IBTN9 USA, November 19, 2019: Capital Impact Partners Expands Program to Increase Number of Minority Developers in Washington, D.C. Metropolitan Area
According to a study by the National Community Reinvestment Coalition, about 40% of the District’s lower-income neighborhoods experienced gentrification between 2000 and 2013, giving the city the greatest “intensity of gentrification” of any in the country. The District also saw the most African-American residents — more than 20,000 — displaced from their neighborhoods during that time, mostly by affluent, white newcomers, researchers said.
In addition to its EDI program, Capital Impact is also working to reverse this trend by serving as the manager of the D.C. Affordable Housing Preservation Fund (AHPF), initiated by Mayor Muriel Bowser. To date, financing to projects through the fund have helped preserve more than 1,000 affordable homes in D.C.