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News September 1, 2023

Summer Newsletter: Community-driven Improvements for Historic Philadelphia Park, Uniting on the Promise of Black Higher Education, and more

Topic General

Community-driven Improvements for Historic Park

Reinvestment Fund financing is supporting the rehabilitation and transformation of FDR Park’s historic guardhouse and adjacent stables into a new “Welcome Center,” as well as the construction of a new destination playground called Pattison Playground. The Fairmount Park Conservancy, a 501c3 nonprofit that supports efforts to improve Philadelphia’s parks, is leading the large-scale renovation project to make FDR Park more inviting and accessible for community residents and address longstanding flooding issues that are getting worse due to climate change. As part of the planning phase, nearly 3,000 community members and stakeholders, speaking seven languages, offered feedback on a reimagined park. The two projects are the first of a larger $250 million master plan that will support FDR Park, which has been an important community asset in South Philadelphia for more than 100 years.

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Uniting on the Promise of Black Higher Education

Reinvestment Fund is committed to serving the needs of Historically Black Colleges and Universities (HBCUs) and since 2018 has provided $35 million in investments to strengthen their financial health and fund capital projects. To reinforce our commitment, we launched the HBCU Brilliance Fund to raise additional capital from private and philanthropic partners.

Recently at UNCF’s UNITE Conference in Atlanta, Reinvestment Fund presented on the HBCU Brilliance Fund and our commissioned report, entitled A Call to Action for HBCU Investment. Produced by Brookings Metro, the report lays out a roadmap for private, philanthropic, and government institutions to provide capital to HBCUs and maximize community development impact – offering a better understanding and insights into meeting the needs of HBCUs as critical institutions in the communities in which they operate.

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News & Resources

Meet the Developers: The Growing Diverse Housing Developers Video Series

In this interview with Joel Dixon, Co-Founder and Principal of Urban Oasis Development, he highlights the challenges he has faced as a Black developer. He also shares the importance of accessing the right type of capital for community investment.

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