Reinvestment Fund announced the launch of a new Clean Energy Fund, which will provide financing for small and mid-sized projects implementing energy efficiency, renewable energy and other clean energy technologies that otherwise have limited access to traditional capital markets. First capital for the Fund comes from a subsidiary of MetLife, Inc., one of the world’s leading financial services companies, which is providing $10 million in debt and Reinvestment Fund, which is investing $2.5 million.
The Fund has already committed its first loan to Affordable Community Energy Services Company (ACE) to perform comprehensive energy efficiency and water conservation projects for Mercy Housing in California, the nation’s largest nonprofit owner of low-income housing. The $6 million project will benefit 6,000 affordable housing units in 90 multifamily residential buildings in California.Read More
Reinvestment Fund received a $4.5 million Capital Magnet Fund award from the U.S. Department of the Treasury’s CDFI Fund. The award was part of $120 million awarded to 40 community development financial institutions and housing nonprofits. Reinvestment Fund plans to use the award to address affordable housing challenges by providing capital to housing projects serving high-need communities and relieving housing cost burdens for low-income families.Read More
Reinvestment Fund received a $70 million New Markets Tax Credit (NMTC) allocation award today as part of the 14th round of awards announced by the U.S. Department of the Treasury’s CDFI Fund. Reinvestment Fund will use its award to finance high-impact projects that drive economic opportunity in struggling communities across the nation. Reinvestment Fund is among 73 awardees who received a total of $3.5 billion in awards this round.Read More
First Step Staffing is a nonprofit social enterprise based in Atlanta. Founded in 2007, First Step’s mission is to secure sustainable income for individuals transitioning out of homelessness, including veterans, re-entering citizens, and others with significant barriers to employment. With financing from several organizations, including Reinvestment Fund, First Step is expanding to Philadelphia.
As part of this effort, First Step has acquired a portion of the Philadelphia-based division of On Time Staffing—a for-profit staffing company founded 18 years ago specializing in warehouse, packaging, and manufacturing jobs—which will now become part of First Step’s nonprofit operations. First Step will collaborate with On Time Staffing, the City of Philadelphia, and other local social service providers to transition the approximately 700 acquired staffing jobs to serve the region’s homeless and at-risk men and women. In the first 12 months of operation in Philadelphia, First Step expects to employ 500 homeless men and women in the area and grow to serve more than 1,000 by year three.Read More
Reinvestment Fund’s CEO joins leaders from some of the largest nonprofit CDFIs to urge Congress to preserve New Markets Tax Credits.
Congress passed the NMTC in 2000 as part of a bipartisan effort to stimulate investment and economic growth in low-income cities, towns and rural areas that struggle to attract the capital needed to build new businesses and create jobs. The NMTC offers private investors a tax incentive for investing in businesses or economic development projects located in the nation’s highest-need communities—and, very importantly, it leverages those investment dollars to bring in more capital from other sources.Read More
GEEARS: Georgia Early Education Alliance for Ready Students, Learn4Life, Metro Atlanta Chamber, and Reinvestment Fund today 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.
Neighborhoods across the five-county metro region, which includes Fulton, DeKalb, Clayton, Cobb, and Gwinnett, have a shortage of early care and education services. Data estimates that there are as many as 262,000 children under five in the metro region who need access to care.Read More
Reinvestment Fund and Urban Advisors are pleased to announce the launch of Nile River Capital, a new initiative to support small contractors and disadvantaged businesses, including minority and women entrepreneurs.
Nile River Capital will provide strategic, impact-oriented investments that address the financial challenges faced by small businesses and minority entrepreneurs, primarily in the construction trades.Read More
Continuing its commitment to improve early childhood in the District of Columbia, the Bainum Family Foundation today announced a $4.5 million partnership with national expert Reinvestment Fund to help expand the supply of high-quality early learning seats for infants and toddlers in Wards 7 and 8. The Foundation’s strategic plan calls for adding 750 high-quality early learning seats in these two wards by 2020. Efforts to meet this goal include creating new seats through facility construction and expansion, as well as improving the quality of facilities with existing seats.Read More
Honor Capital, a veteran-owned small business, will double its size by the end of 2017 thanks to an innovative multi-million-dollar financing package provided by a partnership of three Community Development Financial Institutions (CDFIs), Reinvestment Fund, Enterprise Community Partners (Enterprise) and IFF.
By the end of the year Honor Capital will operate 10 grocery stores under the Save-A-Lot banner, each located in a “food desert,” an area that lacks access to fresh, affordable foods. Together these stores, located in both urban and rural areas, will provide much-needed food options for nearly 40,000 low-income households annually and create more than 270 permanent jobs.Read More