Capital Impact Partners

Track Record before Social Innovation Fund Grant:

• For more than 28 years, CIP has delivered high-impact investments and development support benefiting millions of Americans.
• CIP has managed Coming Home, a Robert Wood Johnson Foundation-funded program that was designed to bring the benefits of assisted living to low-income, frail seniors living in rural areas.
• Over the last 20 years CIP has successfully led 8 major philanthropically driven initiatives.

Progress:

• CIP completed their original competition in 2012, selecting 10 community-based non-profits through its Cornerstone Homeownership Innovation Program.  Subgrantees are implementing shared equity models to increase affordable homeownership.
• CIP submitted a unified subgrantee evaluation plan, which was approved by CNCS.  They are expected to reach strong levels of evidence.
• CIP has met its two year match goal of $2 million and its subgrantees have surpassed their Year 1 match goals raising $1,325,276.  The subgrantees are making strong progress towards Year 2 match goals having raised 64% of their goal of $1,300,000.
• At the end of Year 1, CIP's subgrantees added 646 homes to their stewardship portfolio, more than doubling their original target of 300 new households. While scaling efforts focused on increasing capacity to add homes and/or households to their portfolio, NCBCI is also tracking families served and have provided stewardship services to 2,375 families since program inception. 
   

Nonprofits Receiving Social Innovation Fund Awards from Capital Impact Partners

Austin Habitat for Humanity
Austin, TX
Initial Award Amount: $130,000
Area Served: City of Austin and surrounding counties—Travis, Williamson, Caldwell, Bastrop and Hays

Austin Habitat for Humanity expects to produce 587 new affordable homes over five years. Their program provides green, location-efficient, long-term affordable homeownership in Central Texas (the City of Austin and surrounding counties Travis, Williamson, Caldwell, Bastrop and Hays) using shared-equity models. Measureable outcomes will be 1) preserving affordability on resale, 2) increasing homebuyers’ personal wealth, 3) outperforming the general market foreclosure rate, 4) increasing upward housing mobility, 5) increasing production of affordable homeownership units, 6) increasing efficiency in sales, and 7) increasing self-sufficiency of homebuyers. Austin Habitat for Humanity will contribute an important number of new shared equity units for evaluation to build a body of evidence for how shared equity affordable ownership models contribute to neighborhood stability, affordability, and participants’ long term economic well-being.

Champlain Housing Trust
Burlington, VT
Initial Award Amount: $130,000
Area Served: State of Vermont

Champlain Housing Trust (CHT) is one of the oldest and largest community land trusts in the country, with over 500 limited equity homes in its portfolio. CHT anticipates adding another 42 new shared equity units over the next 5 years and managing the resale of 15 to 30 homes per year. Measureable outcomes will be 1) creating new capital sources, 2) developing a statewide database of affordable homes and model stewardship tools, 3) expanding partnerships to increase production of permanently affordable homes, 4) making progress towards equitable and consistent property taxation for owners of Community Land Trust (CLT) homes, and 5) developing documentation to facilitate replication by other agencies. CHIP funding will be used to expand CHT’s capacity for post-purchase stewardship, explore options for expanded partnerships and new funding to add homes to its portfolio, and develop a suite of best practices and tools that will help standardize and streamline the operations of six smaller CLTs in the state of Vermont. CHT has participated in three program evaluations that significantly contribute to the body of evidence for how shared equity affordable ownership models contribute to neighborhood stability, affordability, and participants’ long term economic well-being. CHT has a well-demonstrated ability to do long-term evaluation of its portfolio and is a national leader in this effort.

