Capital Impact Partners Marks Its Largest Quarter Ever In Financing Community Development Projects
"In the first half of 2017 alone, our loan volume has nearly surpassed our totals from across all of last year," said
Capital Impact's recent loans have supported projects across seven states, including its first in
"While we often look at loan deployment and people served as barometers of our success, I am equally proud of the fact that we have six returning borrowers represented in the second quarter. This not only illustrates our commitment to helping our partners be successful, but expanding these relationships further scales our impact in those regions of the country that need the most support," said
Second-quarter financing highlights include:
Fostering Community Development in
In an exciting partnership near Capital Impact's headquarters, the organization is working with Martha's Table to support the organization's plans to relocate and expand. The new Martha's Table headquarters will be part of a new three-acre, community-services campus development project in
Services provided at the new headquarters will include a branch of its popular preschool program, food distribution, nutrition and parenting workshops. Martha's Table opened up 35 years ago, and now reaches more than 18,000 people through its food, education and thrift store programs with significant support from 18,000 volunteers every year. In 2015, Martha's Table served more than 1 million meals, distributed free clothing and housewares to more than 10,000 neighbors in need, and provided education to more than 200 children and older youth.
The campus will also become home to
Capital Impact contributed
Increasing Access to Health Care
Among the highlights of its health care financing is the fact that Capital Impact made loans to three returning customers.
Capital Impact partnered once again with
Capital Impact supported the
Capital Impact also worked with
Unity has been the main healthcare provider for low-income and marginalized communities in
Another returning borrower included
La Maestra will be adding 24 additional medical and behavioral exam rooms, as well as expansions to its first floor walk-in clinic and pharmacy. These improvements will allow La Maestra to provide additional services, reduce patient wait times, and serve more than 15,000 additional patients annually at the site.
La Maestra began in the late 1970s as an immigration counseling center and later opened a health center in 1990 to focus on historically marginalized communities in
Just north of
HSNT is the only FQHC serving
Providing High-Quality Education
Mastery
Mastery is a nationally recognized leader in the "turnaround" education reform model, wherein a struggling school district turns over a specific school with a long history of failure to Mastery. Test scores in the turnaround schools have on average increased by 40% per grade over four years. In addition, there has been an 80% decrease overall in violent incidents at Mastery schools after their turnarounds. The school model is based on a rigorous curriculum, engaging instruction, grit, resilience, and growth mindset.
The
This exciting project will allow the school to be part of a larger, mixed-use redevelopment of the
Based on high demand from parents, and limited strong educational options in the area,
Supporting another multi-phase charter school expansion project, Capital Impact provided
MFA is a high-performing public Montessori school that draws from diverse socio-economic communities. When fully enrolled, approximately half of the students are expected to qualify for the FRL program. Since launching in 2015, MFA has offered a high-quality education model that compares favorably to 14 nearby elementary schools. MFA was given the highest rating in preparing students for a post-secondary education, and third-highest for student achievement and closure of performance gaps. MFA met the state's higher academic accountability requirements in its first year and was given two out of three possible distinctions.
When construction is final, the campus will include 56 permanent buildings and 20 classrooms. The final campus will also house a teacher training center, multipurpose room, infant and toddler classrooms, student support facilities, and food service operations. Capital One and PeopleFund both supported the NMTC portion of the transaction, while a
Longtime partner
Capital Impact joined with LIIF to serve as 50/50 co-lenders on the
Scaling Affordable Housing and Housing Cooperatives
In an effort to ensure more inclusive and affordable housing options in a rapidly gentrifying area of
Originally constructed in the 1960's, this 11-story building contains 160 studio and 1-bedroom units and is one of few affordable housing options downtown. Given the neighborhood dynamics, maintaining project affordability is paramount.
Beginning in the 1990s, the area has grown younger, whiter, and more affluent as residents move to the downtown area for access to jobs and amenities. Between 1990 and 2010, the
Capital Impact joined with the
Capital Impact's affordable housing work also included a cooperative component through its ongoing partnership with
Capital Impact's
Continuing Detroit's Revitalization
In Detroit, Capital Impact is continuing its work with
The
Supporting Aging in the Community:
Capital Impact's efforts to support dignified, community-oriented aging facilities continued with a
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