Impact Investments
In 2018, BCF launched Invest For More, an impact investing program making focused, carefully selected investments into companies, organizations, and funds with the intention of generating a measurable, beneficial social impact in our Baltimore region, as well as a financial return. Not only does Invest for More dedicate millions of dollars in BCF’s investment portfolio to local impact, but BCF donors and the general community have the opportunity to co-invest in the program. Donors who hold non-endowed funds at BCF, usually held in money market instruments, can dedicate a portion of their fund’s assets to Invest for More for a period of seven years. That investment will provide a financial return to the donor’s charitable fund while creating local impact through the projects supported by BCF’s local impact investments. At the end of seven years, donors may either renew their commitment to Invest for More or have the assets returned to their charitable fund to be used for donor-advised grantmaking.
BCF has committed up to four percent of its invested assets (BCF’s invested assets totaled $200 million at the end of 2019) to Invest for More. Local impact investments are expected to yield a double bottom line: an expected overall financial return of about three percent as well as a social return through the projects supported. BCF made three initial investments in 2018: in Enterprise Community Partners Impact Notes; Reinvestment Fund Notes; and RBC Access Capital Mutual Fund. With investment from BCF and others:
- RBC financed the Astor Court Apartments in Baltimore City, providing affordable housing to first responders and newly hired teachers and contributing to the fabric of the Charles Village neighborhood near the Johns Hopkins University.
- Reinvestment Fund investments resulted in 35 homes and more than 280,000 square feet of commercial or community space created, rehabilitated, acquired, or preserved; 194 permanent jobs created or retained; and 518 K-12 education seats created or retained. Reinvestment Fund financing is also helping to redevelop the historic Hebrew Orphans Asylum building in West Baltimore into a Crisis Stabilization Center for people with acute addiction crises.
- Baltimore Business Lending has helped minority and women-owned businesses launch or expand in Highlandtown, Pigtown, and Mount Vernon.
- Working with the Housing Authority of Baltimore City, Enterprise has provided financing to renovate and preserve the affordability of 75 apartment homes comprising the rental component of the Heritage Crossing community in West Baltimore.
