The award is part of $14 million Kresge investments to community finance institutions serving low-income people
Philadelphia, December 19, 2016—Reinvestment Fund was awarded a $3 million program-related investment by The Kresge Foundation to support its creative placemaking efforts in Baltimore, Atlanta and New Orleans. Reinvestment Fund is one of six organizations that received a total of $14 million in investments from Kresge.
“Reinvestment Fund has a 30+-year track record in placemaking—comprehensive community development efforts primarily focused on real estate investments that are cross-sectoral wherever possible and benefit low-income people,” said Amanda High, Chief of Strategic Initiatives at Reinvestment Fund. “We laud Kresge for its partnership and support in our efforts to incorporate the arts, culture and creative economies into that placemaking equation.”
Reinvestment Fund has made over $95 million in arts-related investments—from the Crane Arts building, an old bath fixtures warehouse in Philadelphia that now includes studios and makerspace to the revival of the Center Theater in Baltimore, MD, which sat vacant for decades.
This award will build on work initiated in 2015 to develop a strategy to target investment in the arts to low-income communities, specifically in Central Baltimore. Funded through the Kresge and Surdna Foundations’ Catalyzing Culture and Community through CDFIs (C4) program, the work uncovered a pipeline of undercapitalized creative projects in Baltimore and suggested a replicable framework that can be applied to understanding creative economies in other cities.
These new investments from Kresge are part of an initiative called Kresge Community Finance (KCF), which aims to support Community Development Finance Institutions (CDFIs) and Development Finance Agencies (DFAs) working to expand opportunity for low-income people in America’s cities.
KCF invited proposals from qualifying CDFIs and DFAs working in American cities on projects that align with Kresge’s strategic priorities in six program areas – Arts & Culture, Education, Health, Human Services, Environment and Detroit.
Reinvestment Fund was among more than 130 organizations submitted proposals for funding, representing more than $280 million in capital requests. Other recipients announced in this first round of awards include Connecticut Green Bank, Cooperative Fund of New England, Enterprise Community Loan Fund, Boston Community Capital and Capital Impact Partners.
In total, the Foundation plans to award up to $30 million in financing and up to $1.5 million in grants through KCF to at least 15 organizations. Additional investments through KCF will be announced in 2017.
About Reinvestment Fund
Reinvestment Fund is a catalyst for change in low-income communities. We integrate data, policy and strategic investments to improve the quality of life in low-income neighborhoods. Using analytical and financial tools, we bring high-quality grocery stores, affordable housing, schools and health centers to the communities that need better access—creating anchors that attract investment over the long term and help families lead healthier, more productive lives. Learn more at reinvestment.com
Kavita Vijayan, Reinvestment Fund