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| {{Short description|Nonprofit organization centered on financial institutions}}
| | '''Capital Impact Partners''' is a nonprofit Community Development Financial Institution (CDFI) that supports community development and social change. |
| {{Infobox organization
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| | name = Capital Impact Partners
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| | logo = [[File:Capital Impact Partners Logo PNG.png|200px]]
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| | type = Non-Profit [[Community development financial institution]]
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| | founded_date = {{start date and age |1982}}
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| | location =[[Arlington, VA]]<br />[[Oakland, CA]]<br />[[Detroit, MI]]<br />[[New York, NY]]
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| | area_served = [[United States]]
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| | method = Loans, Grants, Investments
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| | revenue = $23,898,985<ref name="Ratings">{{cite web | url=http://990s.foundationcenter.org/990_pdf_archive/521/521290127/521290127_201712_990.pdf | title=Capital Impact Partners | website=Foundation Center | access-date=26 June 2017 }}</ref>
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| | revenue_year = 2017
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| | expenses = $28,568,582<ref name="Ratings" />
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| | expenses_year = 2017
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| | homepage = {{URL|http://www.capitalimpact.org/}}
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| }}
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| '''Capital Impact Partners''', or simply '''Capital Impact''', is an American congressionally chartered, [[District of Columbia]] [[nonprofit]] and certified [[community development financial institution]] that provides [[Underbanked|credit and financial services to underserved]] markets and populations in the United States.<ref name=statute92>{{cite act |title=National Consumer Cooperative Bank Act |type=Public Law |number=95-351 |language=English |date=20 August 1978 |article=92 |articletype=Statute |url=http://www.gpo.gov/fdsys/pkg/STATUTE-92/pdf/STATUTE-92-Pg499.pdf |accessdate=11 December 2015}}</ref><ref name=hill>{{cite web |url=https://thehill.com/blogs/congress-blog/economy-budget/230783-capital-magnet-fund-creates-bang-for-the-buck-in/ |title=Capital Magnet Fund creates 'bang for the buck' in affordable housing |last1=Andrews |first1=Nancy |last2=Hinkle-Brown |first2=Don |date=January 27, 2015 |website=TheHill.com |publisher=News Communications, Inc |access-date=May 6, 2015}}</ref><ref name=entrepreneur>{{cite web |url=http://www.entrepreneur.com/article/240918 |title=How the First Lady Helped Small Grocery Businesses Reduce 'Food Deserts' in California |last1=Pothering |first1=Jessica |website=Entrepreneur.com |date=16 December 2014 |publisher=Entrepreneur Media Inc |access-date=May 6, 2015}}</ref> [[S&P Global]] issued Capital Impact its first rating in 2017.<ref>{{cite web| url=https://www.standardandpoors.com/en_US/web/guest/home| title=S&P Global Ratings| publisher=S&P Global| access-date=April 9, 2017}}</ref>
| | == Mission == |
| | The mission of Capital Impact Partners is to build communities of opportunity that break barriers to success. Through capital and commitment, Capital Impact Partners helps ensure that disinvested individuals have access to quality health care, education, healthy foods, affordable housing, and the ability to age with dignity by providing mission-driven financing, social innovation programs, capacity building, and impact investing.<ref name="cipmission">Capital Impact Partners. "About Us". [https://www.capitalimpact.org/about-us/]</ref> |
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| Capital Impact was created in 1982 as the nonprofit arm of the [[National Cooperative Bank]] as part of the National Consumer Cooperative Bank Act.<ref name=statute92/><ref name=entrepreneur/><ref name=forbes>{{cite web |url=https://www.forbes.com/sites/rahimkanani/2012/01/08/ncb-capital-impact-investing-billions-into-underserved-communities-nationwide/ |title=NCB Capital Impact: Investing Billions into Underserved Communities Nationwide |last1=Kanani |first1=Rahim |date=January 8, 2012 |website=Forbes.com |access-date=May 6, 2015}}</ref> Capital Impact became independently certified as its own financial institution by the U.S. Department of the Treasury's [[Community Development Financial Institutions Fund]] in 2011.<ref name=hill/> The company's president and CEO is Ellis Carr, the chief lending officer is Diane Borradaile, the chief financial officer is Natalie Gunn, and Amy Sue Leavens is the chief legal counsel.<ref name=sporte>{{cite web|url=http://www.novoco.com/journal/2014/06/novogradac_jtc_2014-06_nmtc_pg48.pdf |title=Late Allocation Announcements, Market Maturity Create High Demands for NMTCs |last1=O'Meara |first1=Mark |website=Novoco.com |publisher=Novogradac & Company LLP |access-date=May 6, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20151222083851/http://www.novoco.com/journal/2014/06/novogradac_jtc_2014-06_nmtc_pg48.pdf |archive-date=December 22, 2015 }}</ref><ref>{{cite web |url=http://www.bizjournals.com/washington/potmsearch/detail/submission/5842092/Natalie_Gunn |title= People on the Move, Natalie Gunn - Capital Impact |date=May 9, 2016 |website=washingtonbusinessjournal.com |access-date=May 16, 2016}}</ref><ref>{{cite web |url=https://www.bisnow.com/washington-dc/news/washington-dc-legal/amy-sue-leavens---capital-impact-partners-43795 |title=Amy Sue Leavens - Capital Impact |last1=Slavinsky |first1=Roksana |date=March 11, 2015 |website=bisnow.com |publisher=Bisnow |access-date=May 6, 2015}}</ref> From 1994 until 2016, Terry Simonette served as president and CEO of Capital Impact until Ellis Carr was named as his replacement.<ref>[https://philanthropy.com/article/New-Leaders-at-the-Rainforest/234945 New Leaders at the Rainforest Alliance and the American Ballet Theatre], Anais Strickland, January 15, 2016, The Chronicle of Philanthropy, May 17, 2016</ref>
| | == Parent organization == |
