Reinvestment News Spring 2021
Investing for Future Generations
Regardless of race, class or income, communities everywhere want to make things better for generations to come. The use of safe, clean, locally-made energy from the sun is a way to ensure the well-being of future generations while also helping homeowners invest in their homes. PosiGen is a residential solar developer that works primarily with low- to moderate-income households and in communities of color. The firm pioneered a unique approach to assessing credit risk of customers focusing on utility bill payment history instead of credit scores, and also developed an “out of the box” system design that reduced installation costs compared to the “design to fit” systems more prevalent in the industry. Supported by these two innovations, the firm has installed over 17,000 systems to date, with over 70% of its customers being low- to moderate-income households. The company has expanded from its core Louisiana market into New Jersey and Connecticut. Reinvestment Fund is excited to partner with Mizzen Capital and Stonehenge Capital to provide investments that will help PosiGen make solar more accessible, enabling families to save money on their utility bills, and take steps toward a brighter future. Read more.
Supporting A Just Food System
Historically, the food system has displaced, enslaved, and undervalued the labor, land rights, and self-determination of Black and brown individuals, women, immigrants, and indigenous people. The effects of those actions are evident in Philadelphia today, where neighborhoods with higher concentrations of lower-income households and/or Black and Latinx/Hispanic Philadelphians still have fewer fresh food choices The Philadelphia Department of Public Health and the Reinvestment Fund established the Philadelphia Food Justice Initiative to support local entrepreneurs and communities that are empowered to grow, sell, and eat healthy food. The initiative recently awarded more than $443,500 to fund several innovative initiatives to create more healthy food options. This is part of an effort to find and fund community-driven solutions to historic food injustice. In total, the initiative has provided over $620,000 in grants over two rounds since its launch in 2019. Above photo credit: Ali Mendelson, MD
News & Resources
News: Reinvestment Fund is excited to be selected to the Impact Assets 50 2021. The Impact Assets 50 recognizes a diverse group of impact fund managers who demonstrate a commitment to generating positive impact.
News: HFFI grantee African Economic Development Solutions in How a Food Business Incubator Is Building Black Economic Strength in Minnesota Civil Eats article spotlights
News: Philadelphia Business Journal’s 2021 Power100 includes our CEO Don Hinkle-Brown.
Resource: Urban Institute released Making Community Development Capital Work in Small and Midsize Cities, a report in partnership with Reinvestment Fund, and part of the Invest Health initiative, that brings together cross-cutting lessons from healthcare, CDFIs & traditional finance institutions.
News: Two Reinvestment Fund-financed projects, the Bok Building and Hutingdon Mills will receive the 2021 Philadelphia Preservation Achievement Awards.
Resource: Arnie Graf discusses “Lessons Learned: Stories from a Lifetime of Organizing” with John Summers. Hosted by Reinvestment Fund, the recording includes conversations about community organizing, its relevance & connection to current politics.
News: Home appraisals drive America’s racial wealth gap — 95% of Philly’s appraisers are white. Read why we must eliminate all discrimination in the valuation of homes.
News: Only 2% of landlords have more than 25 units in Philadelphia. But as a group, these large landlords own more than half of the city’s rental units. Reinvestment Fund and The Pew Charitable Trusts partnered to look at the landscape of Philadelphia landlords.