MacArthur has announced a $1 million investment in the Philadelphia-based Reinvestment Fund (TRF), a leading innovator in the financing of neighborhoods and economic revitalization. The investment, which will be used to expand TRFs equity capital, is the conversion to a grant of a $1 million loan made to TRF in 1995.
The Reinvestment Fund is a national leader, helping to improve urban neighborhoods and expand economic opportunity, said Jonathan F. Fanton, President of MacArthur. Our decision to expand TRFs equity capital is a reward for their superior leadership in the field of community development. We hope it will encourage others to invest in TRFs future growth and success.
Over the past 20 years, the Foundation has awarded more than $206 million in Program Related Investments to over 100 organizations. However, the loan-to-grant conversion for The Reinvestment Fund is the third in the Foundations historya move that is made for those organizations that have shown exceptional leadership and policy impact.
This $1 million investment from MacArthur is a wonderful statement of support and is tremendously valuable. said Jeremy Nowak, President and CEO of TRF. In its next 10 years, this $1 million will result in $40 million in financing transactions that will revitalize and strengthen the communities in which we work.
MacArthur made its original $1 million loan ten years ago to support TRFs real estate lending. Having celebrated its 20th anniversary this year, today TRF manages over $250 million in assets and conducts research and policy analysis that public officials and private investors increasingly rely upon. In the next three years, TRF aims to more than double its assets to $650 million and raise its lending volume to more $80 million per year.
Central to TRFs mission of building wealth and opportunity for the low- and moderate- income communities, is a commitment to put capital and private initiative to work for the public good. Headquartered in Philadelphia, Pennsylvania, TRFs programs and services extend across the mid-Atlantic from New Jersey to Northern Virginia. TRF finances housing, community facilities, commercial real estate, business development and sustainable energy projects using loan, equity and other financing tools. In the past 20 years, TRF has financed 10,400 housing units, 12,200 charter school slots, 10,800 child care slots, 25,800 jobs and 36 million kWh of clean, renewable energy. TRF supports its financing with a strong research and policy analysis capacity that has become a highly regarded source of unbiased information for public officials and private investors. TRF is supported by more than 850 investors, including individuals, religious and civic groups, financial institutions, government and private foundations.