acf domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home2/ccf/dev.changecapitalfund.org/wp-includes/functions.php on line 6121The New York City Change Capital Fund (CCF), a collaboration of 17 foundations and financial institutions dedicated to the revitalization of distressed New York City communities, today announced the launch of a new initiative to harness the strength of community development corporations (CDCs) to reduce poverty in high-need New York City neighborhoods.<\/p>\n
CCF is funding five New York CDCs to help them retool and refocus their strategies and business models to address persistent poverty more effectively. Each CDC will receive up to $1 million over four years and access to technical assistance as they implement new and refined approaches and improved outcome tracking systems that will equip the organizations to better demonstrate their results in a funding environment that pays for success. The selected CDCs previously participated in a planning process, also funded by CCF, in which they developed community-based, multi-disciplinary tactics to address systemic poverty and track measurable results.<\/p>\n
Despite improvements to the physical conditions of many low-income neighborhoods and the reversal of the disinvestment experienced in the 1970s to 1990s, poverty and limited economic mobility remain obstacles to residents of very low-income communities. The poverty rates in the targeted neighborhoods range from 30% to over 40%, and residents struggle with unemployment, underperforming schools and higher crime rates than the rest of the city.<\/p>\n
The five CDCs will integrate programs that most often operate in silos to multiply their impact; for example, residents of affordable housing may increase their financial literacy and job skills while their children benefit from support for school success and college access. The groups will act as anchors to a constellation of local, government, and private partners that will restore opportunity and address the roots of poverty in New York\u2019s distressed neighborhoods.<\/p>\n
The donors selected these five groups to implement their business plans:<\/p>\n
Each grantee has been awarded a $250,000 grant, renewable for three additional years. Nonprofit Finance Fund and Public Works Partners will provide technical assistance to the grantees to refine their plans, further develop their revenue and business models, establish their tracking systems, and use evidence-based data to improve programs and demonstrate public benefits.<\/p>\n
\u201cCommunity-based organizations coordinate a wide range of robust services to meet the diverse needs of every New York City neighborhood,\u201d said Matthew Klein, Executive Director of the NYC Center for Economic Opportunity. \u201cThe Capital Change Fund\u2019s work to support effective non-profits and promote data-driven strategies aligns with the goals of the de Blasio Administration and we are proud to be a partner.\u201d<\/p>\n
\u201cThe Mayor\u2019s housing plan envisions a comprehensive approach — connecting affordable housing to other vital resources to build diverse, sustainable communities and a more equitable city,\u201d said HPD Commissioner Vicki Been. \u201cOur nonprofit partners play a vital role in helping to make those services and resources available to those with the greatest need. Change Capital Fund\u2019s work to support these CDCs so they can expand and improve their efforts to fight poverty in our neighborhoods is critical, and is much appreciated.\u201d<\/p>\n
\u201cStrong neighborhoods and economic opportunity are critical to a strong New York City,\u201d said Pamela Flaherty, President and CEO of the Citi Foundation, the lead funder behind the initiative. \u201cWe are proud to be part of this collaborative of foundations and non-profit and private institutions that are making a bold investment to help tackle poverty in New York City.\u201d<\/p>\n
\u201cGrowing up in one of New York City\u2019s high-poverty neighborhoods is associated with poor outcomes in education, health, criminal justice system involvement and even homelessness with life expectancy in the city\u2019s poorest neighborhoods four years shorter than the city\u2019s wealthiest neighborhoods,\u201d said Steven Flax, Administrative Vice President M&T Bank, and chairman of CCF. \u201cThe Change Capital Fund is supporting local organizations seeking to alter this trajectory.\u201d \u201cMany of the same nonprofits that rebuilt housing and commercials strips are best positioned to rebuild the social fabric of our most vulnerable communities,\u201d said Gary Hattem, President of the Deutsche Bank Americas Foundation and Managing Director of the Community Development Finance Group. \u201cThis means knitting together New York City Housing Authority developments with their surrounding communities and ensuring that every public agency that impacts a low income family is tasked with coordinating their efforts to achieve results that improve lives and increases opportunities.\u201c<\/p>\n
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Over a period of nearly 20 years the donor collaborative now called the NYC Change Capital Fund (CCF) invested $25 million in philanthropic dollars to strengthen the capacity of non-profit Community Development Corporations (CDCs). CDCs pioneered the revitalization of distressed communities throughout New York City by creating and preserving housing and repairing the fabric of neighborhoods across the city. The CCF recognizes the importance of strong neighborhoods to New York City, and particularly to the prospects of the city\u2019s low-income residents.<\/p>\n
Evolving from the Neighborhood Opportunities Fund, which began in 1996, the donor collaborative launched CCF, a new initiative that leverages the financial savvy and long-time community connections of CDCs to disrupt persistent and concentrated poverty. New and renovated housing, revitalized shopping districts, safer streets, and restored civic pride prove the benefits of coordinated philanthropy that supports entrepreneurial, community-based nonprofits.<\/p>\n
Altman Foundation; Bank of Tokyo-Mitsubishi UFJ; Brooklyn Community Foundation; Capital One; Citi Foundation; Deutsche Bank Americas Foundation; Enterprise Community Partners, Inc.; F.B. Heron Foundation; Goldman Sachs; Local Initiatives Support Corporation; Mizuho Bank USA; M & T Bank; New York Community Trust; New York Foundation; Scherman Foundation; and United Way of New York City.<\/p>\n
Nonprofit Finance Fund (NFF) unlocks the potential of mission-driven organizations through tailored investments, strategic advice and accessible insights. Founded in 1980, NFF helps organizations connect money to mission effectively, and supports innovations such as growth capital campaigns, cross-sector economic recovery initiatives and impact investing. A leading community development financial institution (CDFI) with over $80 million in assets, NFF has provided over $287 million in loans and access to additional financing via grants, tax credits and capital in support of over $1.4 billion in projects for thousands of organizations nationwide. NFF is headquartered in New York City and serves clients from five offices across the country.<\/p>\n
Public Works Partners is a management consulting firm whose work strengthens the organizations that strengthen our communities. Public Works assists mission-driven organizations in the public, nonprofit and private sectors to develop innovative solutions to client needs, launch complex new programs, manage with data, and measure success. Public Works helps clients to build organizational effectiveness by refining core operations, developing management capacity, and creating growth strategies that drive mission impact.<\/p>\n
The Brownsville Partnership<\/a> is a network of organizations and residents working together to build on existing assets to create solutions to Brownsville\u2019s most pressing challenges. The Partnership ends homelessness before it begins in a neighborhood that is dominated by ten large public housing developments. Its parent organization, Community Solutions, coordinates the Brownsville Partnership, which draws on the participation of more than 30 different partner organizations \u2013 not for profit, city government, and local groups – in the Brooklyn neighborhood of Brownsville and the robust engagement of local community members.<\/p>\n With community residents leading the way, the mission of Cypress Hills Local Development Corporation<\/a> is to build a strong, sustainable Cypress Hills\/East New York, where youth and adults achieve educational and economic success, secure affordable housing, and develop leadership skills to transform their lives and community. Each year, over 8,000 local residents participate in our programs, which include affordable housing development, community-based planning and sustainability initiatives, housing counseling, community organizing, afterschool programs, and education, employment and college access programs.<\/p>\n The Fifth Avenue Committee, Inc.<\/a> (FAC) advances economic and social justice in South Brooklyn principally by developing and managing affordable housing and community facilities, creating economic opportunities, organizing residents and workers, providing student-centered adult education, and combating displacement caused by gentrification.<\/p>\n