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Capital Impact Partners

From Wikipedia - Reading time: 15 min
Capital Impact Partners
Founded1982; 42 years ago (1982)
TypeNon-Profit Community development financial institution
Location
Area served
United States
MethodLoans, Grants, Investments
Revenue (2017)
$23,898,985[1]
Expenses (2017)$28,568,582[1]
Websitewww.capitalimpact.org

Capital Impact Partners, or simply Capital Impact, is an American congressionally chartered, District of Columbia nonprofit and certified community development financial institution that provides credit and financial services to underserved markets and populations in the United States.[2][3][4] S&P Global issued Capital Impact its first rating in 2017.[5]

Capital Impact was created in 1982 as the nonprofit arm of the National Cooperative Bank as part of the National Consumer Cooperative Bank Act.[2][4][6] 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.[3] 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.[7][8][9] From 1994 until 2016, Terry Simonette served as president and CEO of Capital Impact until Ellis Carr was named as his replacement.[10]

The company is among the largest community development financial institutions in the country. As of 2015, they invested over $2 billion[11] into senior care, affordable housing, health care, education and public nutrition projects in distressed and low-income communities across the country.[3][4] 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.[11][6][12] In 2015, Capital Impact became a member of the Federal Home Loan Bank of Atlanta.[13] 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.[14] 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.[15]

Projects

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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.

Cooperative development

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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 Cooperative Grocers Association to provide underwriting and loan administration services to food co-ops across the country.[16] 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.[17] Since its founding, Capital Impact has deployed $278 million in capital across 208 cooperatives.[18]

Affordable housing

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Capital Impact Partners launched the Cornerstone Partnership, which helps shared-equity housing programs grow and share best practices.[19] They also invested in the cooperative business ROC USA. The organization helps owners of manufactured homes work to together to purchase their land.[20]

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 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.[21] In October 2015, a piece in the Dallas Observer featured Capital Impact's "Inclusionary Calculator" to help cities address affordable housing zoning issues.[22] 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.[23]

As part of its projects in Detroit, Michigan, Capital Impact financed Diamond Place, an apartment complex in Grand Rapids, which contained approximately 100 units for income-restricted residents.[24][25]

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.[26]

Education

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As of December 31, 2013, Capital Impact had disbursed $630.6 million to charter schools, representing 30% of all charter school lending nationwide.[27] Examples of this financing include the Jalen Rose Leadership Academy,[28] Detroit Edison Public School Academy[29] and Henry Ford Academy in Detroit,[30] 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.[31][32][33]

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.[34] 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.[35]

Health care

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After Hurricane Katrina, Capital Impact financed $700,000 for a Tulane University-supported community health center in the New Orleans neighborhood Broadmoor. The center serves 1,300 patients annually and created more than 200 permanent jobs in the community.[36] In 2013, Capital Impact financed a 10-year, $5 million loan to the Sonoma Valley Community Health Center.[37] Capital Impact is an investor in the Brockton Neighborhood Health Center, which is the town's largest employer.[38] In October 2015, Capital Impact financed a $3.8 million expansion for a Native American Health Clinic in Sacramento.[39]

Capital Impact established its Healthier California Fund to assist community health centers and clinics to meet Affordable Care Act requirements in March 2016 with $20 million.[40] In July 2016, it funded $1 million of the renovation of Tri-City Health Center's Irvington Dave Clinic in Fremont, California through that fund.[41][42][43] That same year, Capital Impact gave a $1 million loan to Ole Health through its California Primary Care Association Ventures Program.[44] Capital Impact also funded Axis Community Health's new Pleasanton health center in September 2016.[45]

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 deserts in those areas. First Lady Michelle Obama announced the loan fund at a ceremony in 2011.[4][6][12]

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.[46] 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.[47] By May 2017, the fund had made over $10 million in investments in southeastern Michigan.[48]

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,[49][50][51][52] and Produce on the Go, a mobile food market in Merced County, California.[53]

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.[15] 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.[54]

