Since its inception in 2014, Fund For Quality (FFQ) has made significant strides in improving early childhood education. FFQ’s mission is to provide business planning and facilities-related financing to expand the capacity of high-quality early care and education providers, ultimately increasing accessibility for low-income families.
Data from Reinvestment Fund’s child care research revealed that before FFQ’s efforts, only 25% of licensed child care facilities in Philadelphia were rated as high quality. Furthermore, this supply was unevenly distributed, creating critical shortages in underserved neighborhoods.
FFQ was established to address these disparities by boosting high-quality care availability in these underserved areas. As a result of FFQ’s efforts and those of plenty other key stakeholders in the city, high-quality child care availability in Philadelphia has surged to 44%.
“How do you sum up 10 years of expanding high quality child care for all children by any means necessary?” stated Program Director, LaToshia DeVose, at the celebration. “You really can’t, but the stats can speak for themselves:
Over 50 grantees and over 3,200 new seats created, many new jobs and hundreds of thousands of square feet developed.”
READ MOREReinvestment Fund recently published an analysis on Black-White disparities in homeownership, mortgage market activity, and mortgage credit access across 10 Southeastern cities, including Jacksonville. Emily Dowdall, our President of Policy Solutions, joined News4JAX to discuss the findings, noting that in Jacksonville, Black mortgage applicants experience a denial rate of 20%, compared to 8.7% for White applicants—a significant 11.4% gap.
“Our research shows that one of the biggest drivers of these mortgage denial gaps is debt,” Dowdall explained. “We know that Black families are less likely to have savings as a result of some historical factors, and therefore Black college graduates have more student loan debt than their White counterparts. That makes it really hard to qualify for a home loan to get that starter home.”
The findings also show that across the 10 cities studied, significant competition from investors at the most affordable price points—where many Black homebuyers are active—creates an additional barrier. While equitable access to mortgage credit is essential for reducing homeownership gaps, the relationship between ownership trends and recent market activity is complex—some cities progress on certain measures but not others. Our findings highlight the need to address Debt-to-Income and Loan-to-Value ratios that exclude Black buyers, alongside addressing differential treatment that violates the Fair Housing Act.
Reinvestment Fund received a $50 million New Markets Tax Credit (NMTC) allocation award as part of the 20th round of awards announced by the U.S. Department of the Treasury’s CDFI Fund.
This NMTC award will build on Reinvestment Fund’s mission to create opportunity for underserved people and places by bringing the capital, analytics, and expertise necessary to build strong, healthy, and more equitable communities. It will also expand our impact into distressed communities nationwide, by supporting investments that reduce racial inequities, support broader community revitalization and provide essential community services. Reinvestment Fund has been a recipient of NMTC allocations since 2003, investing over $657 million in 77 transformative projects across the country.
Announcing Partnership with the HBCU Brilliance Initiative and Senator Sonya Halpern to Support Historically Black Colleges and Universities
Senator Sonya Halpern has announced a new partnership with the HBCU Brilliance Initiative to strengthen support for Historically Black Colleges and Universities (HBCUs). This collaboration is focused on increasing funding, resources, and opportunities for HBCUs, helping them to continue their critical role in communities across the country.
Reinvestment Fund’s HBCU Brilliance Initiative will drive innovation and expand access to technical assistance and capital funding. By joining forces, Senator Halpern’s office and the Initiative aim to address long-standing barriers that have limited HBCUs from reaching their full potential, ensuring a brighter future for these historic institutions. Learn more here.
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