Insights

Reinvestment Fund has begun awarding grants to childcare providers, early intervention and home visiting service organizations under the Philadelphia Emergency Fund for Stabilization of Early Education (PEFSEE) program. PEFSEE is a collaboration of the William Penn Foundation, Vanguard’s Strong Start for Kids Program™ and Reinvestment Fund to support Philadelphia childcare providers who are struggling to sustain their businesses and early learning support for families through closures caused by the COVID-19 pandemic.

Reinvestment Fund today released a new analysis that identifies Rural Food Access Investment Areas (Investment Areas). These Investment Areas are places in rural America that do not have easy access to healthy food retail but have the market demand to support investments in new and existing place-based solutions. Reinvestment Fund has identified 1,472 Investment Areas that are home to 11.7 million people in the rural U.S.

Given the significant measures in the U.S. at this time to lessen the spread and impact of COVID-19, Reinvestment Fund has activated its remote work policy for all employees.

During this time, all services are available and employees are accessible through their direct lines or via email during business hours of 9 am to 5 pm EST.

Early in 2020, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) published their proposal for comprehensive amendments to the rules implementing the Community Reinvestment Act (CRA). The following statement is Reinvestment Fund’s response to the proposed changes and was submitted to the OCC as part of our comments.

Given the significant measures in the U.S. at this time to lessen the spread and impact of COVID-19, Reinvestment Fund has activated its remote work policy for all employees.

An update on the steps we are taking to ensure the wellbeing of our staff and minimize business disruption

We are carefully monitoring the evolving Coronavirus (COVID-19) situation and are taking steps to ensure the wellbeing of our staff, partners and the communities we serve. As we continue to plan on minimizing business disruption, we’d like to share with you some updates and steps we are taking to manage the potential impact.

GoATL Fund (GoATL), an impact investment fund launched by the Community Foundation for Greater Atlanta, announced $1.5 million in two investments to Reinvestment Fund. The first investment, $1 million, will expand Reinvestment Fund existing GoATL investment supporting a diverse portfolio of impactful projects throughout metro Atlanta. The second investment of $500,000 will target support to early childhood education (ECE) projects across the region.

We are grateful for another impactful year—your support and investment in Reinvestment Fund helped us originate $158.5 million in 2019 to finance homes that families can afford, schools where students can succeed, stores to get nutritious food, and strong businesses.

We are deeply concerned by Comptroller Joseph Otting’s proposed changes to the Community Reinvestment Act (CRA), the subject of today’s hearing by the House Financial Services Committee. The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have set forth a proposal that must be reevaluated to preserve the fundamental purpose of CRA – to address inequalities in bank lending and to drive investments toward impactful community development activities.

Bread & Roses Community Fund, the leading funder of grassroots organizing for racial, social, and economic justice in the Philadelphia region, is receiving a $15,000 Community Champion Award from Reinvestment Fund in recognition of its work supporting grassroots organizing for change, and to fuel that work in the future.

The Federal Reserve Board recently announced Reinvestment Fund CEO, Don Hinkle-Brown, to serve as Chair of its Community Advisory Council (CAC). Mr. Hinkle-Brown previously served a term as Vice Chair beginning in 2018. The CAC is composed of a diverse group of experts and representatives of consumer, workforce, and community development organizations and interests, including from such fields as affordable housing, economic development, labor, small business, and asset and wealth building. CAC members provide information, advice, and recommendations to the Board on relevant policy matters and emerging issues of interest.

This week, the House and Senate cleared the fiscal year 2020 spending bills. The legislative packages include increased investment in the United States Department of Agriculture’s Healthy Food Financing Initiative (HFFI). HFFI is administered by Reinvestment Fund on behalf of USDA Rural Development to improve access to healthy food in underserved areas.  The bills now await the President’s signature. Read our full statement.

Reinvestment Fund announced three initiatives in memory of its founding Executive Director, Jeremy Nowak. Jeremy led Reinvestment Fund for 26 years, establishing a powerful vision for strong, equitable communities. The initiatives honor key aspects of Jeremy’s life work.

The Philadelphia Department of Public Health has announced the launch of the Philadelphia Food Justice Initiative, an exciting new program in partnership with the Reinvestment Fund to support community-driven projects to advance food justice. As part of the launch, the initiative announced the selection of six projects for a total of $180,000 in funding support.

Reinvestment Fund today announced $1.8 million in financial and technical assistance awards to 23 projects through the Healthy Food Financing Initiative (HFFI) inaugural grants program. Funding for the HFFI grants program is provided by the United States Department of Agriculture (USDA), authorized by the 2014 Farm Bill. Ten projects received a total of $1.4 million in financial assistance and another 13 projects received a total of $400,000 in technical assistance awards.

Reinvestment Fund today announced $1.8 million in financial and technical assistance awards to 23 projects through the Healthy Food Financing Initiative (HFFI) inaugural grants program. Funding for the HFFI grants program is provided by the United States Department of Agriculture (USDA), authorized by the 2014 Farm Bill. Ten projects received a total of $1.4 million in financial assistance and another 13 projects received a total of $400,000 in technical assistance awards.

