The Reinvestment Fund Releases Annual Report

The Reinvestment Fund (TRF) released its annual report this week outlining its financials, including a breakdown of its lending activity for fiscal year 2013.

TRF is a national community development financial institution (CDFI) with local roots. It was established in Philadelphia in 1985 and remains headquartered here, despite investing in community projects across the mid-Atlantic region and other parts of the country.

The report states that TRF closed $121.4 million in financial transactions in 2013. This money went into housing development, commercial real estate, community facilities and food retail. Some local projects from 2013 include the 60th Street Revitalization Corridor, a large mixed-used development in far West Philadelphia, and the Fresh Grocer at 56th and Chestnut.

This is a slight decrease from the $130.2 million in transactions made in 2012 — a year that a number of high-profile food retail projects in Philadelphia assisted by TRF,  such as the Creekside Co-op and the Fare & Square nonprofit grocery store in Chester.

The majority of the lending in 2013, and often in past years, went towards community facilities. This is a broad term but generally includes health centers, schools, child-care centers and other hubs for community support services.

The overall pool of money that TRF draws from for projects increased from 2012-2013. The amount of capital it manages increased from $672 million to $705 million due, in part, to the allocation of New Market Tax Credits from the Department of Housing and Urban Development, according to the report.

Read the full report here.

Image via TRF Annual Report

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