Reinvestment Fund is stepping into 2023 with a continued focus on mission, impact, and commitment to aligning strategy to better support those historically excluded by mainstream capital. The past year was defined by action, and we are incredibly proud of the accomplishments across our organization and within the communities we serve.
In 2022 we deployed 47% of our loan originations ($117.8 million)–representing 50% of closed loans–to BIPOC led organizations. Updates to our loan policy and risk ratings helped to eliminate barriers of entry and provide greater flexibility when lending to borrowers of color. With a continued focus on expanding affordable housing, we joined forces with four CDFIs to expand resources and capital for housing developers of color.
Our research practice combated systemic racism by informing policy and housing market interventions at federal, state and local levels. This included analysis of racial bias in Philadelphia’s home appraisals; barriers to homeownership in Pennsylvania; and potential predatory practices by MV Realty, a group being investigated in multiple states.
We grew our national visibility and impact—with Capital Access and Capacity Building Programs—supporting community access to funding and resources in the areas of early childhood education, food access, and social determinants of health. The Healthy Food Financing Initiative (HFFI) distributed $22.6 million to 134 projects across the country to expand access to healthy foods in over 45 states. HFFI, Fund for Quality (FFQ) and Invest Health were awarded grant funding to expand their initiatives this year.
Our staff has been the driving force behind a year ripe with forward motion. We’re intentional about advancing meaningful action, while transforming the lives of those who have been systemically left behind and unseen. We plan to dial up our efforts in 2023, honoring our commitment to build equitable opportunities for all communities to thrive.
President & CEO
Reinvestment Fund borrower, Jarde’ Allen, started her tax business from her couch in West Philadelphia, PA in 2019. As a lifelong resident of the neighborhood with years of experience in Corporate America, Jarde’s primary mission in starting her own business was to amplify and uplift minority-owned small businesses and entrepreneurs within her community. Through Reinvestment Fund’s flexible and tailored financing solutions, Jarde’s business had the foundational support it needed to grow. Today, she is the CEO of In the Moment Financial Services, a thriving tax services company operating out of permanent office space in West Philadelphia. In the Moment considers itself ‘the one-stop shop for all your financial needs’. They offer a multitude of resources from tax preparation, home buying courses, LLC services, youth workshops and even tailored financial services for childcare providers.READ MORE
A new focal point for the City of East Orange, New Jersey—the Crossings at Brick Church celebrated their groundbreaking this past November. The redevelopment project, led by Triangle Equities, will feature a mixed-use retail/commercial space and mixed-income housing units creating a “center of place” that provides ease of access and social equity in a walkable urban format.
Reinvestment Fund supported the investment with a $17 million leverage source loan and $4.5 million in New Markets Tax Credits. “Working closely with our partners, we were able to offer a flexible financing solution to maximize community impact and outcomes,” said Christina Szczepanski, Reinvestment Fund’s Managing Director of Lending and Investments.READ MORE