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.
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.
News & Resources
- Reinvestment Fund elects new chair, Saul Behar and welcomes three Board members; Cynthia F. Figueroa, Wendell Pritchett, and Melissa Weiler Gerber.
- Welcome to Reinvestment Fund’s new staff: Lawrence Smith, Arthur Gimenez, Jacob Kraybill, McKenna Gosa, and Laston Musenga.
- Tiffany Patterson has joined as our new Managing Director of Strategic Communications. She will lead integrated, organization-wide strategic communications.
- Aequo Fund is revitalizing a warehouse in Baltimore into a multi-tenant commercial property with financing from Reinvestment Fund. The anchor tenant Oyin Handmade is a Black-woman-owned artisanal manufacturer of moisture-rich personal care products.
- Kareem Thomas, Head of Credit and Asset Management, represented Reinvestment Fund at Novogradac’s first DEI Summit. Kareem shared strategies that he and his colleagues have been implementing in their work across departments to increase access and representation in both the NMTC and the CDFI industries alike.
- Invest Health is looking at 2023 as an opportunity to continue to engage with the 50 Invest Health city teams to build stronger connections within and across cities.
- Investment in single-family homes for rental housing has been lucrative for investors—but often comes at the expense of low-income homebuyers and tenants. Our article in the Saporta Report discusses why many metro areas are convening state and local entities to address the affordable housing challenge.
- In an interview with the Philadelphia Inquirer, Ira Goldstein, President of Policy Solutions, discusses the findings of our report titled “Mortgage Lending in Philadelphia: Key take-aways from the 2021 Home Mortgage Disclosure Act Data”.
- In Atlanta’s Metro areas, overall shortages in childcare disproportionately impact lower-income families and people of color. Our latest Childcare Access in Metro Atlanta report helps guide supply building and quality improvement interventions.
- HBCUs have a rich history of resilience spanning 180+ years and a legacy of brilliance that has touched all aspects of our society. In celebration of Black History Month, Reinvestment Fund is elevating the story of HBCUs & our commitment to the continued legacy of HBCU Brilliance.