Forbes Magazine, NCB Capital Impact Finds Opportunity in Innovative Initiatives like The Green House Project
By Rachel Scher McLean / Posted on January 9th, 2012
Capital Impact, COO, Annie Donovan, is interviewed in Forbes Magazine, to talk about the work that Capital Impact does to support people and communities to live to their highest potential at every stage of life, “Our overarching goal is to improve access to high quality health and elder care, healthy foods, housing and education in low-income communities.”
The purpose of NCB Capital Impact is to “make capital available in underserved, low-income markets; to go where traditional banks would not, either because they didn’t understand the risks, or they thought the returns were not commensurate with the risk.”
At Capital Impact, we’ve taken that initial $25 million in equity capital and grown it and stretched it in every way imaginable resulting in $1.7 billion invested to date in low-income communities, most of which are highly distressed. We’ve financed the creation of 35,000 units of affordable housing; 200,000 school seats for low-income children in high quality charter schools; 3 million square feet of health center space that provides for more than 1 million patient visits annually; 9,000 units of affordable assisted living; healthy food retail in over 60 locations; and more than 26,000 jobs for low-income people. We think that’s an excellent return on taxpayer investment – and we’re not finished yet.
Money alone will not solve societal problems, there are problem solving, educational and innovative components that create the impact. Ms. Donovan speaks about The Green House Project as an example of the marriage between creative financing and innovative implementation,
We are currently diffusing a disruptive innovation in the nursing home market called The Green House Project (GHP)www.thegreenhouseproject.org. GHP is a complete remake of the skilled nursing environment, from an institutional setting concerned with efficiency and medical care to a warm, nurturing, small-scale home that cares for the whole person, allows elders to age with maximum control and dignity, and does so at operating costs on par with typical nursing homes. Our role in financing for these initiatives is important, but has been secondary to that of developing them.
The Green House Project has big goals over the next few years to expand our development to communities across the country. Being a part of Capital Impact, a company who sees every challenge as an opportunity, will make our audacity for change, an attainable reality.
To read the full article in Forbes Magazine, click here