Reinvestment Fund and The Philadelphia Foundation announced the launch of PhilaImpactFund, a new place-based impact investment opportunity targeted to the Greater Philadelphia region. The Fund is believed to be a first-of-its-kind collaboration between a community foundation, The Philadelphia Foundation, and an asset manager that also originates community development loans, Reinvestment Fund. Each organization has committed $5 million toward PhilaImpact Fund’s $30 million goal.
PhilaImpact Fund offers an opportunity for investors to channel their capital into neighborhood development projects that support regional growth and local initiatives in the communities that need them the most. The Fund will support projects serving critical needs for people across the region promoting housing stability for low-income families, better health outcomes, higher educational attainment, greater access to fresh, healthy food, and more.Read More
Across the country, nearly 40 million Americans live in rural and urban neighborhoods where easy access to affordable, high-quality, and healthy food is out of reach. A new bill, introduced by Representatives Marcia Fudge (D-OH) and Dwight Evans (D-PA), addresses this critical issue by bolstering an existing program that has demonstrated success in improving access to healthy foods and spurring economic revitalization in underserved communities. The “Healthy Food Financing Initiative Reauthorization Act” would reauthorize the Healthy Food Financing Initiative (HFFI) program at United States Department of Agriculture (USDA) Office of Rural Development, originally established at the agency in the Agricultural Act of 2014.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 announced the creation of a $10 million Pay for Success (PFS) Fund to support PFS transactions in the United States. QBE Insurance Group, one of the world’s top 20 general insurance and reinsurance companies, plans to invest $7 million in the fund. Living Cities, a collective of the world’s largest foundations and financial institutions, plans to invest $2 million. Reinvestment Fund will invest $1 million from its core loan fund, which is supported by more than 850 impact investors. Reinvestment Fund will also manage and administer the fund.Read More
Philadelphia, December 19—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 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.
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
Philadelphia, November 29th —This Giving Tuesday, Reinvestment Fund is pleased to announce our inaugural Community Champion Award, a $15,000 grant to CASA Philadelphia. The award is part of the Reinvestment Fund’s Employee Giving Program, which launched this year.
Annually, Reinvestment Fund employees are invited to nominate eligible organizations for Community Champion Awards. Nominations are reviewed by a staff award committee, whose recommendations are then approved by the Reinvestment Fund’s Community Advisory Board.
Reinvestment Fund has long supported economic equality through its work, including expanding access to quality education for thousands of children by investing in education facilities across the country. Sadly, the most vulnerable children in our communities, like those in foster care, need further intervention to be able to walk through those doors of opportunity.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
Reinvestment Fund and the Robert Wood Johnson Foundation (RWJF) today announced $3 million in awards across 50 mid-size cities in 31 states for Invest Health, an initiative aimed at transforming how city leaders work together to help low-income communities thrive, with specific attention to community features that drive health such as access to safe and affordable housing, places to play and exercise, and quality jobs.
More than 180 teams from 170 communities applied for grants of $60,000 each, which were available to cities with populations between 50,000 and 400,000. Applicants were required to form five-member teams including representatives from the public sector, community development, and an anchor institution, preferably academic or health-related. Selected teams also include members from public school districts, community organizations, and local philanthropies.Read More
Reinvestment Fund and the Robert Wood Johnson Foundation (RWJF) announced the formation of the National Advisory Committee for Invest Health. Invest Health is a pioneering, multi-sector initiative of Reinvestment Fund and RWJF that seeks to fundamentally change the way cities improve opportunities for their citizens to live healthy lives.
The National Advisory Committee brings together 12 nationally recognized experts in the integration of health and community development to provide guidance to the initiative. Members consist of distinguished representatives from government, community development, economic and social policy institutions, and non-profit organizations.Read More