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 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 Green House Homes at Mirasol in Loveland, Colorado.[6][20][49][55][56]

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.[57]

In 2015, Capital Impact partnered with the 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.[58] 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.[59]

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.[60] 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.[61][62]

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.[63][64]

Other services

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Capital Impact also facilitates financing deals that include 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.[6][65][66][67]

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's Legacy Platform.[68][69]

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.[6] 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 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.[70][71]

Projects benefiting from these investments include the renovation of the Professional Plaza, Rainer Court, Nailah Commons, the Scott at Brush Park,[72] the James Scott House,[73] Woodward Grand,[74] and the Regis Houze which is connected to the Hotel St. Regis.[75][76][77] Since 2009, Capital Impact invested more than $100 million in development projects.[78] The company invested in the expansion of Imperial Fresh Market,[79] 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.[29]

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.[80] 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.[81]

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.[82] In 2017, Capital Impact founded the Equitable Development Initiative program, designed to help minority real estate developers in Detroit.[83]

See also

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References

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  1. ^ a b "Capital Impact Partners" (PDF). Foundation Center. Retrieved 26 June 2017.
  2. ^ a b National Consumer Cooperative Bank Act (PDF) (Public Law 95-351, Statute 92). 20 August 1978. Retrieved 11 December 2015.
  3. ^ a b c Andrews, Nancy; Hinkle-Brown, Don (January 27, 2015). "Capital Magnet Fund creates 'bang for the buck' in affordable housing". TheHill.com. News Communications, Inc. Retrieved May 6, 2015.
  4. ^ a b c d Pothering, Jessica (16 December 2014). "How the First Lady Helped Small Grocery Businesses Reduce 'Food Deserts' in California". Entrepreneur.com. Entrepreneur Media Inc. Retrieved May 6, 2015.
  5. ^ "S&P Global Ratings". S&P Global. Retrieved April 9, 2017.
  6. ^ a b c d e f Kanani, Rahim (January 8, 2012). "NCB Capital Impact: Investing Billions into Underserved Communities Nationwide". Forbes.com. Retrieved May 6, 2015.
  7. ^ O'Meara, Mark. "Late Allocation Announcements, Market Maturity Create High Demands for NMTCs" (PDF). Novoco.com. Novogradac & Company LLP. Archived from the original (PDF) on December 22, 2015. Retrieved May 6, 2015.
  8. ^ "People on the Move, Natalie Gunn - Capital Impact". washingtonbusinessjournal.com. May 9, 2016. Retrieved May 16, 2016.
  9. ^ Slavinsky, Roksana (March 11, 2015). "Amy Sue Leavens - Capital Impact". bisnow.com. Bisnow. Retrieved May 6, 2015.
  10. ^ New Leaders at the Rainforest Alliance and the American Ballet Theatre, Anais Strickland, January 15, 2016, The Chronicle of Philanthropy, May 17, 2016
  11. ^ a b Amy Sue Leavens - Capital Impact Partners, March 11, 2015, Roksana Slavinsky, Bisnow, May 17, 2016
  12. ^ a b "Capital Impact Partners Investment Partner Profile". wkkf.org. WK Kellogg Foundation. Retrieved May 6, 2015.
