Reinvestment Fund

What Reinvestment Fund does

Reinvestment Fund is a Philadelphia-headquartered nonprofit community development financial institution (CDFI) founded in 1985. The organization deploys patient, flexible capital—loans, grants, New Markets Tax Credit allocations, and preferred equity—to community-serving projects in underserved markets across 39 states and Washington, D.C. Its core borrowers and partners are small-scale and nonprofit affordable housing developers, educational institutions (including HBCUs and charter schools), federally qualified health centers, independent grocers in food deserts, and community development organizations. Since inception, Reinvestment Fund has provided over $3.2 billion in financing, with $295 million deployed in 2025 alone.

The organization operates a layered product platform spanning direct lending (bridge loans, term loans, project financing), tax credit deployment (federal and state NMTC allocations totaling $534M cumulatively), federal program administration (USDA's Healthy Food Financing Initiative, California's $350.5M DSS Infrastructure Grant Program), Pay for Success outcome-based financing, and impact investment products (national promissory notes from $1,000 and the Philadelphia-focused PhilaImpact Fund). Its analytical infrastructure includes proprietary tools—Market Value Analysis, Limited Supermarket Analysis, and Early Childhood Education Analytics—plus the affiliated PolicyMap data platform, which together support deal sourcing, underwriting, and policy research. The organization maintains S&P AA- credit quality and issues tax-exempt and taxable bonds to fund its lending activities.

Reinvestment Fund's go-to-market is relationship-driven and field-based, with regional offices in Philadelphia, Atlanta, and Baltimore providing local deal origination. The model depends on layering multiple funding sources—NMTC equity, tax credit bridge loans, public subsidies, foundation grants, and patient capital—to make otherwise unfinanceable community projects viable. Major partners include peer CDFIs (Partners for the Common Good, Hope Federal Credit Union, National Development Council), foundation funders (Robert Wood Johnson, Walmart, Walton Family Foundation), mainstream financial institutions (JPMorgan Chase, Wells Fargo), and government agencies (USDA, U.S. Treasury CDFI Fund, California DSS, Pennsylvania DEP). The organization is governed by an independent board, has 101-250 employees, and is currently navigating a CEO transition as Don Hinkle-Brown concludes 15 years of leadership.

Name

Reinvestment Fund

Legal name

Reinvestment Fund

Website

https://reinvestment.com

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

101–250 employees

Short description

Reinvestment Fund is a Philadelphia-based nonprofit community development financial institution (CDFI) founded in 1985 that deploys loans, grants, and New Markets Tax Credit allocations to support affordable housing, education, healthcare, and food access projects in underserved communities across 39+ states.

Ownership category

akta.pro rank

Product category

Community Development Finance

NAICS

Grantmaking and Giving Services (81321)

SIC

Federal & Federally-Sponsored Credit Agencies (6111), Finance Services (6199)

akta.pro primary industry

Impact Investing & Social Finance (Funds, CDFIs, Microfinance) (BPAGALAA)

akta.pro secondary industries

Community Development & Neighborhood Revitalization (CDBG, Place-Based Initiatives) (BPAIANAE), Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF), Community Development & Neighborhood Revitalization Housing Programs (FSALAKAO), Public Health Financing, Budgeting & Grants Management (HLAJAMAC)

Keywords

• Community development finance
• Affordable housing lending
• New markets tax credits
• Community development grants
• CDFI lending

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Loan Interest and Financing Revenue: Reinvestment Fund generates revenue through interest on loans provided to community development projects, affordable housing developers, schools, healthcare facilities, and other community-serving organizations. They structure flexible financing products including bridge loans, term loans, and preferred equity investments.
2. New Markets Tax Credit (NMTC) Allocations: Reinvestment Fund receives NMTC allocations from the CDFI Fund and deploys them as equity-like capital for community development projects. In 2020 they received a $60 million NMTC allocation award, and have received $534 million in total allocations historically.
3. Grant Administration: The organization administers grant programs on behalf of government agencies and foundations, including the Healthy Food Financing Initiative (HFFI) for USDA and various state-level programs, earning administrative fees.
4. Investment Returns: Individual and institutional investors invest in Reinvestment Fund's promissory notes and impact investment products, with returns generated from loan portfolio performance and community development outcomes.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Reinvestment Fund is a national mission-driven nonprofit financial institution (CDFI) that provides loans, New Markets Tax Credit (NMTC) allocations, grants, and impact investment products to community development projects in underserved areas. Since 1985, it has deployed over $3.2 billion in financing across affordable housing, food access, healthcare, education (including HBCUs and early childhood education), and commercial real estate. It also administers federal and state grant programs such as USDA's Healthy Food Financing Initiative (HFFI).