| | Capital Impact Partners is part of the [[Momentus Capital]] family of organizations.<ref name="momentus">Capital Impact Partners. "Join US. Be Momentus. | Careers at Capital Impact Partners". [https://www.capitalimpact.org/careers/]</ref> |
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| The company is among the largest community development financial institutions in the country. As of 2015, they invested over $2 billion<ref name=bis>[https://www.bisnow.com/washington-dc/news/washington-dc-legal/amy-sue-leavens---capital-impact-partners-43795 Amy Sue Leavens - Capital Impact Partners], March 11, 2015, Roksana Slavinsky, Bisnow, May 17, 2016</ref> into senior care, affordable housing, health care, education and public nutrition projects in distressed and low-income communities across the country.<ref name=hill/><ref name=entrepreneur/> These investments include the creation of over 9,000 units of affordable assisted living; more than 35,000 units of affordable housing; 3 million square feet of health center space providing more than 1 million patient visits annually; $500 million for developing charter schools creating more than 200,000 seats for children; and healthy food retail in over 60 locations. Capital Impact has created around 31,000 new jobs for low-income individuals.<ref name=bis/><ref name=forbes/><ref name=wkkf>{{cite web |url=http://www.wkkf.org/what-we-do/featured-work/ncb-capital-impact |title=Capital Impact Partners Investment Partner Profile |website=wkkf.org |publisher=WK Kellogg Foundation |access-date=May 6, 2015}}</ref> In 2015, Capital Impact became a member of the [[Federal Home Loan Banks|Federal Home Loan Bank of Atlanta]].<ref>[https://nextcity.org/daily/entry/cdfis-investment-federal-home-loan-bank-community-lending Connecting Big Banking to Community Investment], Oscar Perry Abello, February 19, 2016, Next City, May 17, 2016</ref> Capital Impact has been recognized for its social impact, financial ratings and policies by Aeris, a company that rates community development financial institutions, each year since Aeris was established in 2007.<ref>[https://nextcity.org/daily/entry/cdf-investing-businesses-policies-funding The Policy Behind the Investing Behind That New Neighborhood Grocery], Oscar Perry Abello, December 21, 2015, Next City, May 17, 2016</ref> In October 2016, Capital Impact received two allocations from the Treasury Department's Community Development Financial Institution Fund, including a $2 million financial assistance award.<ref name=cdfi>{{cite web| url=https://www.cdfifund.gov/Documents/FY%202016%20CDFI%20Program%20Award%20List.pdf| title=FY 2016 CDFI Program Awardees| publisher=CDFI Fund| access-date=October 25, 2016| archive-date=October 26, 2016| archive-url=https://web.archive.org/web/20161026081721/https://www.cdfifund.gov/Documents/FY%202016%20CDFI%20Program%20Award%20List.pdf| url-status=dead}}</ref>
| | == Legislation authorizing creation == |
| | Capital Impact Partners was created in 1982 as the nonprofit arm of the National Cooperative Bank under the [[National Consumer Cooperative Bank Act]].<ref name="ciphistory">Capital Impact Partners. "History - Capital Impact Partners". [https://www.capitalimpact.org/about-us/history/]</ref> |
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| ==Projects== | | == Number of employees == |
| Capital Impact provides financing to individuals, organizations and companies in order to build new businesses or expand existing facilities that increase access to services for populations made up primarily of low to moderate income residents. | | Capital Impact Partners has between 51 to 200 employees.<ref name="indeed">Indeed. "Capital Impact Partners Careers and Employment". [https://www.indeed.com/cmp/Capital-Impact-Partners]</ref> |
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| ===Cooperative development=== | | == Last total enacted budget == |
| With its origins in the 1978 National Consumer Cooperative Bank Act, Capital Impact continues with the economic advancement of cooperatives as one of its initiatives. They partner with the [[National Co+op Grocers|National Cooperative Grocers Association]] to provide underwriting and loan administration services to [[Food cooperative|food co-ops]] across the country.<ref>{{cite web |url=http://cooperativegrocer.coop/articles/2014-08-25/investing-our-cooperative-future |title=Investing in Our Cooperative Future |last=Pugh |first=C.E.|publisher=Triangle Park Creative |access-date=November 2, 2015}}</ref> In 2015, Capital Impact awarded $40,000 to the Democracy at Work Institute and the [[United States Federation of Worker Cooperatives]] through its first Co-op Innovation Award.<ref>{{cite web |url=https://www.ncba.coop/ncba-media/press-releases/996-capital-impact-partners-first-co-op-innovation-award-provides-40-000-to-two-leading-cooperative-organizations |title=Capital Impact Partners' First "co-op Innovation Award" Provides $40,000 to Two Leading Cooperative Organizations |publisher=NCBA CLUSA |access-date=November 2, 2015 |archive-url=https://web.archive.org/web/20151017193130/http://www.ncba.coop/ncba-media/press-releases/996-capital-impact-partners-first-co-op-innovation-award-provides-40-000-to-two-leading-cooperative-organizations |archive-date=October 17, 2015 |url-status=dead }}</ref> Since its founding, Capital Impact has deployed $278 million in capital across 208 cooperatives.<ref>{{cite web| url=http://democracycollaborative.org/sites/clone.community-wealth.org/files/Coop_Excerpt.pdf| title=Financing Cooperatives| author=Marjorie Kelly, Violeta Duncan, Steve Dubb| publisher=Democracy Collaborative| access-date=April 9, 2017| archive-date=December 28, 2016| archive-url=https://web.archive.org/web/20161228065653/http://democracycollaborative.org/sites/clone.community-wealth.org/files/Coop_Excerpt.pdf| url-status=dead}}</ref>
| | The last total enacted budget for Capital Impact Partners is not publicly disclosed in the sources provided.<ref name="cipmission"/> |
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| ===Affordable housing=== | | == Leader's title == |
