Baltimore, December 14th —A collection of local public, private, non-profit entities today announced a $10 million loan initiative to help finance neighborhood revitalization projects in a group of Baltimore City neighborhoods where traditional funding may be hard to come by.
Known as the Central Baltimore Future Fund or CBFF, the multi-million lending initiative is designed to work in collaboration with a comprehensive revitalization strategy for a cluster of central Baltimore neighborhoods by providing loans to developers and building owners who are seeking to build or restore high-impact projects.
The CBFF will be managed by Reinvestment Fund, a national leader in the financing of neighborhood revitalization. Reinvestment Fund, which is headquartered in Philadelphia with an office in Baltimore, is responsible for underwriting, closing and monitoring the CBFF loans.Read More
Atlanta, November 15th — JPMorgan Chase & Co. has awarded a $4 million grant to Equity Atlanta Collaborative— a new group that brings together Access to Capital for Entrepreneurs Inc. (ACE), Atlanta Neighborhood Development Partnership (ANDP), and Reinvestment Fund. The nonprofits will work together to provide targeted loan capital and consulting services for high-quality affordable housing projects and small businesses in underserved communities in south Atlanta and Gwinnett County.
As part of JPMorgan Chase’s PRO Neighborhoods initiative, the new Equity Atlanta Collaborative partnership was selected and is one of five projects nationwide led by Community Development Financial Institutions (CDFIs) to accelerate economic recovery. The five CDFI collaboratives selected for the grant are located in Atlanta, Chicago, Detroit, Miami and New York.Read More
Philadelphia, September 28th — Reinvestment Fund is joining a group of funders to finance Connecticut’s first Pay for Success program that will help 500 Connecticut families with young children who are in need of services to help ensure family stability and keep young children with their parents. The Connecticut Family Stability Pay for Success Project will combine nonprofit expertise, private funding, and independent evaluation to promote family stability and reduce parental substance use for DCF-involved families. Governor Dannel P. Malloy, U.S. Administration on Children, Youth and Families Commissioner Rafael López, Connecticut Department of Children and Families Commissioner Joette Katz, and Social Finance CEO Tracy Palandjian launched the innovative new program today.Read More
Reinvestment Fund today announced the grand opening of the new 114,000 square-foot Glenwood Kroger Marketplace located just across from Maynard Jackson High school at 800 Glenwood Avenue in Atlanta, GA. Reinvestment Fund provided New Markets Tax Credit (NMTC) financing for the Kroger’s Marketplace concept store which is distinctive from its other grocery stores because in addition to a full-service grocery, a pharmacy, and health and beauty departments, it also includes a health clinic, general merchandise such as home goods, apparel, and jewelry, and a fuel station.
Located in a USDA food desert and a Reinvestment Fund-designated limited supermarket access (LSA) area, the new store will provide shoppers with access to more healthy and affordable food options for an estimated 43,000 people living within two miles of the store and who currently do not have easy access to a supermarket.Read More
Fund for Quality received a $15 million grant from the William Penn Foundation today. The Fund for Quality is a local initiative that provides capital and planning services for the expansion of high-quality early childhood education facilities in Philadelphia, particularly for families with low incomes. In addition to the grant funds available to high-quality providers, Reinvestment Fund has committed up to $7.65 million in loan capital from its network of 850 investors, to be used for facility expansion. The Fund for Quality began in 2014 with an initial $4.6 million grant from the William Penn Foundation and an additional $1.5 million in capital from Reinvestment Fund. The Fund for Quality is operated by Reinvestment Fund and Public Health Management Corporation (PHMC) to increase the availability and accessibility of high-quality early learning opportunities throughout the city. The Fund for Quality helps high quality centers serve more children in current sites and open new sites in areas of high need.Read More
Newark residents celebrated the opening of a new ShopRite supermarket in the University Heights neighborhood. The store’s opening is the beginning of the transformation of a block vacant since the 1967 Newark Riots, despite decades of efforts to revitalize the community. The ShopRite received financing through the New Jersey Food Access Initiative (NJFAI), a financing program by The Reinvestment Fund to help improve access to healthy foods in underserved communities across the state.Read More
Kinder Academy, an early childhood education provider that offers affordable, high-quality services, celebrated the opening of its fourth facility in Philadelphia. The new center on Elgin Avenue will serve 130 children and create 25 jobs. The facility is one of 14 early childhood education projects supported by the Fund for Quality, a William Penn Foundation initiative operated by The Reinvestment Fund and Public Health Management Corporation (PHMC), both deeply committed to increasing the supply of high-quality early learning services in Philadelphia.Read More
Artisan Exchange in West Chester hosted Congressman Ryan Costello (PA-06). Artisan Exchange, a food manufacturing and distribution hub, brings together small business entrepreneurs committed to producing hand-crafted, sustainable food products. Congressman Costello is using the opportunity to witness in person the role that Community Development Financial Institutions (CDFI) play in successful project investments.Read More
The Reinvestment Fund announced that it will provide financing for California’s first Pay for Success (PFS) program which brings together the County of Santa Clara, California and Abode Services, a national leader in innovative housing services for homeless persons. Project Welcome Home will provide community-based clinical services and permanent supportive housing to 150-200 chronically homeless individuals who are currently frequent users of the County’s emergency rooms, acute mental health facilities and jail.Read More