllis B. Taylor and Richard K. Taylor
  • Van C. Temple and Eva M. Abbott
  • Kara J. Tennis
  • Betsy Teutsch and David Teutsch
  • Patricia R. Thomas and Thomas McK. Thomas
  • David B. Thornburgh
  • Dana Toedtman and Craig Toedtman
  • Jane Toll
  • Raymond J. Torres & Eileen M. Gilkenson
  • James M. Utterback and Danielle A. Stillman
  • Ryan VanderMeulen
  • Thomas M. Vernon, M.D. and M. Patricia West Vernon
  • Robert and Alice Vernon
  • Krish Santosh, Leela Santosh, and Kavita Vijayan
  • Sandeep Wadhwa and Lara Jakubowski
  • Tara Elisabeth Hislip
  • Nancy Wagner-Hislip and Brian Hislip
  • Geraldine Wang
  • Paula M. Waxman
  • Abigail Weinberg
  • Cheryl Weiss
  • Patricia D. Wellenbach
  • Patricia P.B. Wells
  • John Westrum
  • Judith Wicks
  • Bridget S. and Gregory A. & Wiedeman
  • Denise A. Williams-Shannon
  • Alan Wilson
  • Amy J. Wilson
  • Rev. William Wood
  • Robert J. Woodruff and Lucy W. Duff
  • Mark M. Zandi
  • Cheryl Ann Bettigole and Adam Zeff
  • Derek M. Ziegler and Gili Ronen
  • Gail Zukerman
  • We also thank those supporters who wish to remain anonymous, as well as the clients of:
  • Clean Yield, Freshpond Capital, Glenmede Trust, Loring Wolcott & Coolidge, Pathstone, Penn Trust, Trillium – Charles Schwab, and Veris Wealth Partners.

Faith-based Institutions

Investors and equity contributors
  • Arch Street United Methodist Church
  • Atlantic-Midwest Province of The School Sisters of Notre Dame
  • Augustinians
  • Bon Secours Health System, Inc.
  • Brandywine Deanery, Episcopal Diocese of PA
  • Bryn Mawr Presbyterian Church Foundation
  • Bucks Deanery
  • Cathedral Church of The Saviour
  • Central Philadelphia Monthly Meeting
  • Christ Church In Philadelphia
  • Church of St. Asaph
  • Church of The Good Samaritan
  • Church of The Holy Trinity
  • CommonSpirit Health Operating Investment Pool, LLC
  • Congregation of The Sisters, Servants of The I.H.M.
  • Daughters of Our Lady of Mercy
  • Dominican Sisters of Peace
  • Episcopal Diocese of Pennsylvania, Church Fdn.
  • Episcopal Urban Caucus
  • First United Methodist Church of Germantown
  • FSC DENA Endowment Trust
  • Germantown Jewish Centre
  • Grace Episcopal Church, Hulmeville
  • Grey Nuns of The Sacred Heart
  • Haddonfield Friends Meeting
  • IHM Congregation Charitable Trust
  • Jewish Employment and Vocational Service
  • Mercy Health System
  • Missionary Servants of The Most Blessed Trinity
  • Pennypack Deanery
  • Presbytery of Philadelphia
  • Religious of The Assumption North American Province
  • Sisters of St. Francis of Philadelphia
  • Sisters of Charity of Saint Elizabeth
  • Sisters of St. Joseph
  • Sisters of the Blessed Sacrament
  • Sisters, Servants of The I.H.M. (Legacy)
  • Society of Holy Child Jesus
  • St. Andrew's Church, Yardley
  • St. Andrew's Episcopal Church (West Vincent)
  • St. Francis-In-The-Fields Episcopal Church
  • St. James Episcopal Church of Kingsessing
  • St. James Episcopal Church, Langhorne
  • St. John's Episcopal Church
  • St. Joseph's University
  • St. Mary's Church At The Cathedral
  • St. Mary's Medical Center
  • St. Peter's Church In The Great Valley
  • St. Peter's Church of Philadelphia Endowment Fund
  • St. Thomas of Villanova Church
  • Swarthmore Friends Meeting
  • The Sisters of Charity of The Incarnate Word
  • Trinity Episcopal Church, Swarthmore
  • Trinity Health
  • Vaad: Board of Rabbis of Greater Philadelphia