| Capital Impact Partners launched the Cornerstone Partnership, which helps [[Equity sharing|shared-equity housing]] programs grow and share best practices.<ref name=affordable>{{cite web |url=http://www.affordableownership.org/ncb-capital-impact-receives-coveted-2-million-social-innovation-fund-award-for-its-cornerstone-partnership-initiative/ |title=NCB Capital Impact Receives Coveted $2 Million Social Innovation Fund Award for its Cornerstone Partnership Initiative |date=27 September 2013 |website=AffordableOwnership.org |publisher=Community Solutions Group, LLC |access-date=May 7, 2015}}</ref> They also invested in the [[cooperative]] business ROC USA. The organization helps owners of manufactured homes work to together to purchase their land.<ref name=aarp/>
| | The leader of the organization holds the title "President and CEO."<ref name="cipmanagement">Capital Impact Partners. "Management Team - Capital Impact Partners". [https://www.capitalimpact.org/management-team/]</ref> |
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| In 2011, Capital Impact received a $2 million grant from the Social Innovation Fund, a program of the [[Corporation for National and Community Service]]. Capital Impact used the grant to replicate [[Equity sharing|shared equity homeownership]] programs that enable new homebuyers to partner with a government or nonprofit agency acting as a co-investor, providing the homebuyer with public funds to reduce costs. In return, homebuyers agree to share their equity appreciation to preserve affordability and return funds to the initial public investment.<ref>{{cite web |url=http://www.nationalservice.gov/programs/social-innovation-fund/previous-competitions/2011/ncb |title=Capital Impact Partners |publisher=Corporation for National & Social Service |access-date=November 2, 2015}}</ref> In October 2015, a piece in the ''[[Dallas Observer]]'' featured Capital Impact's "Inclusionary Calculator" to help cities address affordable housing zoning issues.<ref>{{cite web |url=http://www.dallasobserver.com/news/a-rational-way-to-weigh-affordable-housing-not-that-we-want-to-be-rational-7721320 |title=A Rational Way to Weight Affordable Housing, Not That We Want To Be Rational |last1=Schutze |first1=Jim |date=27 October 2015 |website=dallasobserver.com |publisher=Dallas Observer, LP |access-date=11 December 2015}}</ref> In 2016, Capital Impact was awarded $4.8 million from the Community Development Financial Institution Fund's Capital Magnet Fund, which is given to aid low-income families and economically distressed communities.<ref>{{cite web| url=https://www.cdfifund.gov/Documents/FINAL%202016%20CMF%20Award%20Book%20091916.pdf| title=Capital Magnet Fund Award Book| publisher=CDFI Fund| access-date=October 25, 2016| archive-date=October 26, 2016| archive-url=https://web.archive.org/web/20161026082421/https://www.cdfifund.gov/Documents/FINAL%202016%20CMF%20Award%20Book%20091916.pdf| url-status=dead}}</ref>
| | == Services provided == |
| | Capital Impact Partners provides a range of services including community development real estate lending, impact investments for growth-stage companies, training and mentorship programs for community development, and grants for emerging cooperatives and small businesses. They work to support underserved markets with flexible financing, technical assistance, and program initiatives aimed at creating equitable and inclusive communities.<ref name="cipmission"/> |
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| As part of its projects in [[Detroit]], [[Michigan]], Capital Impact financed Diamond Place, an apartment complex in [[Grand Rapids, Michigan|Grand Rapids]], which contained approximately 100 units for income-restricted residents.<ref>{{cite web| url=http://rivergrandrapids.com/the-medical-mile-continues-to-grow-with-the-42million-diamond-place-project-underway-in-grand-rapids/| title=The Medical Mile Continues to Grow With the $42million Diamond Place project underway in Grand Rapids| author=Andy Rent| date=January 27, 2017| publisher=The River| access-date=April 9, 2017}}</ref><ref>{{cite web| url=http://rebusinessonline.com/third-coast-development-pk-development-group-break-ground-on-42m-mixed-use-project-in-grand-rapids-michigan/| title=Third Coast Development, PK Development Group Break Ground on $42M Mixed-Use Project in Grand Rapids, Michigan| date=January 30, 2017| author=Kristin Hiller| publisher=Rebusiness Online| access-date=April 9, 2017}}</ref>
| | == Regulations overseen == |
| | Capital Impact Partners, as a CDFI, must adhere to regulations set by the U.S. Department of the Treasury's CDFI Fund, which include performance assessments, financial and social impact reporting, and compliance with specific CDFI program requirements. While not directly overseeing regulations, they ensure their operations align with these standards to maintain their CDFI certification.<ref name="cipmission"/> |
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| In March 2017, Capital Impact released a study focused on low-income residents and included advice for policy makers and developers to avoid displacement and relocation of residents in revitalized cities.<ref>{{cite web| url=https://www.wsj.com/articles/detroits-resurgence-brings-new-housing-concerns-1489982402| title=Detroit's Resurgence Brings New Housing Concerns| author=Laura Kusisto| date=March 20, 2017| publisher=The Wall Street Journal| access-date=April 9, 2017}}</ref>
| | == Headquarters address == |
| | The headquarters address for Capital Impact Partners is: |
| | 1300 Connecticut Ave NW, Suite 600, Washington, DC 20036, USA<ref name="google">Google Maps. [https://www.google.com/maps/place/1300+Connecticut+Ave+NW,+Washington,+DC+20036/@38.9060106,-77.0444729,17z/data=!3m1!4b1!4m5!3m4!1s0x89b7b7a3d820d1e3:0x6b3d4b25573d5d5b!8m2!3d38.9060106!4d-77.0422842]</ref> |
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| ===Education=== | | == Website == |
