As part of a new $325-million JP Morgan Chase initiative, two Foundation-backed Community Development Financial Institutions (CDFIs) — Philadelphia-based The Reinvestment Fund and San Francisco-based Low Income Investment Fund — will receive grants and access to $175 million in new low-cost debt to finance top-performing charter schools. This funding, and similar, recent commitments from Goldman Sachs and Citigroup, will deliver more than $800 million in new private sector capital to leading CDFIs across the nation. Since 1986, the Foundation has been a leading supporter of CDFIs, providing $250 million in grant and program-related investment support.
Community & Economic Development
Helping to increase social and economic opportunities for low-income Chicagoans, MacArthur supports the New Communities Program, a comprehensive community revitalization effort in 16 Chicago neighborhoods, as well as communication of its lessons learned to other cities and the field.