Program areas at NCB
Affordable housing:capital Impact Partners bridges the gap between policy and development to improve the lives of low-income individuals. Capital Impact Partners' efforts in affordable housing focus primarily on supporting multifamily developments in markets where affordable housing has been identified as a need. In 2022, Capital Impact Partners disbursed approximately $90 million to aid in the renovation or new construction of 18 communities, consisting of 1,272 housing units, 70% of which are affordable.
Education:capital Impact Partners has been a charter school lender for over 20 years and has become a valuable financing source for our nation's charter schools. To ensure that low cost Capital is available nationwide, Capital Impact Partners offers (1) construction and renovation loans, (2) real estate acquisition and term loans, equipment loans, and (3) revolving lines of credit. Capital Impact Partners connects its borrowers to institutional investors to improve the amount and type of financing available. In 2022, disbursements totaled $6.6 million to 3 charter schools, providing over 600 students with access to high quality education.
Healthcare:capital Impact Partners has created innovative solutions to successfully preserve affordable health care for low income communities across the country. Dedicated to delivering value-added service and ease of process, we leverage over 30 years of experience in the market to customize appropriately structured financing for our borrowers. Capital Impact Partners understands the importance of access to mental health services in addition to traditional health care; the community clinics and health centers that we finance focus on substance abuse and rehabilitation/behavioral care in addition to primary care and other physical health services. We also provide financing for adult day health care facilities and assisted living/continuing care facilities. In 2022, Capital Impact Partners disbursed approximately $52 million to 7 health facilities that serve nearly 68,000 patients annually.
Healthy food: Capital Impact Partners provides loans to community based organizations, grocery stores, and food markets to improve the access to fresh, health foods in food deserts and other underserved areas. Capital Impact Partners provided financing to 1 healthy food project in 2022 totaling $7.7 million. The project is expected to provide fresh, healthy food access to 104,000 low-and moderate-income people. The financing is focused to develop and expand grocery stores, healthy food markets, and to develop inclusive food systems in underserved communities.in 2021, the nourish dc collaborative was created in partnership with Washington d.c. local government to support the development of a robust ecosystem of locally owned food businesses especially in neighborhoods underserved by grocery stores and other food businesses. Since its launch, nourish dc has provided nearly $15 million in flexible loans and technical assistance to more than 80 food businesses. In 2022 alone, nourish dc disbursed $837,000 in grants to fourteen food businesses owned by people of color in Washington dc wards 5, 7, and 8. Washington, dc wards 5, 7, and 8, are communities that have been identified as underserved by grocery stores.
General loan program:capital Impact Partners provides loans and financial services to borrowers that have been historically under-invested in. Projects financed focus on providing goods and services to low income and economically disadvantaged populations.
New market tax credits:capital Impact Partners has received eleven allocations of new markets tax credits (nmtc) and has allocated $742 million, of which $669 million has already been deployed, to provide health care providers, healthy food grocery stores, charter schools, and other community organizations affordable financing nationwide. Nmtc allows Capital Impact Partners to offer borrowers more flexible terms such as longer amortization periods, interest-only payments for as long as seven years, higher loan-to-value ratios and potential equity benefit at the end of the loan term.
Equitable development initiative the equitable development initiative (edi) combines Capital Impact's role as a provider of catalytic Capital and its development expertise into a program that supports local developers of color with formalized technical assistance and development financing. The program aims to build skills of minority developers to strengthen their business and build their wealth. As of year end 2022, the detroit program has graduated 102 participants; the dmv program has graduated 69 participants as of year end. In 2022, edi launched cohorts in dallas and the san francisco bay area, serving 19 and 11 developers, respectively.
Housing equity accelerator fellowship: in 2021, cip received $5 million from amazon to launch the housing equity accelerator fellowship (heaf). The housing equity accelerator fellowship is part of amazon's $2 billion housing equity fund, and its focus is to support developers of color and to create affordable housing across the dmv. The fellowship will run for two years, with developers meeting monthly to engage in a rich learning series with access to professional mentors and advisors in the real estate and housing field. The selection criteria for the fellows includes black, indigenous, or people of color, full-time developers, and a pipeline of completed or developing projects in the region. This program is focused in the dmv area, so fellows are considered based on their work in the region. Cip kicked off this program in 2022 with 15 participants and has deployed over $1 million via grants to participants of this program.
Entrepreneurs of color fund:in 2018, Capital Impact Partners received $3.3 million in grant funding from jpmorgan chase to manage the dc-area entrepreneurs of color fund (eocf), allowing Capital Impact Partners to partner with wacif and ledc, dc-area cdfis, to provide Capital and capacity building to minority entrepreneurs in the region. In 2021, Capital Impact Partners received an additional $2 million contribution from jpmorgan chase to continue managing eocf. In addition to wacif and ledc, Capital Impact partnered with city first enterprises (cfe) and the coalition for nonprofit housing and economic development (cnhed) for the second grant round. To date, the partner organizations have leveraged the eocf to deploy $20.9 million, assisting over 2,105 small businesses.