City First Enterprises, Inc.
Washington, DC
Initial Award Amount: $130,000
Area Served: Washington, DC

City First Enterprises, Inc. is a community development organization with a wholly controlled affiliate, City First Homes (CF Homes), which operates a shared equity housing program in Washington, DC. CF Homes financed its first home in June 2010 and currently stewards 52 permanently affordable homes. Local inclusionary zoning ordinances recently enacted are leading to the development of hundreds of new affordable units, and CF Homes expects to add 350 new units to its portfolio over the next 5 years. Measureable outcomes will be 1) increasing incomes and wealth, 2) providing broader future housing choices, 3) increasing educational attainment, 4) increasing the number of permanently affordable units, 5) better transitorientation, 6) increasing nonpublic dollars leveraged, and 7) increasing public support. CF Homes’ innovative program focuses on creating mixed-income, transit-oriented neighborhoods that will help generations of working families build wealth and successful family outcomes. CHIP funding will be used to improve stewardship of its existing portfolio and grow the number of units in its portfolio through outreach and additional partnerships, which will contribute an important number of new shared equity units for evaluation to build a body of evidence for how shared equity affordable ownership models contribute to neighborhood stability, affordability, and participants’ long term economic well-being.

Community Asset Preservation Corporation
Newark, NJ
Initial Award Amount: $130,000
Area Served: Essex, Hudson, Union and Passaic Counties, NJ

The Community Asset Preservation Corp (CAPC) Consortium is a recent (2011) partnership formed between five non-profits in the area of Greater Newark, NJ (Essex, Hudson, Union and Passaic Counties). The member organizations have developed or rehabilitated over 400 affordable units, steward over 90 permanently affordable units, and expect to add another 300- 400 new units over the next 5 years. The purpose of the consortium is to build capacity and create efficiencies by pooling the agencies’ staff and technological resources. The agencies’ main areas of collaboration will be joint outreach, homebuyers counseling and data tracking, as well as creation of a stewardship program to maintain the affordability of properties over the long term. Measureable outcomes will be 1) decreasing the length of time properties sit on market unsold, 2) increasing the number of affordable units available, 3) increasing the number of households qualified for mortgages, 4) outperforming the general market foreclosure rate, 5) increasing property maintenance, and 6) maintaining affordability of housing over the long term. CHIP funding will be used to conduct buyer outreach and to develop a stewardship program to implement best practices for preserving affordable homeownership. CAPC will contribute an important number of new shared equity units for evaluation to build a body of evidence for how shared equity affordable ownership models contribute to neighborhood stability, affordability, and participants’ long term economic well-being.

HomeBricks
San Francisco, CA
Initial Award Amount: $130,000
Area Served: State of California

Homestead Community Land Trust
Seattle, WA
Initial Award Amount: $130,000
Area Served: King County, WA

Homestead Community Land Trust currently stewards a growing portfolio of 129 homes in King County, WA. Local inclusionary zoning ordinances are in place, and Homestead anticipates adding 150 new units over the next five years. Homestead is positioning itself for projected growth of 100 new units per year by 2020. Measureable outcomes will be 1) increasing the applicant pipeline, 2) adding real estate owned homes to its portfolio, 3) increasing the annual percentage of Seattle/South King County Habitat for Humanity units stewarded by Homestead,4) increasing the number of homes in portfolio and the amount of earnedstewardship income, and 5) outperforming the general market foreclosure rate and maintaining a foreclosure rate on par with Community Land Trust sector performance. CHIP funding will be used to advance strategic partnerships, increase core competencies, and rapidly increase portfolio growth, which will contribute an important number of new shared equity units for evaluation to build a body of evidence for how shared equity affordable ownership models contribute to neighborhood stability, affordability, and participants’ long term economic well-being.

Housing Partnership, Inc.
Riviera Beach, FL
Initial Award Amount: $130,000
Area Served: Palm Beach and Broward Counties FL

Housing Partnership, Inc. (HPI) is the lead agency for the South Florida Community Land Trust (CLT) Network, a consortium formed to increase efficiencies, promote best practices, and seek 4 to achieve economies of scale. The group works within Palm Beach and Broward Counties, and will also work with their statewide Florida CLTs to share results and build capacity. HPI anticipates adding 235 new CLT homes over the next 5 years. Measureable outcomes will be 1) implementing a centralized database for tracking and long term stewardship of the housing stock, 2) implementing a centralized server model including unified counseling, education and advocacy efforts, and 3) increasing the number of permanently affordable units. CHIP funding will allow HPI to develop an innovative “central server” model where five land trusts plus Housing Partnership, Inc. will share staff and capacity for providing homebuyer education, data tracking, and counseling. It will also allow it to bring the CLT model quickly to scale and contribute an important number of new shared equity units for evaluation to build a body of evidence for how shared equity affordable ownership models contribute to neighborhood stability, affordability, and participants’ long term economic well-being.