| As of December 31, 2013, Capital Impact had disbursed $630.6 million to [[charter schools]], representing 30% of all charter school lending nationwide.<ref name=charter>{{cite web |url=http://www.charterschoolcenter.org/resource/2014-charter-school-facility-finance-landscape |title=2014 Charter School Facility Finance Landscape |website=charterschoolcenter.org |publisher=US Department of Education |access-date=May 7, 2015 |archive-date=April 16, 2015 |archive-url=https://web.archive.org/web/20150416202234/http://www.charterschoolcenter.org/resource/2014-charter-school-facility-finance-landscape |url-status=dead }}</ref> Examples of this financing include the [[Jalen Rose Leadership Academy]],<ref name=huffpost>{{cite web |url=http://www.huffingtonpost.com/jalen-rose/jalen-rose-leadership-academy_b_2600716.html |title=Jalen Rose Leadership Academy: Bringing a Quality Education and Jobs to Detroit |last1=Rose |first1=Jalen |date=1 February 2013 |website=huffingtonpost.com |publisher=TheHuffingtonPost.com, Inc |access-date=May 7, 2015}}</ref> Detroit Edison Public School Academy<ref name="Crains">[http://www.crainsdetroit.com/article/20160402/BLOG016/160409994/commercial-lender-dedicated-to-underserved-communities Commercial lender dedicated to underserved communities -including Detroit], Kirk Pinho, April 2, 2016, Crain's Detroit, May 17, 2016</ref> and [[Henry Ford Academy]] in Detroit,<ref>[http://michronicleonline.com/2016/02/24/the-taubman-center-sparking-creativity-and-growth-in-detroit/ The Taubman Center: Sparking creativity and growth in Detroit], Roz Edward, February 24, 2016, Michigan Chronicle May 17, 2016</ref> the El Sol Arts and Science Academy in Los Angeles, Palmetto Charter School in Florida and EdVisions, a teacher-owned cooperative that opened the Minnesota New Country School.<ref name=lisc>{{cite web|url=http://www.lisc.org/los_angeles/capital_resources/lending_activity.php |title=Capital Resources Lending Activity |website=lisc.org |publisher=LISC |access-date=May 7, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150518083656/http://www.lisc.org/los_angeles/capital_resources/lending_activity.php |archive-date=May 18, 2015 }}</ref><ref name=bostonfed>{{cite web |url=https://www.bostonfed.org/commdev/smart-subsidy/52-donovan.pdf |title=Subsidy and the Charter School Facilities Finance Market
| | The website for Capital Impact Partners is [https://www.capitalimpact.org](https://www.capitalimpact.org).<ref name="cipmission"/> |
| |last1=Donovan |first1=Annie |website=bostonfed.org |publisher=Federal Reserve Bank of Boston |access-date=May 7, 2015}}</ref><ref name=palmetto>{{cite web|url=http://www.bradenton.com/2015/04/15/5746235_charter-school-buys-palmetto-property.html?rh=1 |title=Charter school buys Palmetto property for $3.5M |last1=Johnson |first1=Matt M. |date=15 April 2015 |website=bradenton.com |publisher=Bradenton Partners |access-date=May 7, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150518084037/http://www.bradenton.com/2015/04/15/5746235_charter-school-buys-palmetto-property.html?rh=1 |archive-date=May 18, 2015 }}</ref>
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| Capital Impact was included in an $8 million grant given to the National Charter School Lending Collaborative which supports high-quality education for low-income families in July 2016.<ref>{{cite web| url=http://innovation.ed.gov/2016/07/05/u-s-department-education-awards-grants-help-public-charter-schools-obtain-facilities/| title=U.S. Department of Education Awards Grants to Help Public Charter Schools Obtain Facilities| date=July 5, 2016| publisher=Office of Innovation & Improvement| access-date=October 25, 2016| archive-date=October 26, 2016| archive-url=https://web.archive.org/web/20161026163302/http://innovation.ed.gov/2016/07/05/u-s-department-education-awards-grants-help-public-charter-schools-obtain-facilities/| url-status=dead}}</ref> In August 2016, it was announced that Capital Impact had financed $7.3 million in the building of the West Michigan Academy of Environmental Science.<ref>{{Cite web| url=http://www.mlive.com/walker/index.ssf/2016/08/despite_appearances_academy_of.html| title=Despite appearances, Academy of Environmental Science is ready for school year| author=Cathy Runyon| date=August 6, 2016| publisher=MLive| access-date=October 25, 2016}}</ref>
| | == Wikipedia article title == |
| | The title of the Wikipedia article about it is [[wikipedia:Capital Impact Partners|Capital Impact Partners]].<ref name="wikipedia">Wikipedia. "Capital Impact Partners". [https://en.wikipedia.org/wiki/Capital_Impact_Partners]</ref> |
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| ===Health care=== | | == References == |
| After [[Hurricane Katrina]], Capital Impact financed $700,000 for a [[Tulane University]]-supported community health center in the [[New Orleans]] neighborhood [[Broadmoor, New Orleans|Broadmoor]]. The center serves 1,300 patients annually and created more than 200 permanent jobs in the community.<ref name=novoco>{{cite web|url=http://www.novoco.com/events/conferences/htc/2013/detroit/manual/articles/novogradac_jtc_2012-08_nmtc_pg54.pdf |title=What Was and What Will Be: Helping Rebuild New Orleans with the Community Green |last1=Arnaud LePape |first1=Virginie |last2=Kelly |first2=Jon |website=Novoco.com |publisher=Novogradac & Company LLP |access-date=May 6, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150518074652/http://www.novoco.com/events/conferences/htc/2013/detroit/manual/articles/novogradac_jtc_2012-08_nmtc_pg54.pdf |archive-date=May 18, 2015 }}</ref> In 2013, Capital Impact financed a 10-year, $5 million loan to the Sonoma Valley Community Health Center.<ref name=sonoma>{{cite web |url=http://www.sonomanews.com/csp/mediapool/sites/SIT/News/story.csp?cid=3386069&sid=744&fid=181#page=1#Z1Xbz8Dh2KCE2duM.97 |title=Health Center secures finances for new site |date=September 30, 2013 |website=sonomanews.com |publisher=The Sonoma Index Tribune |access-date=May 6, 2015 |archive-date=May 18, 2015 |archive-url=https://web.archive.org/web/20150518091659/http://www.sonomanews.com/csp/mediapool/sites/SIT/News/story.csp?cid=3386069&sid=744&fid=181#page=1 |url-status=dead }}</ref> Capital Impact is an investor in the [[Brockton, Massachusetts|Brockton]] Neighborhood Health Center, which is the town's largest employer.<ref>{{cite web |url=http://www.cdficonnect.org/#/pages/articles/1609 |title=Clip of the Day: It All Started With a Van |author=<!--Staff writer(s); no by-line.--> |date=15 August 2014 |website=cdficonnect.org |publisher=Opportunity Finance Network |access-date=11 December 2015}}</ref> In October 2015, Capital Impact financed a $3.8 million expansion for a Native American Health Clinic in [[Sacramento]].<ref>{{cite web |url=http://www.bizjournals.com/sacramento/news/2015/10/26/native-american-health-clinic-in-midtown-begins-3.html |title=Native American health clinic in midtown nears $3.8M fundraising goal |last1=Robertson |first1=Kathy |date=27 October 2015 |website=bizjournals.com/sacramento |publisher=Sacracmento Business Journal |access-date=11 December 2015}}</ref>