  13. ^ Connecting Big Banking to Community Investment, Oscar Perry Abello, February 19, 2016, Next City, May 17, 2016
  14. ^ The Policy Behind the Investing Behind That New Neighborhood Grocery, Oscar Perry Abello, December 21, 2015, Next City, May 17, 2016
  15. ^ a b "FY 2016 CDFI Program Awardees" (PDF). CDFI Fund. Archived from the original (PDF) on October 26, 2016. Retrieved October 25, 2016.
  16. ^ Pugh, C.E. "Investing in Our Cooperative Future". Triangle Park Creative. Retrieved November 2, 2015.
  17. ^ "Capital Impact Partners' First "co-op Innovation Award" Provides $40,000 to Two Leading Cooperative Organizations". NCBA CLUSA. Archived from the original on October 17, 2015. Retrieved November 2, 2015.
  18. ^ Marjorie Kelly, Violeta Duncan, Steve Dubb. "Financing Cooperatives" (PDF). Democracy Collaborative. Archived from the original (PDF) on December 28, 2016. Retrieved April 9, 2017.{{cite web}}: CS1 maint: multiple names: authors list (link)
  19. ^ "NCB Capital Impact Receives Coveted $2 Million Social Innovation Fund Award for its Cornerstone Partnership Initiative". AffordableOwnership.org. Community Solutions Group, LLC. 27 September 2013. Retrieved May 7, 2015.
  20. ^ a b Shin, Laura (August 29, 2014). "Innovative Loans Secure Affordable Housing". aarp.org. AARP. Retrieved May 6, 2015.
  21. ^ "Capital Impact Partners". Corporation for National & Social Service. Retrieved November 2, 2015.
  22. ^ Schutze, Jim (27 October 2015). "A Rational Way to Weight Affordable Housing, Not That We Want To Be Rational". dallasobserver.com. Dallas Observer, LP. Retrieved 11 December 2015.
  23. ^ "Capital Magnet Fund Award Book" (PDF). CDFI Fund. Archived from the original (PDF) on October 26, 2016. Retrieved October 25, 2016.
  24. ^ Andy Rent (January 27, 2017). "The Medical Mile Continues to Grow With the $42million Diamond Place project underway in Grand Rapids". The River. Retrieved April 9, 2017.
  25. ^ Kristin Hiller (January 30, 2017). "Third Coast Development, PK Development Group Break Ground on $42M Mixed-Use Project in Grand Rapids, Michigan". Rebusiness Online. Retrieved April 9, 2017.
  26. ^ Laura Kusisto (March 20, 2017). "Detroit's Resurgence Brings New Housing Concerns". The Wall Street Journal. Retrieved April 9, 2017.
  27. ^ "2014 Charter School Facility Finance Landscape". charterschoolcenter.org. US Department of Education. Archived from the original on April 16, 2015. Retrieved May 7, 2015.
  28. ^ Rose, Jalen (1 February 2013). "Jalen Rose Leadership Academy: Bringing a Quality Education and Jobs to Detroit". huffingtonpost.com. TheHuffingtonPost.com, Inc. Retrieved May 7, 2015.
  29. ^ a b Commercial lender dedicated to underserved communities -including Detroit, Kirk Pinho, April 2, 2016, Crain's Detroit, May 17, 2016
  30. ^ The Taubman Center: Sparking creativity and growth in Detroit, Roz Edward, February 24, 2016, Michigan Chronicle May 17, 2016
  31. ^ "Capital Resources Lending Activity". lisc.org. LISC. Archived from the original on May 18, 2015. Retrieved May 7, 2015.
  32. ^ Donovan, Annie. "Subsidy and the Charter School Facilities Finance Market" (PDF). bostonfed.org. Federal Reserve Bank of Boston. Retrieved May 7, 2015.
  33. ^ Johnson, Matt M. (15 April 2015). "Charter school buys Palmetto property for $3.5M". bradenton.com. Bradenton Partners. Archived from the original on May 18, 2015. Retrieved May 7, 2015.
  34. ^ "U.S. Department of Education Awards Grants to Help Public Charter Schools Obtain Facilities". Office of Innovation & Improvement. July 5, 2016. Archived from the original on October 26, 2016. Retrieved October 25, 2016.