Long Island Housing Partnership
Hauppauge, NY
Initial Award Amount: $130,000
Area Served: Nassau and Suffolk Counties, NY

Long Island Housing Partnership (LIHP) is currently managing predevelopment or construction of 125 new Below Market Rate (BMR) homes, and has stewardship responsibility for 477 existing long-term affordable homes in the Long Island, NY region. Local inclusionary zoning ordinances recently enacted are leading to the development of hundreds of new affordable units, and LIHP anticipates adding 293 units to their portfolio over the next 5 years. Measureable outcomes will be 1) standardizing policies and procedures including affordability mechanisms, 2) expanding the supply of affordable housing on Long Island, 3) increasing homeownership opportunities for low-income households, and 4) creating positive long-term economic benefits for program participants. CHIP funding will allow LIHP to expand its existing 30-year deed restricted portfolio and stewardship capacity as well as its ability to provide technical assistance to surrounding jurisdictions. LIHP has the relationships, regulatory framework, and organizational capacity to increase scale aggressively. CHIP funding will allow for standardization and streamlining of affordability mechanisms across jurisdictions, which will increase efficiencies, enhance stewardship practices, and contribute an important number of new shared equity units for evaluation to build a body of evidence for how shared equity affordable ownership models contribute to neighborhood stability, affordability, and participants’ long term economic well-being.

Mountainlands Community Housing Trust
Park City, UT
Initial Award Amount: $130,000
Area Served: Summit and Wasatch Counties , UT

Mountainlands Community Housing Trust (MCHT) is a development organization that currently provides stewardship for 111 homes in Summit County, UT. Local inclusionary zoning ordinances recently enacted are leading to the development of hundreds of new affordable units, and MCHT anticipates adding 150-200 new ownership units to its portfolio over the next 5 years. Measureable outcomes will be 1) increasing the number of affordable units in Summit County, and 2) increasing stewardship of affordable homes. CHIP funding will allow MCHT to develop and improve its stewardship capacity for existing homes as well as the new homes coming into its portfolio. It would also allow MCHT to expand its stewardship services to smaller rural communities in Summit County and to work with neighboring Wasatch County to develop 5 programs that produce affordable units. MCHT has the relationships, regulatory framework, and organizational capacity to increase scale aggressively. CHIP funding will allow for aggressive growth with enhanced development of stewardship practices and contribute an important number of new shared equity units for evaluation to build a body of evidence for how shared equity affordable ownership models contribute to neighborhood stability, affordability, and participants’ long term economic well-being.

The Housing Fund
Nashville, TN
Initial Award Amount: $130,000
Area Served: Metropolitan Nashville-Davidson County, TN

The Housing Fund proposes to use grant funds to build out its new “Our House” shared equity program which will include community outreach, homebuyer counseling, and building a pipeline of buyers. The program will serve approximately 170 households over 5 years. Measurable outcomes include 1) increasing access to affordable homeownership for low income and minority households; 2) increasing number of low income and minority households that retain housing and experience stability; 3) advancing the economic outcomes of low income and minority households; and 4) increasing and maintaining the number of permanently affordable units in Metropolitan Nashville-Davidson County, TN. Our House is a very new program, but has considerable funding available for unit subsidies and an ambitious program to increase scale aggressively. CHIP funding will allow for aggressive growth without the loss of stewardship practices and contribute an important number of new shared equity units for evaluation to build a body of evidence for how shared equity affordable ownership models contribute to neighborhood stability, affordability, and participants’ long term economic well-being.