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| Capital Impact established its Healthier California Fund to assist community health centers and clinics to meet [[Patient Protection and Affordable Care Act|Affordable Care Act]] requirements in March 2016 with $20 million.<ref>{{cite web| url=http://www.dailyrepublic.com/news/solanocounty/20m-in-health-care-loans-available/| title=$20M in health care loans available| date=March 16, 2016| publisher=Daily Republic| access-date=October 25, 2016}}</ref> In July 2016, it funded $1 million of the renovation of [[Tri-City Medical Center|Tri-City Health Center's]] Irvington Dave Clinic in [[Fremont, California]] through that fund.<ref>{{cite web| url=http://www.tricityvoice.com/articlefiledisplay.php?issue=2016-08-16&file=TriCity+Health+Ctr+315P.txt| title=Tri-City Health Centers Irvington Dave Clinic reopens after renovation| date=August 16, 2016| author=Nicole Norton| publisher=Tri-City Voice| access-date=October 25, 2016}}</ref><ref>{{cite journal| journal=Capitol Weekly| title=To serve all Californians, expanded health clinic capacity is needed| author=Scott Sporte}}</ref><ref>{{cite web| url=http://www.healthcaredesignmagazine.com/news-item/tri-city-health-plans-clinic-renovation-california| title=Tri-City Health Plans Clinic Renovation In California| date=July 29, 2016| author=Anne DiNardo| publisher=Healthcare Design Magazine| access-date=October 25, 2016| archive-url=https://web.archive.org/web/20161026084110/http://www.healthcaredesignmagazine.com/news-item/tri-city-health-plans-clinic-renovation-california| archive-date=October 26, 2016| url-status=dead}}</ref> That same year, Capital Impact gave a $1 million loan to Ole Health through its California Primary Care Association Ventures Program.<ref>[http://napavalleyregister.com/business/ole-health-receives-funding-from-capital-impact/article_7f6b8166-950d-5f19-906d-d2ab0a1ef3eb.html Ole Health receives funding from Capital Impact], March 14, 2016, Napa Valley Register, May 17, 2016</ref> Capital Impact also funded Axis Community Health's new [[Pleasanton, California|Pleasanton]] health center in September 2016.<ref>{{cite web| url=http://www.pleasantonweekly.com/news/2016/09/16/axis-community-health-doubles-capacity-for-health-care-to-needy| title=Axis Community Health doubles capacity for health care to needy| date=September 21, 2016| author=Jeb Bing| publisher=Pleasanton Weekly| access-date=October 25, 2016}}</ref>
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| ===Healthy food===
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| Capital Impact administered The California FreshWorks Fund, a $272 million loan fund designed to finance inner-city grocery retailers and increase access to healthy foods and alleviate [[food desert]]s in those areas. First Lady [[Michelle Obama]] announced the loan fund at a ceremony in 2011.<ref name=entrepreneur/><ref name=forbes/><ref name=wkkf/>
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| Capital Impact also manages the Michigan Good Food Fund, a public-private partnership that increases access to fresh produce and meat in under-served communities while also expanding business opportunities for entrepreneurs in the food and agriculture sector through loans and grants.<ref name=mgff>{{cite web |url=http://www.freep.com/story/money/business/michigan/2015/06/19/michigan-good-food-fund/28972451/ |title=Fund offers loans to make healthy food more accessible |last=Meyer |first=Zlati |date=June 19, 2015|publisher=Gannet Company |access-date=November 2, 2015}}</ref> In November 2016, the Fund launched the Catalytic Investment Awards program to provide healthy food efforts in underserved communities in Michigan with financing and business assistance.<ref>{{cite web| url=http://www.crainsdetroit.com/article/20161115/NEWS/161119872/michigan-good-food-fund-grants-to-help-launch-detroit-grocery-store| title=Michigan Good Food Fund grants to help launch Detroit grocery store, expand farmers market| author=Sherri Welch| date=November 15, 2016| publisher=Crain's Detroit Business| access-date=April 9, 2017}}</ref> By May 2017, the fund had made over $10 million in investments in southeastern Michigan.<ref>{{cite web| url=https://www.usnews.com/news/best-states/michigan/articles/2017-05-17/michigan-healthy-food-loan-fund-passes-10m-in-investments| title=Michigan Healthy Food Loan Fund Passes $10M in Investments| date=May 17, 2017| publisher=U.S. News}}</ref>
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| In addition to managing the FreshWorks and the Michigan Good Food Fund, Capital Impact provides financial and developmental services to healthy food projects including the Northgate Gonzalez Markets, the Imperial Fresh Market in Detroit, LA Prep in California,<ref name=food/><ref name=cdfin>{{cite web |url=https://cdfinmtcalliance.wordpress.com/tag/northgate-gonzalez-markets/ |title=CDFI New Markets Tax Credit Alliance |last1=Gonzalez |first1=Oscar |access-date=May 7, 2015}}</ref><ref name=grocer>{{cite web |url=http://www.progressivegrocer.com/industry-news-trends/regional-supermarket-chains/el-rancho-marketplace-opens-san-obispo-county |title=El Rancho Marketplace Opens in San Obispo County |date=11 December 2012 |website=progressivegrocer.com |publisher=Stagnito Media |access-date=May 7, 2015}}</ref><ref name=dbusiness>{{cite web |url=http://www.dbusiness.com/daily-news/Annual-2014/Midtown-and-Northwest-Detroit-Draw-New-Apartments-Businesses-Expansions/ |title=Midtown and Northwest Detroit Draw New Apartments, Businesses, Expansions |date=24 July 2014 |website=dbusiness.com |publisher=Hour Media |access-date=May 7, 2015}}</ref> and Produce on the Go, a mobile food market in Merced County, California.<ref>[http://healthyfoodaccess.org/perspectives/a-holistic-approach-to-healthy-food-financing A Holistic Approach to Healthy Food Financing] {{Webarchive|url=https://web.archive.org/web/20160529173036/http://www.healthyfoodaccess.org/perspectives/a-holistic-approach-to-healthy-food-financing |date=2016-05-29 }}, November 16, 2015, Healthy Food Access, May 17, 2016</ref>