Product overview

Reinvestment Fund is a mission-driven nonprofit financial institution offering a comprehensive suite of financing, grant, and research products. The core offerings include loan products for affordable housing, community facilities, and commercial real estate; New Markets Tax Credit (NMTC) programs; and Pay for Success financing models. Grant programs include Early Childhood Education initiatives, the HBCU Brilliance Initiative, and food systems programs including the USDA-administered Healthy Food Financing Initiative (HFFI). Research products include Market Value Analysis, Limited Supermarket Analysis, and Early Childhood Education Analytics. Investment products include national promissory notes and the PhilaImpact Fund. The Pennsylvania Green Energy Loan Fund (GELF) provides specialized climate and sustainability financing. Programs like Southeast Food Forward and the Rising Futures Expansion Fund address specific regional needs.

Differentiator

Problem solved

Functional benefit

Products and services

• Financing and Loan Products Loan financing for affordable housing developers, community facilities, small-scale developers, commercial real estate projects, and climate/sustainability initiatives in underserved areas. Includes bridge loans, term loans, and other flexible structures.
• New Markets Tax Credit (NMTC)

Quantifiable outcome

• $3.2 billion in financing deployed since 1985
• +4 more outcomes

Named customers16 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

15 partnerships are on record, tiered core, major and minor.

• Level Field PartnerscoreStrategic or Co-development Partner · 1 January 2026Co-founded Level Field Facilities Fund with Level Field Partners, which provides real estate development, financing, and strategic advisory services to charter school operators. Together they bring aligned leadership and complementary expertise to help schools navigate complex facilities decisions.
• The Industrial Commons (TIC)coreStrategic or Co-development Partner · 1 January 2026$7.5M NMTC allocation for TIC's $41.6M Innovation Campus redevelopment of the former Drexel Heritage site in Morganton, NC. The project transforms a 30-acre brownfield into a circular economy and workforce development hub.
• Historically Black Colleges and Universities (HBCUs)coreStrategic or Co-development Partner · 1 December 2025HBCU Brilliance Initiative provides targeted financial support for HBCUs with over $50M in loans to institutions. The inaugural cohort pairs up to $1M in financing and $40K in grants per institution with technical assistance and peer learning.
• Ellavoz Impact CapitalmajorStrategic or Co-development Partner · 1 November 2025Partnership with Ellavoz Impact Capital and Tesatura Capital to acquire three affordable housing units in Summerville, SC, preserving housing affordability amid rapid local development with renovations benefiting over 100 residents.
• Atlantica PropertiescoreStrategic or Co-development Partner · 1 June 2025Partnership with Atlantica Properties on the $43M acquisition of 12th & James, a 214-unit apartment community in Atlanta. Reinvestment Fund participated as preferred equity investor alongside Community Foundation for Greater Atlanta and Atlanta Neighborhood Development Partnership (ANDP), with EQ Housing Advisors and Partners for HOME as common equity partners.
• EQ Housing AdvisorscoreStrategic or Co-development Partner · 1 June 2025Common equity partner and development partner in the 12th & James acquisition, working with Atlantica Properties and Reinvestment Fund to implement a 25-year property tax exemption and ground lease structure ensuring permanent affordability.
• Partners for HOMEcoreStrategic or Co-development Partner · 1 June 2025Common equity partner in 12th & James project providing wraparound services for 43 permanent supportive housing units for individuals transitioning out of homelessness, with services delivered through Georgia Harm Reduction Coalition.
• Solaris CapitalminorStrategic or Co-development Partner · 1 January 2025Introduced Columbus Technical College to Reinvestment Fund for the VECTR Veterans Education Career Transition Resource Center project, helping navigate the NMTC program for the $14.25M workforce development facility.
• California Department of Social ServicescoreStrategic or Co-development Partner · 1 January 2025Reinvestment Fund administers the $350.5M Infrastructure Grant Program for California child care providers, deploying $86M in grants across 56 of 58 California counties.
• Policy MapminorOthers · 1 January 2024Affiliated entity linked from Reinvestment Fund website. Policy Map provides online mapping and data tools for community analysis and research.
• ReBuild MetrominorOthers · 1 January 2024Affiliated entity linked from Reinvestment Fund website. ReBuild Metro focuses on community development and revitalization in metropolitan areas.
• USDA (Healthy Food Financing Initiative)coreStrategic or Co-development Partner · 1 January 2024Reinvestment Fund administers HFFI on behalf of USDA, a federal program providing grants, loans, and technical assistance to independent grocers in underserved areas. Over 1,000 projects supported across 48 states.
• NPXmajorStrategic or Co-development Partner · 1 July 2021Facilitates the Pay for Success structure for Bridge House Ready to Work project. NPX operates the Impact Security structure linking payment obligations to impact outcomes, with outcomes funded through the Colorado Donor Impact Fund.
• Neighborhood Impact Investment Fund (NIIF)coreStrategic or Co-development Partner · 1 January 2019NIIF is Baltimore's place-based investment fund launched by the City in 2019. Reinvestment Fund is NIIF's most frequent partner, providing national capital, sector expertise, and complex financing structuring. Together they have completed 58 transactions catalyzing $450M+ in total investment, with nearly half of NIIF investments made alongside other CDFIs.
• Cross Street PartnerscoreStrategic or Co-development Partner · 1 January 2013Over 25-year partnership in Baltimore community development. Cross Street Partners serves as a local developer and strategic advisor, while Reinvestment Fund provides flexible capital and structuring expertise for complex mixed-use, housing, and community facility projects including the Crown Cork & Seal campus and Hoen Lithograph building redevelopment.