  35. ^ Cathy Runyon (August 6, 2016). "Despite appearances, Academy of Environmental Science is ready for school year". MLive. Retrieved October 25, 2016.
  36. ^ Arnaud LePape, Virginie; Kelly, Jon. "What Was and What Will Be: Helping Rebuild New Orleans with the Community Green" (PDF). Novoco.com. Novogradac & Company LLP. Archived from the original (PDF) on May 18, 2015. Retrieved May 6, 2015.
  37. ^ "Health Center secures finances for new site". sonomanews.com. The Sonoma Index Tribune. September 30, 2013. Archived from the original on May 18, 2015. Retrieved May 6, 2015.
  38. ^ "Clip of the Day: It All Started With a Van". cdficonnect.org. Opportunity Finance Network. 15 August 2014. Retrieved 11 December 2015.
  39. ^ Robertson, Kathy (27 October 2015). "Native American health clinic in midtown nears $3.8M fundraising goal". bizjournals.com/sacramento. Sacracmento Business Journal. Retrieved 11 December 2015.
  40. ^ "$20M in health care loans available". Daily Republic. March 16, 2016. Retrieved October 25, 2016.
  41. ^ Nicole Norton (August 16, 2016). "Tri-City Health Centers Irvington Dave Clinic reopens after renovation". Tri-City Voice. Retrieved October 25, 2016.
  42. ^ Scott Sporte. "To serve all Californians, expanded health clinic capacity is needed". Capitol Weekly.
  43. ^ Anne DiNardo (July 29, 2016). "Tri-City Health Plans Clinic Renovation In California". Healthcare Design Magazine. Archived from the original on October 26, 2016. Retrieved October 25, 2016.
  44. ^ Ole Health receives funding from Capital Impact, March 14, 2016, Napa Valley Register, May 17, 2016
  45. ^ Jeb Bing (September 21, 2016). "Axis Community Health doubles capacity for health care to needy". Pleasanton Weekly. Retrieved October 25, 2016.
  46. ^ Meyer, Zlati (June 19, 2015). "Fund offers loans to make healthy food more accessible". Gannet Company. Retrieved November 2, 2015.
  47. ^ Sherri Welch (November 15, 2016). "Michigan Good Food Fund grants to help launch Detroit grocery store, expand farmers market". Crain's Detroit Business. Retrieved April 9, 2017.
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  50. ^ Gonzalez, Oscar. "CDFI New Markets Tax Credit Alliance". Retrieved May 7, 2015.
  51. ^ "El Rancho Marketplace Opens in San Obispo County". progressivegrocer.com. Stagnito Media. 11 December 2012. Retrieved May 7, 2015.
  52. ^ "Midtown and Northwest Detroit Draw New Apartments, Businesses, Expansions". dbusiness.com. Hour Media. 24 July 2014. Retrieved May 7, 2015.
  53. ^ A Holistic Approach to Healthy Food Financing Archived 2016-05-29 at the Wayback Machine, November 16, 2015, Healthy Food Access, May 17, 2016
  54. ^ Michael Neibauer (September 20, 2017). "Arlington-based lender has its biggest quarter, making big loans with a big impact". Washington Business Journal.
  55. ^ Jaffe, Ina (July 24, 2013). "Move Over Nursing Homes — There's Something Different". npr.org. NPR. Retrieved May 6, 2015.
  56. ^ Garcia, Teresa (February 2014). "NMTCs Give Green Light to Senior Housing Alternative". Novogradac Journal of Tax Credits. V (II). Novogradac & Company LLP: 1–2.
  57. ^ Gupta, Vasudha (June 2012). "Assessing the Village Model and the Village To Village Network in Advocating Aging in Place for Older Americans" (PDF). MIT.edu. Massachusetts Institute of Technology. Retrieved May 6, 2015.[permanent dead link‍]
  58. ^ Daniels, Alex (8 October 2015). "AARP Foundation Launches Impact-Investing Program". The Chronicle of Philanthropy. Retrieved November 2, 2015.
  59. ^ Alyssa Muchaud (August 18, 2016). "Keystone announces new health center in rural Pennsylvania". Pennsylvania Business Daily. Retrieved October 25, 2016.[permanent dead link‍]
