Initiative
to invest in critical services and programs for struggling adults 50-plus
This
initiative, in partnership with Calvert Foundation and Capital Impact Partners,
aims to support enterprises and projects that create affordable homes, increase
access to healthy foods, improve financial security, and offer more
community-oriented models of care.
Starting
with an initial investment from AARP Foundation, Calvert Foundation will raise
up to $70 million from investors seeking financial and social returns. AARP is
committed to matching up to $6 million to further strengthen the impact of this
initiative.
Capital Impact Partners will
provide financing to enterprises meeting the needs of the vulnerable low-income
older adults.
The
number of Americans over 65 will double in the next 25 years, and more services
will be required to fulfill their needs. Age Strong funds enterprises that
provide those services, with a focus on meeting the needs of vulnerable older
adults.
"Age
Strong is an innovative approach to supporting enterprises that are meeting the
critical needs of vulnerable adults 50-plus. It demonstrates what is possible
when partners with complementary strengths and aligned missions come together
with a shared goal." said AARP Foundation President Lisa Marsh Ryerson.
"This initiative deliberately aligns with our work to help struggling
low-income older adults attain safe and affordable housing, steady income,
adequate and nutritious food, and create strong and sustaining bonds that will
help create more vibrant and strong communities."
Age
Strong is the only social investment initiative that focuses specifically on
low-income and/or vulnerable 50-plus adults.
It brings together AARP Foundation
and AARP's experience and voice for the 50-plus, Calvert Foundation's impact
investment platform and Capital Impact Partners' expertise in financing
community development projects.
"Through
our investment product people can invest in Age Strong starting at $20, and
fund enterprises that provide critical services for vulnerable older
adults" said Calvert Foundation President and CEO Jennifer Pryce.
"It's a win-win because investors earn returns while creating positive
social impact. For more than 20 years we've been connecting people with the
causes they care about through investment, and Age Strong is one of our most
exciting new options."
"The
ability to age strong requires that all people, especially the most vulnerable
older Americans, have access to those critical services that enable them to
lead healthy, vibrant, and engaged lives," said Terry Simonette, President
and Chief Executive Office at Capital Impact Partners.
"Through this
partnership we have the ability to help ensure that good projects that support
age-friendly communities receive the capital they need to grow and deliver
social impact."
Through
Age Strong, Capital Impact provides financing of community or economic
development projects that provide positive benefits for the 50-plus, low-income
population. Examples of loans include:
real estate acquisition, construction and property improvement, and equipment
purchase.
Borrowers interested in the
specific terms should visit http://www.capitalimpact.org/age-strong/.
The
Age Strong initiative aligns with AARP Foundation's vision of deploying
investments to enterprises that empower vulnerable older adults through
innovative programs that demonstrate social impact in the areas of housing,
hunger, income and isolation. Age Strong is true to its name – helping older
Americans stay strong and secure as they age.
Video
about Age Strong can be found
here: https://video.com/aarpbroadcast/review/141694367/b8a71b84f7
To
learn more: www.AgeStrongInvest.org.
About
AARP Foundation
AARP
Foundation is working to win back opportunity for struggling Americans 50+ by
being a force for change on the most serious issues they face today: housing,
hunger, income and isolation. By coordinating responses to these issues on all
four fronts at once, and supporting them with vigorous legal advocacy, the
Foundation serves the unique needs of those 50+ while working with local
organizations nationwide to reach more people, strengthen communities, work
more efficiently and make resources go further. AARP Foundation is AARP's
affiliated charity. Learn more at www.aarpfoundation.org.
About
Calvert Foundation
Calvert
Foundation enables people to invest for social good. Through its flagship
Community Investment Note®, Calvert Foundation has raised $1 billion in
investment from more than 15,000 investors to invest in hundreds of nonprofits
and social enterprises worldwide. Investor dollars empower women, fund the
construction of affordable housing, provide loans to small business owners,
increase access to healthcare, and support fair trade and sustainable
agriculture. More at www.calvertfoundation.org.
About
Capital Impact Partners
Capital
Impact Partners transforms underserved communities into strong, vibrant places
of opportunity for people at every stage of life. We deliver strategic
financing, incubate new social programs, and provide capacity-building to help
ensure that low-to-moderate-income individuals have access to quality health
care and education, healthy foods, affordable housing, and the ability to age
with dignity. A nonprofit community development financial institution, Capital
Impact Partners has disbursed more than $2 billion to revitalize communities
over the last 30 years. Headquartered in Arlington, Va., Capital Impact
Partners operates nationally, with local offices in Detroit, Mich., and
Oakland, Calif. Learn more at www.capitalimpact.org.
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