Regardless of race, class or income, communities everywhere want to make things better for generations to come. The use of safe, clean, locally-made energy from the sun is a way to ensure the well-being of future generations while also helping homeowners invest in their homes. PosiGen is a residential solar developer that works primarily with low- to moderate-income households and in communities of color. The firm pioneered a unique approach to assessing credit risk of customers focusing on utility bill payment history instead of credit scores, and also developed an “out of the box” system design that reduced installation costs compared to the “design to fit” systems more prevalent in the industry. Supported by these two innovations, the firm has installed over 17,000 systems to date, with over 70% of its customers being low- to moderate-income households.Read More
2020 was a challenging and full year. For Reinvestment Fund, the year included launching relief programs to respond to the economic hardships resulting from the pandemic. We leaned in as a dependable financing partner to help impactful projects stay on track and we continued to explore research-driven solutions for pressing policy issues, particularly around eviction. As our nation continues to grapple with the health, social and economic impacts of the pandemic, we are grateful for the collaborations and support that have been crucial to helping people and places in need. We closed 2020 with $205 million in community investments.
In the Philadelphia region, we provided $6.7 million in grants to 416 providers to minimize the loss of capacity and expertise in the early childhood education sector so that children and families continue to have access to quality early learning opportunities once this crisis has passed.Read More
We at Reinvestment Fund mourn the death of the indomitable Justice of the Supreme Court, Ruth Bader Ginsburg, who made it her life’s work to dismantle and eradicate the practice of systematic discrimination against women, Black and brown people, and LGBTQ people. Her passing threatens many hard-won civil liberties, for which we all must persevere to fully secure. The ‘Notorious RBG’ stood her ground. Like her, we must not weaken in our resolve to achieve racial, gender, and economic justice for all Americans. Read our full statement.
With elections just weeks away, we are also carefully monitoring the policy landscape and its impacts on communities and the pursuit of equity for all. In many Black communities, a legacy of systemic racism persists, making it too hard for people to own a home, start a business, and build long-term wealth. Moreover, the current pandemic has shown all too clearly the life and death consequences of this historical disparity, with Black and Latinx communities suffering the biggest share of COVID-19 cases and deaths, as well as wage reductions and job losses.Read More
We at Reinvestment Fund mourn the death of the indomitable Justice of the Supreme Court, Ruth Bader Ginsburg, who made it her life’s work to dismantle and eradicate the practice of systematic discrimination against women, Black and brown people, and LGBTQ people. Never serving on a majority liberal bench, she is best known for her fierce dissenting opinions, as well as her persistence, tireless work, principles of equality and dedication to the Constitution. Her passing threatens many of the hard-fought civil liberties, and for which we all must persevere to fully secure. The ‘Notorious RBG’ stood her ground. Like her, we must not weaken in our resolve to achieve racial, gender and economic justice for all Americans.Read More
Reinvestment Fund received a $60 million New Markets Tax Credit (NMTC) allocation award as part of the 2019 round of the NMTC Program awards announced yesterday by the U.S. Department of the Treasury’s CDFI Fund. Reinvestment Fund is among 76 awardees who received a total of $3.5 billion in awards this round.Read More
Pain, frustration, disbelief, anxiety, exhaustion, fear, anger—each of us has likely experienced some of these emotions and then some as we have witnessed the events unfolding across our country. Those of us who work for social justice have believed we were rolling the boulder up the mountain, only to wake up and find so little discernible forward progress. We despair, we repair, then it happens again.
We mourn for Ahmaud Arbery in Georgia, George Floyd in Minnesota, Breonna Taylor in Kentucky and the countless others that came before them. We are outraged by the violent response to peaceful protesters in our cities. As American myths are ripped away the darker reality of long-standing racial oppression, disregard for black lives, and the well documented consequences of militarizing police forces are revealed for all to see.
For too long, we have seen the long shadow of our nation’s racist legacies perpetuate an unequal America. We see it every day in our work to counter the effects of redlining, segregation and discrimination.
At Reinvestment Fund, we know that we must do more. It’s not enough to call out the systemic racism evident in policing or healthcare or politics. It’s not enough to lament the injustice.Read More
Reinvestment Fund is inviting applications for the 2020 round of the Healthy Food Financing Initiative (HFFI) Targeted Small Grants program. The 2020 HFFI round significantly increases the available funding compared to the previous round, making $3 million in grant funds available for food retail and food enterprises working to improve access to healthy food in underserved areas, to create and preserve quality jobs, and to revitalize low-income communities. Funding for HFFI is provided by the United States Department of Agriculture (USDA), authorized by the Farm Bill. Financial assistance is available in the form of direct grants to projects selected through a competitive application process. The program is open to food retail and food enterprises working to improve healthy food access. Read More.Read More
Reinvestment Fund has begun awarding grants to childcare providers, early intervention and home visiting service organizations under the Philadelphia Emergency Fund for Stabilization of Early Education (PEFSEE) program. PEFSEE is a collaboration of the William Penn Foundation, Vanguard’s Strong Start for Kids Program™ and Reinvestment Fund to support Philadelphia childcare providers who are struggling to sustain their businesses and early learning support for families through closures caused by the COVID-19 pandemic. In the month since it opened, PEFSEE has received an overwhelming response with 524 applications to date. PEFSEE has thus far awarded $3.7 million to 271 providers. Of the awardees, 87% are women-owned organizations and 71% are owned or led by people of color. The awards are expected to preserve 2,901 jobs in the sector and maintain spaces for 21,482 children in licensed early learning programs. Reinvestment Fund will announce awards on a rolling basis.Read More
Our communities are feeling the financial impact of COVID-19 and at Reinvestment Fund, our goal is to help alleviate some of the immediate financial pressures and ultimately to preserve local assets.
We have been reaching out personally to our borrowers and partners to better understand challenges and how we can be helpful. We are currently supporting several small businesses and nonprofits in our portfolio to access local, state, federal and philanthropic emergency resources as they become available. In some instances, our role has been to help our borrowers navigate the application processes.
We are also working with investors and philanthropic partners to tailor responses to challenges we are seeing on the ground. This week we announced two new initiatives, outlined below, to support childcare providers impacted by the COVID-19 pandemic.Read More
We are grateful for another impactful year—your support and investment in Reinvestment Fund helped us originate $158.5 million in 2019 to finance homes that families can afford, schools where students can succeed, stores to get nutritious food, and strong businesses.Read More