  60. ^ Andrea Haffley (September 15, 2016). "The Mustard Seed Project purchases building and land in Key Center". The News Tribune. Retrieved October 25, 2016.
  61. ^ Valerie Shelton (February 24, 2017). "$10M Clovis senior home taps unique financing model". The Business Journal. Archived from the original on February 26, 2017. Retrieved April 9, 2017.
  62. ^ Farin Montanez (February 16, 2017). "Startup nonprofit breaks ground on $10 million senior living community in Clovis designed for every income level". The Fresno Bee. Retrieved April 9, 2017.
  63. ^ Amy Baxter (March 22, 2017). "AARP Foundation Funds Project to Explore Home Care Cooperative Sustainability". Home Health Care News. Retrieved April 9, 2017.
  64. ^ Chris Farrell (August 15, 2017). "Could This Idea Help Fix America's Shortage Of Home Care Workers?". Forbes.
  65. ^ O'Meara, Mark. "Round 11 NMTC Awardees Discuss Program's Future, Plans for Allocations" (PDF). Novoco.com. Novogradac & Company LLP. Archived from the original (PDF) on May 18, 2015. Retrieved May 7, 2015.
  66. ^ "Treasury Guarantees $265 Million In Bond Funding For Projects In Low-Income Communities". Community Development Financial Institutions Fund. September 28, 2016. Retrieved April 9, 2017.
  67. ^ Oscar Perry Abello. "The Policy Behind the Investing Behind That New Neighborhood Grocery Store". Next City. Retrieved April 9, 2017.
  68. ^ "Change Finance Launches Impact Investing ETF: Portfolio Products". Think Advisor. October 16, 2017.
  69. ^ Oscar Perry Abello (October 18, 2017). "Community development lenders attract new investors to low-income neighborhoods". Impact Alpha.[permanent dead link‍]
  70. ^ Hulett, Sarah (21 May 2014). "JPMorgan Chase Announces Detroit Investment". npr.org. NPR. Retrieved 11 December 2015.
  71. ^ Tankersly, Jim (10 July 2014). "JPMorgan is betting $100 million on Detroit. Can it leverage a lot more?". washingtonpost.com. Nash Holdings LLC. Retrieved 11 December 2015.
  72. ^ Financing finalized for $65 million The Scott at Brush Park apartment development, Kirk Pinho, February 3, 2016, Crain's Detroit, May 17, 2016
  73. ^ Joel Landy begins rebuild of James Scott's 'Spite House', Kirk Pinho, April 5, 2016, Crain's Detroit, May 17, 2016
  74. ^ Ian Thibodeau (January 27, 2017). "$7.5M project spurs Midtown Inc. stretch to New Center". The Detroit News. Retrieved April 9, 2017.
  75. ^ Pinho, Kirk (21 January 2015). "Redevelopment of 'hammer and nail' building in Midtown would create apartments, retail". crainsdetroit.com. Crain Communications, Inc. Retrieved May 7, 2015.
  76. ^ Pinho, Kirk (11 January 2015). "Barbat builds his portfolio of downtown real estate". crainsdetroit.com. Crain Communications, Inc. Retrieved May 7, 2015.
  77. ^ Pinho, Kirk (9 March 2015). "58 town homes proposed for East Ferry Street in $10 million development". crainsdetroit.com. Crain Communications, Inc. Retrieved May 7, 2015.
  78. ^ Capital Impact says 'yes' to underserved Detroit communities, January 15, 2016, Princess Hayes, Michigan Chronicle, May 17, 2016
  79. ^ Shina brothers to unveil $6.2 million expansion, Michael Lewis II, December 15, 2015, Crain's Detroit, May 17, 2016
  80. ^ "Capital Impact Partners". Opportunity Finance Network. Retrieved November 2, 2015.
  81. ^ R.J. King (August 19, 2016). "Elliott Building in Downtown Detroit Completes $12M Financing Package". D Business. Retrieved October 25, 2016.
  82. ^ Ian Thibodeau (November 4, 2016). "Rent subsidies available for Midtown residents". The Detroit News. Retrieved April 9, 2017.
  83. ^ Kurt Nagl (October 19, 2017). "Capital Impact Partners launches $5 million program to help minority developers". Crain's Detroit Business.
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