Reinvestment Fund announced the appointment of Jeff Hebert, Partner at HR&A Advisors to its Policy Advisory Board. The Policy Advisory Board provides strategic direction to Reinvestment Fund’s policy research and analytical efforts. It also reviews Reinvestment Fund’s research methods and products.

Reinvestment Fund announced the appointment of Jeff Hebert, Partner at HR&A Advisors to its Policy Advisory Board. The Policy Advisory Board provides strategic direction to Reinvestment Fund’s policy research and analytical efforts. It also reviews Reinvestment Fund’s research methods and products.

Reinvestment Fund announced Yonina Gray as its new Director of External Relations, responsible for driving national business development objectives to establish new market presence and relationships that pave the way for organizational growth.

Reinvestment Fund is offering a new capital and planning resource that aims to increase access to healthy, nutritious meals for children from vulnerable populations. The New Jersey Child Nutrition Fund (NJCNF) offers capital and technical assistance to providers who participate or wish to participate in federal meal programs, Child and Adult Care Food Program (CACFP) and the Summer Food Service Program (SFSP). NJCNF is funded by the Robert Wood Johnson Foundation.

Reinvestment Fund is pleased to welcome Marland Buckner, Mike Davis and Vicki Lundy Wilbon to its Board of Directors. The new Board members bring varied professional experience from public affairs to education to real estate development, and an expansive understanding of communities and regions in the Southeastern United States.

Reinvestment Fund is a national mission-driven financial institution that creates opportunity for underserved people and places through partnerships. In 2018, we marshaled the capital, analytics, and expertise necessary to build strong, healthy, and more equitable communities. Among the highlights: We invested $217.9 million, including $43 million in our hometown of Philadelphia and $33 million in the City of Baltimore.

GoATL Fund (GoATL), an impact investment fund launched by the Community Foundation for Greater Atlanta, recently closed a new $1 million investment to Reinvestment Fund to support a diverse portfolio of impactful investments throughout metro Atlanta. Focused primarily on low-income neighborhoods with historically deprived levels of investment, GoATL’s investment will provide Reinvestment Fund with locally-sourced, flexible capital that will support initiatives in education, food access, the arts and affordable housing.

Reinvestment Fund announced Tracy Murray Moore as its new Chief Human Resources Officer. As CHRO, she is responsible for developing and executing the human resource strategy in support of Reinvestment Fund’s overall business plan and strategic direction, specifically in the areas of succession planning, talent management, change management, organizational and performance management, training, development, and compensation.

With wide bipartisan support, Congress passed The Agriculture Improvement Act of 2018 (also known as the Farm Bill), which reauthorizes and expands the national Healthy Food Financing Initiative (HFFI) at the United States Department of Agriculture. In addition to providing healthy food for families, the bipartisan bill supports farmers and agricultural economy, invests in small towns and rural communities and supports local food economies.

At Reinvestment Fund, the essence of our work is to build social cohesion and restore community fabric. This past week, we witnessed ghastly events fueled by division and hate—experiences that are fundamentally antithetical to our values. These challenging events underscore that our friendships, alliances and shared support is more important now than ever before.

The Federal Reserve Board announced that Reinvestment Fund CEO, Don Hinkle-Brown, will serve as Vice Chair of its Community Advisory Council (CAC), beginning in 2019. Mr. Hinkle-Brown began his three-year term on the CAC in 2018.

Reinvestment Fund, an S&P rated Community Development Financial Institution (CDFI), today announced the close of $75.7 million in general obligation bonds. Reinvestment Fund was one of the first CDFIs to access the capital markets in 2017 and this marks their second issuance.

Reinvestment Fund announced Cheila Fernandez as its new Chief Compliance & Risk Officer. This new position will lead the growing organization’s internal risk management and compliance.

Reinvestment Fund is pleased to welcome Dudley Benoit to its Board of Directors. Mr. Benoit, a long-time leader in the community development finance field, serves as Executive Vice President of Alliant Capital, Ltd., a top tax credit syndicator for the financing and development of affordable housing. Mr. Benoit has over 20 years of experience in the community development and real estate finance fields.

Remembering and Honoring Jeremy Nowak and other news

Jeremy Nowak was a visionary leader, who worked tirelessly for equity in low-income communities. As we grieve the loss of our founder, we share with you a glimpse into his brilliance and what made him one-of-a-kind.

We at Reinvestment Fund are grieving the loss of our founder, Jeremy Nowak. Jeremy was a powerful, insightful and tireless voice for our nation’s underserved people and places. The world is diminished by his passing.

Reinvestment Fund and The Philadelphia Foundation announced the launch of PhilaImpactFund, a new place-based impact investment opportunity targeted to the Greater Philadelphia region. The Fund is believed to be a first-of-its-kind collaboration between a community foundation, The Philadelphia Foundation, and an asset manager that also originates community development loans, Reinvestment Fund. Each organization has committed $5 million toward PhilaImpact Fund’s $30 million goal.

Reinvestment Fund’s Senior Policy Advisor, Patricia Smith, has been named President and CEO of The Funders’ Network for Smart Growth and Livable Communities, a robust network of more than 170 philanthropic foundations across the U.S. and Canada.