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| In October 2016, Capital Impact received a $2.4 million [[Healthy Food Financing Initiative]] award through the 2016 program round of the Treasury Department's Community Development Financial Institution Fund.<ref name=cdfi/> Capital Impact invested $5.9 million in New Markets Tax Credits to The Commons development at [[Stanton Square]] in [[Washington D.C.]], which will house the community non-profit [[Martha's Table]], in 2018.<ref>{{cite web| url=https://www.bizjournals.com/washington/news/2017/09/20/arlington-based-lender-has-its-biggest-quarter.html| title=Arlington-based lender has its biggest quarter, making big loans with a big impact| author=Michael Neibauer| date=September 20, 2017| publisher=Washington Business Journal}}</ref>
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| ===Senior care===
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| In 2006, Capital Impact received a grant from the Robert Wood Johnson Foundation to help create the [[Green House Project]], an alternative to the traditional nursing home. Capital Impact managed the initiative until it became an independent organization in 2016. Developed by [[William H. Thomas (physician)|Dr. Bill Thomas]], Green House homes provides nursing care to 10 to 12 older adults in a small, home-like setting with the goal of providing more autonomy in decision-making, more self-directed care and more social connections. As of 2015, there are 153 Green House homes on 35 campuses in 25 states across the country including The [[Harry and Jeanette Weinberg Foundation|Harry and Jeanette Weinberg]] Green House Homes at Mirasol in [[Loveland, Colorado]].<ref name=forbes/><ref name=aarp>{{cite web |url=http://www.aarp.org/aarp-foundation/our-work/housing/info-2014/investing-in-affordable-housing.2.html |title=Innovative Loans Secure Affordable Housing |last1=Shin |first1=Laura |date=August 29, 2014 |website=aarp.org |publisher=AARP |access-date=May 6, 2015}}</ref><ref name=food>{{cite web |url=http://www.healthyfoodaccess.org/directory/capital-impact |title=Capital Impact Partners |website=healthyfoodaccess.org |publisher=Healthy Food Access Portal |access-date=May 6, 2015 |archive-url=https://web.archive.org/web/20150518092045/http://www.healthyfoodaccess.org/directory/capital-impact |archive-date=May 18, 2015 |url-status=dead }}</ref><ref name=npr>{{cite web |url=https://www.npr.org/2013/07/24/196249703/move-over-nursing-homes-theres-something-different |title=Move Over Nursing Homes — There's Something Different |last1=Jaffe |first1=Ina |date=July 24, 2013 |website=npr.org |publisher=NPR |access-date=May 6, 2015}}</ref><ref>{{cite journal |last=Garcia |first=Teresa |date=February 2014 |title=NMTCs Give Green Light to Senior Housing Alternative |journal=Novogradac Journal of Tax Credits |publisher=Novogradac & Company LLP |volume=V |issue=II |pages=1–2 }}</ref>
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| Capital Impact also administered the Village to Village Network, a peer network group that facilitates older adults [[aging in place]] based on a model started by Beacon Hill Village, until it became an independent organization in 2015. Villages are community-based membership organizations that provide support through volunteering and resource referrals for older adults so they can age in their own homes and communities.<ref>{{cite web|url=http://dspace.mit.edu/bitstream/handle/1721.1/73702/811259963.pdf?sequence=1 |title=Assessing the Village Model and the Village To Village Network in Advocating Aging in Place for Older Americans |last1=Gupta |first1=Vasudha |date=June 2012 |website=MIT.edu |publisher=Massachusetts Institute of Technology |access-date=May 6, 2015 }}{{dead link|date=November 2016 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
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| In 2015, Capital Impact partnered with the [[AARP|AARP Foundation]] and the Calvert Foundation to establish the Age Strong impact investing program to help older adults remain in their communities as they age. The Age Strong effort identifies and provides financing to projects that help low-income people over 50 secure housing, have access to healthy food and health care, improve their financial situations and remedy common problems associated with isolation.<ref>{{cite web |url=https://philanthropy.com/article/AARP-Foundation-Launches/233693/ |title=AARP Foundation Launches Impact-Investing Program |last1=Daniels |first1=Alex |date=8 October 2015 |publisher=The Chronicle of Philanthropy |access-date=November 2, 2015}}</ref> In August 2016, it was announced that Capital Impact gave $3 million in funding from the Age Strong fund toward Keystone Healthcare Development Service's [[Federally Qualified Health Center]] in Transfer, Pennsylvania operated by Primary Health Network.<ref>{{cite web| url=https://pennsylvaniabusinessdaily.com/news/693-keystone-announces-new-health-center-rural-pennsylvania/| title=Keystone announces new health center in rural Pennsylvania| date=August 18, 2016| author=Alyssa Muchaud| publisher=Pennsylvania Business Daily| access-date=October 25, 2016}}{{Dead link|date=October 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
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| In September 2016, Capital Impact Partners loaned funding to the Mustard Seed Project of Key Peninsula in order to purchase a former restaurant and five acres surrounding it to house the first senior housing on the Key Peninsula.<ref>{{cite web| url=http://www.thenewstribune.com/news/local/community/gateway/g-news/article102018117.html| title=The Mustard Seed Project purchases building and land in Key Center| date=September 15, 2016| publisher=The News Tribune| author=Andrea Haffley| access-date=October 25, 2016}}</ref> Capital Impact funded the senior housing community Magnolia Crossing in [[Clovis, California]]. The community was created to give residents care in a homelike environment with 14 units of the 48 unit community were set aside for seniors on [[Medi-Cal]]. It is the first project of its type to earn partial financing by the [[New Markets Tax Credit Program]].<ref>{{cite web| url=http://www.thebusinessjournal.com/news/healthcare/25981-10m-clovis-senior-home-taps-unique-financing-model| title=$10M Clovis senior home taps unique financing model| author=Valerie Shelton| date=February 24, 2017| publisher=The Business Journal| access-date=April 9, 2017| archive-url=https://web.archive.org/web/20170226201225/http://www.thebusinessjournal.com/news/healthcare/25981-10m-clovis-senior-home-taps-unique-financing-model| archive-date=February 26, 2017| url-status=dead}}</ref><ref>{{cite web| url=http://www.fresnobee.com/news/local/community/clovis-news/article133240704.html| title=Startup nonprofit breaks ground on $10 million senior living community in Clovis designed for every income level| date=February 16, 2017| author=Farin Montanez| publisher=The Fresno Bee| access-date=April 9, 2017}}</ref>