Financial Institutions

Investors and equity contributors
  • Amboy National Bank
  • Bank of America
  • BNY Melon
  • Capital One
  • Capital Impact Partners
  • ESSA Bank and Trust
  • Federal Home Loan Bank of Pittsburgh
  • First National Bank
  • Howard Bank
  • Manufacturers and Traders Trust Company
  • MECU of Baltimore, Inc
  • Northern Trust
  • PNC Bank, NA
  • PNC Community Development Company, LLC
  • Republic First Bank
  • Rosedale Federal Savings and Loan Association
  • Second Federal Savings and Loan
  • TD Banknorth, National Assocation
  • Truist Bank
  • Univest Bank and Trust
  • Wells Fargo
  • WSFS Bank

Corporate, Civic, and Government

Investors and equity contributors
  • Amalgamated Abstract Company of PA Inc.
  • Amazon Smile
  • Arthur L. and Geraldine C. Schneeberg Foundation
  • Bainum Family Foundation
  • Baltimore City—Department of Housing & Community Development
  • Camden Community Partnership, Inc.
  • Center for Economic Policy Analysis
  • Children First
  • Children’s Hospital of Philadelphia
  • City of Akron
  • City of Bethlehem
  • City of Denton, Texas
  • City of Houston, Texas
  • City of Philadelphia
  • CDFI Community Investment Fund I, LLC
  • College of Notre Dame Maryland
  • Columbus Property Management and Development, Inc.
  • Community Design Collaborative of AIA Philadelphia
  • Community Foundation for Greater Atlanta, Inc.
  • County Of Northampton
  • Customized Energy Solutions
  • Drumcliff Foundation
  • Early Learning Coalition of Orange County
  • ECMC Foundation
  • Emory University Goizueta Impact Investors
  • Executives Partnering to Invest in Children
  • Foundation for Appalachian Kentucky, Inc.
  • Friends Fiduciary Corporation
  • Frontiers International Philadelphia Club
  • George A. Korein
  • Georgia Early Education Alliance for Ready Students
  • HACE
  • Health Federation of Philadelphia
  • Housing Equality Center of Pennsylvania
  • Indianapolis Neighborhood Housing Partnership
  • Jess Ball duPont Fund
  • Just Giving
  • Laura Marshall Trust
  • Lincoln Institute for Land Policy
  • Living Cities Catalyst Fund LLC
  • Lumina Foundation for Education, Inc.
  • Maryland Department of Housing and Community Development
  • Merck Family Fund
  • Metropolitan Life Insurance Company
  • National Consumer Law Center
  • NeighborWorks America
  • Opportunity Finance Network
  • Otto Haas Charitable Trust
  • Oxholm Family Fund
  • Patricia Kind Family Foundation
  • Philadelphia Chapter of The AIA
  • Philadelphia Contributionship
  • Philadelphia Parent Child Center
  • Plowshare Farm, Inc
  • PolicyMap, Inc.
  • Polis Holding Group, LLC
  • Public Health Management Corporation
  • Regional Housing Legal Services, Inc.
  • Richard T. Clemens Charitable Fund
  • Richmond Memorial Health Foundation
  • Robert Wood Johnson Foundation
  • RSF Social Finance
  • State of New Jersey, Office of the Attorney General
  • The Allen Hilles Fund
  • The Annie E. Casey Foundation
  • The Bainum Family Foundation
  • The Baltimore Community Foundation, Inc.
  • The Barscz Philanthropy Fund
  • The Elaine and Vincent Bell Foundation
  • The Homeless Assistance Fund, Inc.
  • The Kresge Foundation
  • The Metropolitan Government of Nashville and Davidson County
  • The PEW Charitable Trusts
  • The Philadelphia Foundation, Inc.
  • The Sunderland Foundation
  • The Vanguard Group
  • Thomas Scattergood Behavioral Health Foundation
  • Tides Foundation
  • Trustees of Green Street Monthly Meeting
  • U.S. Department of Agriculture
  • University of Nebraska
  • University of Pennsylvania
  • Valentine Foundation
  • van Ameringen Foundation
  • Virginia Community Capital
  • Walmart Foundation
  • West Penn Power
  • Westrum Urban Opportunity, LP
  • William Penn Foundation