Also by Reinvestment Fund

Reinvestment News Fall 2016

$80 Million in New Federal Awards

The Partnership for Public Service recently honored Lisa Jones, manager of the Bond Guarantee Program, with the 2016 Samuel J. Heyman Service to America Medal, which celebrates outstanding federal employees. The Partnership highlighted the 60th Street Corridor project in its video profile of Jones.

Reinvestment Fund is proud to be the recipient of several recent awards: a $75 million bond loan from the CDFI Bond Guarantee Program (BGP), a $2 million CDFI Financial Assistance grant, and a $3 million grant through the Healthy Food Financing Initiative. These federal programs allow Reinvestment Fund to offer even greater flexibility in our loans, which in turn helps our borrowers do more to improve quality of life in low-income neighborhoods.

The 60th Street Corridor project involved the substantial rehab of 45 properties. Among other benefits, BGP financing allowed us to offer lower interest rates and enabled the borrower—a small local developer—to lease the commercial units at rates affordable to local small businesses, and to offer below-market rates on the residential units. The apartments are rent-restricted to those earning at or below 60% area median income—just over $38,000 annually for a family of four in Philadelphia—and with the high demand for affordable housing, they are fully leased.

ELEVATING OPIOID EPIDEMIC AWARENESS

PolicyMap has developed an interactive web mapping tool that helps USDA’s Rural Housing Service identify areas in greatest need of transitional housing to combat opioid addiction.

Middle Neighborhoods in America’s Legacy Cities

Legend goes that when notorious bank robber Willie Sutton was asked why he robbed banks, he said, “because that’s where the money is.” When asked why we should be concerned with the middle neighborhoods of our legacy cities, one practitioner said, “because that’s where the people are.”

With support from JPMorgan Chase Foundation, Reinvestment Fund has authored a chapter on the demographics and characteristics of middle neighborhoods in legacy cities, published in the Federal Reserve Bank of San Francisco’s latest Community Development Investment Review.

Legacy cities represent a unique subset of American cities because they have struggled to manage a severe loss of manufacturing jobs and experienced significant population loss. Legacy cities like Detroit and St. Louis have declined in population by nearly 62 percent since their peak in the 1950s. Others like Pittsburgh, Baltimore, and Philadelphia lost 55 percent, 34 percent, and 26 percent of their 1950 populations, respectively. Across each of the studied cities, middle neighborhoods have generally advantageous levels of income and education are demographically and economically diverse, and home to the largest portion of their cities’ population. In an environment of limited resources, community development leaders are challenged to rediscover the value and the importance of middle neighborhoods.


Rural Food Access: Winfield, KS

“Most people think of rural towns as farm towns—and there’s plenty of food in a town with farms around it, right? That’s really just not the case.”Marcus Scarborough
VP Community Engagement, Honor Capital


Connecticut Family Stability Project

Connecticut’s first pay for success project (PFS) is tackling child abuse and neglect through in-home, attachment-based parent-child therapy and substance abuse treatment.

This is Reinvestment Fund’s third pay for success project, and our participation builds on decades of experience financing affordable housing and community services. Reinvestment Fund also has expertise in housing policy issues and analyzing inequities related to low-income and vulnerable populations.

The project will scale prior efforts and help 500 new families with young children receive these needed services to help ensure family stability and keep young children with their parents. Reinvestment Fund participated in the financing with BNP Paribas, QBE Insurance Group Limited, the Doris Duke Charitable Foundation, Laura and John Arnold Foundation, Nonprofit Finance Fund and two anonymous family foundations.

INVEST HEALTH HOSTS SECOND NATIONAL CONVENING IN DENVER

“Your zip code is a better predictor of your health status than your genetic code. That isn’t a cute line, it’s the truth. Therefore, we need to be partnering with people that are in the zip code improvement business–and that’s you.”

Excerpted from Tyler Norris’s keynote address; Norris is Vice President, Total Health Partnerships at Kaiser Permanente. Watch his full address.

Now Open

TECH Freire Charter School, Philadelphia, PA

In September, Reinvestment Fund celebrated the opening of TECH Freire, a new charter high school that integrates technology and entrepreneurship into every classroom to prepare students for the workplace of the future. With financing from Reinvestment Fund and Local Initiatives Support Corporation, the historic building—a former showroom and storage facility for Packard Motor Car Company—has been transformed into a state of the art learning facility featuring several makerspaces, where students learn to use machinery and technology to design and build. Thanks to our financing, the building is also 54% more energy-efficient than the average school.

Seabra Foods, Harrison, NJ

Reinvestment Fund financing helped equip and fit out a new Seabra supermarket in Harrison, New Jersey, specializing in healthy food options that cater to immigrant communities. A diverse, small city neighboring Newark, Harrison did not previously have a full-service grocery store, and the new Seabra is bringing jobs and healthy food to the racially and socioeconomically mixed community. Reinvestment Fund’s contribution was provided through the New Jersey Food Access Initiative (NJFAI), which is supported by the Robert Wood Johnson Foundation.

PRESERVING PHILADELPHIA’S COMMUNITY GARDENS

Reinvestment Fund recently helped complete a data-driven strategic garden acquisition study as part of a plan to identify and prioritize community garden and open space preservation. The study was completed for the Philadelphia nonprofit Neighborhood Gardens Trust.

Creating a Path to Homeownership

TRF Development Partners’ new Path to Homeownership Program will help Baltimore families transition from being renters to becoming homeowners. The program will include homeowner education; financial planning; long-term credit counseling (with a two- to three-year horizon before purchase), and post- purchase counseling.

We would like to thank the program’s current investors: TD Charitable Foundation, Capital One, the Goldseker Foundation, Annie E. Casey Foundation, and the State of Maryland.