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| In March 2017, Capital Impact received a $200,000 two year grant from the AARP Foundations' Evidence-based Solutions for Vulnerable Older Adults to support a program designed to expand home care cooperatives and create jobs for women fifty and older.<ref>{{cite web| url=http://homehealthcarenews.com/2017/03/aarp-funds-project-to-explore-home-care-cooperative-sustainability/| title=AARP Foundation Funds Project to Explore Home Care Cooperative Sustainability| author=Amy Baxter| date=March 22, 2017| publisher=Home Health Care News| access-date=April 9, 2017}}</ref><ref>{{cite web| url=https://www.forbes.com/sites/nextavenue/2017/08/15/could-this-idea-help-fix-americas-shortage-of-home-care-workers/#74916f952961| title=Could This Idea Help Fix America's Shortage Of Home Care Workers?| author=Chris Farrell| date=August 15, 2017| work=Forbes}}</ref>
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| ==Other services==
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| Capital Impact also facilitates financing deals that include [[New Markets Tax Credit Program|New Markets Tax Credits]] and the Bond Guarantee Program awarded by the Department of Treasury through its Community Development Financial Institution Fund to promote access to capital and local economic growth in urban and rural low-income communities across the nation.<ref name=forbes/><ref name=novoco2>{{cite web|url=http://www.novoco.com/journal/2014/07/novogradac_jtc_2014-07_nmtc_pg49.pdf |title=Round 11 NMTC Awardees Discuss Program's Future, Plans for Allocations |last1=O'Meara |first1=Mark |website=Novoco.com |publisher=Novogradac & Company LLP |access-date=May 7, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150518074655/http://www.novoco.com/journal/2014/07/novogradac_jtc_2014-07_nmtc_pg49.pdf |archive-date=May 18, 2015 }}</ref><ref>{{cite web| url=https://www.cdfifund.gov/programs-training/Programs/cdfi-bond/Pages/award-announcement-step.aspx| title=Treasury Guarantees $265 Million In Bond Funding For Projects In Low-Income Communities| date=September 28, 2016| publisher=Community Development Financial Institutions Fund| access-date=April 9, 2017}}</ref><ref>{{cite web| url=https://nextcity.org/daily/entry/cdf-investing-businesses-policies-funding| title=The Policy Behind the Investing Behind That New Neighborhood Grocery Store| author=Oscar Perry Abello| publisher=Next City| access-date=April 9, 2017}}</ref>
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| In October 2017, the company launched Capital Impact Investment Notes, an [[impact investing]] program designed for retail and institutional investors to invest in social impact projects for underserved communities. Investments are processed through [[Incapital|InCapital's]] Legacy Platform.<ref>{{cite web| url=http://www.thinkadvisor.com/2017/10/16/change-finance-launches-impact-investing-etf-portf?page=2&slreturn=1509380719| title=Change Finance Launches Impact Investing ETF: Portfolio Products| date=October 16, 2017| publisher=Think Advisor}}</ref><ref>{{cite web| url=https://news.impactalpha.com/community-development-lenders-attract-new-investors-to-low-income-neighborhoods-4d3a1e9d3d72| title=Community development lenders attract new investors to low-income neighborhoods| author=Oscar Perry Abello| date=October 18, 2017| publisher=Impact Alpha}}{{Dead link|date=June 2022 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
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| ==Detroit development==
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| In 2006, Capital Impact began working intensively within the urban communities of [[Detroit]], [[Michigan]]. From 2010 until 2015, Capital Impact partnered with the Living Cities Integration Initiative to bring economic development to Detroit and densify its urban core.<ref name=forbes/> As part of its efforts to create affordable housing and mixed-use development in the city, Capital Impact launched the $30-million Woodward Corridor Investment Fund with the [[The Kresge Foundation|Kresge Foundation]] and the Detroit Neighborhoods Fund with [[JPMorgan Chase]]. In addition to new construction and renovation, Capital Impact finances projects that renovate and preserve historic buildings in [[Midtown Detroit]].<ref>{{cite web |url=https://www.npr.org/2014/05/21/314607038/jpmorgan-chase-announces-detroit-investment |title=JPMorgan Chase Announces Detroit Investment |last1=Hulett |first1=Sarah |date=21 May 2014 |website=npr.org |publisher=NPR |access-date=11 December 2015}}</ref><ref>{{cite web |url=https://www.washingtonpost.com/news/storyline/wp/2014/08/15/jpmorgan-is-betting-100-million-on-detroit-can-it-leverage-a-lot-more/ |title=JPMorgan is betting $100 million on Detroit. Can it leverage a lot more? |last1=Tankersly |first1=Jim |date=10 July 2014 |website=washingtonpost.com |publisher=Nash Holdings LLC |access-date=11 December 2015}}</ref>
