What's the New York City Change Capital Fund and Which Foundations Are Involved?

It’s not uncommon for a couple of grantmakers to pool their money to increase their impact in New York City, but a new anti-poverty initiative has brought together a whopping 17 foundations and financial institutions. The New York City Change Capital Fund chose to support five community development corporations in New York City that are addressing poverty on a local level.

Each one of these organizations is receiving $1 million over the next four years as well as technical assistance as they implement and refine their strategies. This is a unique initiative because it’s bringing so many diverse groups together around a central purpose.

These are the funders involved:

  • Altman Foundation
  • Bank of Tokyo-Mitsubishi UFJ
  • Brooklyn Community Foundation
  • Capital One
  • Citi Foundation
  • Deutsche Bank Americas Foundation
  • Enterprise Community Partners
  • F.B. Hebron Foundation
  • Goldman Sachs
  • Local Initiatives Support Corporation
  • Mizuho USA Foundation
  • M&T Charitable Foundation
  • New York Community Trust
  • New York Foundation
  • Scherman Foundation
  • United Way
  • New York City Center for Economic Opportunity

"Many of the same nonprofits that rebuilt housing and commercials strips are best positioned to rebuild the social fabric of our most vulnerable communities," said Gary Hattem, president of the Deutsche Bank Americas Foundation. "This 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."

According to a Capital Change Fund press release, these are the five New York grantee organizations and this is what they plan to do with their million dollars:

  • Community Solutions/Brownsville Partnership will orchestrate a 5,000 jobs campaign as the anchor for multifaceted services in the Brownsville neighborhood of Brooklyn, which includes over 4,000 apartments in public housing plagued with extraordinarily high poverty and crime.
  • Cypress Hills Local Development Corporation will combine real estate development strategies that increase affordable housing and quality manufacturing jobs with a continuum of educational services that starts with school readiness and continues through college graduation for the residents of Cypress Hills and East New York.
  • Fifth Avenue Committee will work with Brooklyn Workforce Innovations, Red Hook Initiative, and the South Brooklyn Industrial Development Corporation to improve educational and workforce outcomes for public housing residents, particularly for the young adults (18+) of Red Hook and Gowanus.
  • New Settlement Apartments will focus its poverty-reducing efforts on priority populations in the South Bronx, ensuring greater continuity and intensity of program participation and improving the coordination and efficacy of housing, education, and employment services.
  • St. Nicks Alliance will launch NABE 3.0, a new initiative integrating evidenced based employment, education and affordable housing strategies in a targeted high poverty North Brooklyn district. NABE 3.0 will facilitate partnerships with government and nonprofits in a coordinated outcome-driven effort to increase employment, improve educational outcomes and reduce homelessness.

Although this high level of collaboration is noteworthy, as are the individual grantmakers who agreed to work together, the New York City Capital Change Fund is nothing new. This donor collaborative has been building up momentum for the last 20 years and has invested over $25 million to strengthen community development causes.

To learn more about the Fund or to get involved, you can reach out to Donors’ Representative Wendy Fleischer at changecapitalfund@gmail.com