Also by Reinvestment Fund

Reinvestment News Winter 2018

 


2017 Year in Review

  • In 2017, Reinvestment Fund made $202 million in loans–our second highest year on record. Of this, $31.7 million supported projects in the Philadelphia area.
  • We opened our first lending office outside the mid-Atlantic, in Atlanta, GA, which supported $49 million in loans to projects in the larger Southeast region.
  • These loans have created or preserved: 633 early childhood education seats; 6,850 K-12 education seats; 345,413 annual outpatient visits; and 3,321 permanent jobs. They have also created or rehabilitated 756 homes and 1.4 million square feet of commercial and community facility space. 
  • Our Policy Solutions team completed over a half dozen studies, from an analysis of evictions in Philadelphia, to the spacial and economic connections within New England’s meat industry and a new study of childcare supply and demand for Atlanta, GA.
  • PolicyMap became an independent LLC and registered as a benefit corporation.

LEVERAGING NEW RESOURCES FOR PAY FOR SUCCESS AND IMPACT INVESTING

Read the Urban Institute’s discussion of innovations in impact investing, including Reinvestment Fund’s recently launched Pay for Success Fund and the Ford Foundation’s new approach to mission-related investments.

Spotlight on New Orleans

Reinvestment Fund financing is supporting two new health care facilities in New Orleans. Odyssey House is the largest substance abuse treatment provider in the state and will serve 9,600 patients at its new site. CrescentCare is an AIDS Services Organization that also serves the LGBTQ community, service industry, and others needing primary medical care.

New Orleans has seen a strong increase in entrepreneurial activity since Hurricane Katrina. To support these entrepreneurs, Reinvestment Fund recently joined Living Cities to invest in the Propeller Social Venture Fund, which will provide loans and business development support to small businesses and nonprofits in southeastern Louisiana. This fund will invest in businesses working to achieve scale in areas of food security, coastal restoration and urban water management, educational equity, and health care.

Reinvestment Fund and the Robert Wood Johnson Foundation also welcomed over 350 guests and members of our 50 city teams to the fourth and final Invest Health National Convening in New Orleans. Keynote speaker Jamie Bennett (ArtPlace America) spoke about the importance of incorporating art and local artists in community development planning, and City of New Orleans Mayor Mitch Landrieu gave us a powerful send off to continue the robust work city teams have started, remarking on the resiliency of New Orleans and how important it is to take action toward equity that builds communities up, instead of tearing them down.

FEDERAL HISTORIC TAX CREDITS: EXPLORING THEIR IMPACT

PolicyMap discusses the importance of the FHTC program and changes that are coming as a result of the Tax Cuts and Jobs Act (H.R. 1) signed into law by President Trump on December 22, 2017.

Job Placement Program for Homeless, Returning Citizens, Comes to Philadelphia

First Step CEO Dave Shaffer with Stanley, its first Employee of the Month.

Reinvestment Fund recently provided a loan to First Step Staffing, a nonprofit social enterprise based in Atlanta, GA, to help it acquire a portion Philadelphia’s On Time Staffing. This project will form a unique job training and placement program for homeless individuals and returning citizens.

“Our goal is to help thousands of Philadelphia’s most vulnerable citizens gain sustainable employment, and eventually, a permanent residence. We believe a steady and sustainable income is the only reliable path out of homelessness.”
~Greg Block, First Step Founder and Chairman

In the first year, First Step expects to employ 500 homeless men and women in the Philadelphia area and grow to serve more than 1,000 within three years.

Other supporters include the Barra Foundation, the City of Philadelphia, Investors’ Circle, Nonprofit Finance Fund, Local Initiatives Support Corporation, and Philadelphia Industrial Development Corporation.

MARKET VALUE ANALYSIS IN PRACTICE

Our Market Value Analyses (MVAs) are being put to use in cities across the country, helping local governments make data-informed decisions about where to allocate scarce resources. This is good news for Dallas and is helping guide city grant funding in Indianapolis.

Baltimore Entrepreneurs Drive Community Redevelopment through Neighborhood Cafe

Aisha Pew and her business partner Cole opened Dovecote Cafe not only to serve as a neighborhood business and gathering spot, but also to promote community, health, and food justice in their West Baltimore neighborhood.

This is the first minority-owned small business to locate in the community in many years, and Reinvestment Fund financing is helping the pair acquire their building. This secures Dovecote’s presence in the community and gives the owners’ the kind of financial track record they will need as they seek to make greater investments locally (they have already purchased several rental properties, seeking to stabilize rental rates in the neighborhood).

Dovecote is also committed to health and food justice, offering fresh food through a take-out grocery at the cafe, and also by organizing a program called Brown and Healthy, which teaches participants about yoga, fitness and related topics. Reinvestment Fund has also committed Maryland Food Financing Initiative Funds to support investment in food access through another of the team’s projects.


ATL ACCESS Map Reveals Gap in Childcare Supply

Reinvestment Fund, in Partnership with the Georgia Early Education Alliance for Ready Students, Learn4Life, and Metro Atlanta Chamber, announced the launch of ATL ACCESS Map, a new tool to explore the early learning landscape in Metro Atlanta. ATL ACCESS (Atlanta Child Care and Early Learning Supply Status) Map models the supply, demand, and gaps related to child care in the region. It identifies places where care is most scarce, and where investments are most needed.

The data show that across the five-county metro region (Fulton, DeKalb, Clayton, Cobb, and Gwinnett Counties), approximately 1/3 of demand for child care is not currently being met. This gap is higher than other cities we have studied, including Philadelphia and Newark, NJ, where unmet demand is ~20%.

The data also revealed that approximately 80,000 families live in high-poverty areas that also have higher-than-average shortages, which means there are significant gaps in the availability of services to low-income children across the region.

This effort was supported by a grant from the Richard W. Goldman Family Foundation & JPMorgan Chase Foundation.

PROPOSED CHANGES TO THE MORTGAGE INTEREST DEDUCTION

Reinvestment Fund’s Ira Goldstein and Michael Norton lay out some simple facts for Shelterforce about what the current data on home mortgages says about who wins and who loses with the changes to the mortgage interest deduction.

Leadership Update

This fall, Reinvestment Fund CEO Don Hinkle-Brown joined the Federal Reserve Board’s Community Advisory Council. CAC members provide information, advice, and recommendations to the Board on relevant policy matters and emerging issues of interest.

We are also pleased to announce our new Board Chair, Mark Zandi, Chief Economist at Moody’s Analytics. Mark has been a member of Reinvestment Fund’s Board of Directors since 2007. We also thank outgoing Chair and continuing Board Member John Summers for his many years of leadership.

    

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.

Email: info@reinvestment.com
For information on investing: Call 215.574.5819 or email invest@reinvestment.com
For media inquiries: Call 215.574.5893.

PHILADELPHIA
1700 Market Street, 19th floor
Philadelphia, PA 19103
TEL 215.574.5800  FAX 215.574.5900

BALTIMORE
1707 North Charles Street, Suite 200B
Baltimore, MD 21201
TEL 410.783.1110

ATLANTA
229 Peachtree Street NE, Suite 750
International Tower
Atlanta, GA 30303
TEL 404.400.1130

  

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