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| Projects benefiting from these investments include the renovation of the Professional Plaza, Rainer Court, Nailah Commons, the Scott at Brush Park,<ref>[http://www.crainsdetroit.com/article/20160203/NEWS/160209933/financing-finalized-for-65-million-the-scott-at-brush-park-apartment Financing finalized for $65 million The Scott at Brush Park apartment development], Kirk Pinho, February 3, 2016, Crain's Detroit, May 17, 2016</ref> the James Scott House,<ref>[http://www.crainsdetroit.com/article/20160405/BLOG016/160409917/joel-landy-begins-rebuild-of-james-scotts-spite-house Joel Landy begins rebuild of James Scott's 'Spite House'], Kirk Pinho, April 5, 2016, Crain's Detroit, May 17, 2016</ref> Woodward Grand,<ref>{{cite web| url=http://www.detroitnews.com/story/business/2017/01/27/woodward-grand-development/97147746/| title=$7.5M project spurs Midtown Inc. stretch to New Center| author=Ian Thibodeau| date=January 27, 2017| publisher=The Detroit News| access-date=April 9, 2017}}</ref> and the Regis Houze which is connected to the [[Hotel St. Regis, Detroit|Hotel St. Regis]].<ref name=crains>{{cite web |url=http://www.crainsdetroit.com/article/20150121/NEWS/150129957/redevelopment-of-hammer-and-nail-building-in-detroits-midtown |title=Redevelopment of 'hammer and nail' building in Midtown would create apartments, retail |last1=Pinho |first1=Kirk |date=21 January 2015 |website=crainsdetroit.com |publisher= Crain Communications, Inc |access-date=May 7, 2015}}</ref><ref name=barbat>{{cite web |url=http://www.crainsdetroit.com/article/20150111/NEWS/301049966/barbat-builds-his-portfolio-of-downtown-real-estate |title=Barbat builds his portfolio of downtown real estate |last1=Pinho |first1=Kirk |date=11 January 2015 |website=crainsdetroit.com |publisher=Crain Communications, Inc |access-date=May 7, 2015}}</ref><ref name=eastferry>{{cite web |url=http://www.crainsdetroit.com/article/20150309/NEWS/150309842/58-town-homes-proposed-in-10-million-development-in-detroits-midtown |title=58 town homes proposed for East Ferry Street in $10 million development |last1=Pinho |first1=Kirk |date=9 March 2015 |website=crainsdetroit.com |publisher=Crain Communications, Inc |access-date=May 7, 2015}}</ref> Since 2009, Capital Impact invested more than $100 million in development projects.<ref>[http://michronicleonline.com/2016/01/15/capital-impact-says-yes-to-underserved-communities/ Capital Impact says 'yes' to underserved Detroit communities], January 15, 2016, Princess Hayes, Michigan Chronicle, May 17, 2016</ref> The company invested in the expansion of Imperial Fresh Market,<ref>[http://www.crainsdetroit.com/article/20151215/NEWS/151219929/shina-brothers-to-unveil-6-2-million-expansion-rebranding-of Shina brothers to unveil $6.2 million expansion], Michael Lewis II, December 15, 2015, Crain's Detroit, May 17, 2016</ref> the renovation of the A. Alfred Taubman Center for Design Education at the [[College for Creative Studies]] which holds the Henry Ford Academy Charter School, and the expansion of the Detroit Edison Public School Academy.<ref name="Crains"/>
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| In 2013, Capital Impact won the [[Wells Fargo]] NEXT Award for Opportunity Finance for their work in education, affordable housing and mixed-use projects in Detroit.<ref>{{cite web |url=http://nextawards.org/capital-impact-partners |title=Capital Impact Partners |publisher=Opportunity Finance Network |access-date=November 2, 2015}}</ref> In 2016, Capital Impact contributed to the financing for the renovation of the Elliott Building into loft-style apartments with two levels of retail space.<ref>{{cite web| url=http://www.dbusiness.com/daily-news/Annual-2016/Elliott-Building-in-Downtown-Detroit-Completes-12M-Financing-Package/| title=Elliott Building in Downtown Detroit Completes $12M Financing Package| author=R.J. King| date=August 19, 2016| publisher=D Business| access-date=October 25, 2016}}</ref>
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| Capital Impact worked with Midtown Detroit Inc., the Kresge Foundation and the Ford Foundation to establish Stay Midtown, a program designed to aid Midtown residents being priced out of their neighborhood.<ref>{{cite web| url=http://www.detroitnews.com/story/business/2016/11/04/midtown-affordable-program/93297352/| title=Rent subsidies available for Midtown residents| author=Ian Thibodeau| date=November 4, 2016| publisher=The Detroit News| access-date=April 9, 2017}}</ref> In 2017, Capital Impact founded the Equitable Development Initiative program, designed to help minority real estate developers in Detroit.<ref>{{cite web| url=http://www.crainsdetroit.com/article/20171019/news/642461/capital-impact-partners-launches-5-million-program-to-help-minority| title=Capital Impact Partners launches $5 million program to help minority developers| author=Kurt Nagl| date=October 19, 2017| publisher=Crain's Detroit Business}}</ref>
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| ==See also==
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| * [[Community development]]
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| * [[Community development financial institution]]
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| * [[Urbanism]]
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| * [[Low-Income Housing Tax Credit]]
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| ==References==
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| {{reflist|2}}
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| ==External links==
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| *[http://www.capitalimpact.org/ Official site]
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| *[http://catalog.hathitrust.org/Record/005143723/ National Consumer Cooperative Bank Act (1978)]{{dead link|date=November 2016 |bot=InternetArchiveBot |fix-attempted=yes }}
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| *[http://ssir.org/articles/entry/caring_for_an_aging_population/ ''Caring for an Aging Population: Ideas to help address the challenges of providing better care to low-income elders.'' by Ellis Carr, Capital Impact Partners]
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| *[https://web.archive.org/web/20151212065527/http://www.healthyfoodaccess.org/perspectives/a-holistic-approach-to-healthy-food-financing ''A Holistic Approach to Healthy Food Financing'' by Scott Sporte, Capital Impact Partners]
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| *[http://nextbillion.net/investing-in-detroits-comeback-optimism-challenges-on-the-road-to-inclusive-growth/ "Investing in Detroit's Comeback: Optimism & Challenges on the Road to Inclusive Growth"]
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| {{Authority control}}
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| [[Category:Community development financial institutions]]
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| [[Category:Organizations established in 1978]]
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| [[Category:1978 establishments in the United States]]
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