Scale indicators20 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hope Enterprise Corporation / Hope Credit Union: Deep South-focused CDFI and credit union providing loans, investments, and financial services to underserved communities in Mississippi, Alabama, Louisiana, and Tennessee. Comparable as a CDFI providing federal and state NMTC allocations, frequently co-lending with Reinvestment Fund.
• Partners for the Common Good: National CDFI providing loans and NMTC allocations to community development projects in underserved markets. Direct comparable in deal type and partnership structure; documented co-lender with Reinvestment Fund on Guadalupe Center transaction.
• Enterprise Community Partners: National nonprofit that combines financing (including NMTC allocations and lending) with advocacy and capacity building to support affordable housing and community development. Highly comparable to Reinvestment Fund, with overlapping product portfolio and explicit partnership in the Level Field Facilities Fund.
• National Development Council: National nonprofit CDFI providing loans and NMTC allocations for community and economic development, including frequent co-allocation partnership with Reinvestment Fund. Closely comparable in business model, NMTC allocation strategy, and target transactions.
• Nonprofit Finance Fund: National CDFI and advisory organization providing loans, asset-building programs, and consulting to nonprofits and social enterprises. Comparable as a national mission-driven financial institution serving community-based borrowers with financing plus advisory services.
• Capital Impact Partners: National CDFI that lends and invests in communities of color, low-income communities, and underserved markets across housing, healthcare, education, and small business. Closely comparable in mission, scale, product mix, and target borrower segments; recently merged with CDC to form Capital Impact Partners / CDC Small Business Finance.
• Low Income Investment Fund (LIIF): National CDFI providing loans, grants, and tax credit equity for affordable housing, education, and community facilities in underserved communities. Directly comparable to Reinvestment Fund as a fellow mission-driven nonprofit CDFI with overlapping product set (loans, NMTC, grants) and similar focus on community-serving borrowers.

Broad incumbents

• JPMorgan Chase (Community Development Banking): Large national bank with a major community development banking and NMTC equity business. Competes indirectly for community development capital, provides investor capital for CDFI-led deals, and co-invested in Reinvestment Fund's Level Field Facilities Fund.
• Bank of America (Community Development Banking): Major national bank with a dedicated Community Development Banking group providing loans, tax credit equity, and investments in LIHTC, NMTC, and other community facilities. Comparable as a broad-based incumbent operating in the same community development capital market.
• Wells Fargo (Community Lending & Investment): Large national bank with a significant community development lending, LIHTC equity, and NMTC investor business. Indirectly comparable as an institutional NMTC investor and community development capital provider; documented co-investor on Reinvestment Fund-led transactions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/reinvestfund
• Facebookfacebook.com/reinvestmentfund

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reinvestment Fund