This is the second session in the Community Matters webinar series. It features experts from the Casey and Calvert foundation discussing innovative ways organizations and individuals can invest in the transformation of a community.

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I. Introduction
II. East Baltimore Revitalization Initiative
III. Ours to Own
IV.Questions
Webinar Overview
#caseychat

3. • Largest urban redevelopment
effort in Baltimore since the Inner
Harbor in the early 1980s
• 88-acre site next to Johns
Hopkins Medicine campus
• $1.8 billion initial budget
• Goal: Transform neighborhood
into a mixed-income community
East Baltimore Revitalization Initiative
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4. • Capitalize on
neighborhood strengths
– Proximity to major
biotechnology center
• Acquire land and responsibly
relocate residents
• Create opportunity
– 1,200 units of mixed-income
housing
– Job training for residents
– Land use and physical
infrastructure plan
Project Strategy
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5. Baltimore City
State of Maryland
Johns Hopkins
University and Hospital
Forest City Science
and Technology Group
Abell, Goldseker,
Weinberg and other
foundations
The community
East Baltimore
Development Inc. (EBDI)
The Annie E. Casey
Foundation
Public-Private Partners
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6. • Rationale
– Casey’s hometown
– Focus on major neighborhood
improvement initiatives
• Resources
– Human capital, not just
physical rebuilding
– Maximize assets in support
of mission
o 3 percent of endowment allocated
for social investments
Casey Foundation
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7. Attract resources from other
foundations and stakeholders
Casey’s Two-Pronged Strategy
Leverage Casey resources and
support investments
• $20 million grant commitment
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8. Project Realities
• Long-time horizon for
government appropriations
• Capital intensive
• Complex
Filling the Gap
Using New Markets Tax Credits
• Three transactions totaling more than $50 million
• Partially guaranteed by Casey assets
• Netted EBDI more than $13 million in equity
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9. Tax Credit Investor Risks
New Markets Tax Credit Details
Guarantees
Speculative
Project
New/
Unproven
Investee
Risk shared
by Casey,
Johns
Hopkins,
others
Recapture
Full
Guaranty
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10. • Site preparation for 31-acre
core area
– Acquisition, demolition
– Property maintenance
Use of Proceeds
• New elementary school
and early childhood
center development
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11. Casey’s Total Investment
More than $100 million
Loans, guarantees and bond purchases
•
Leveraged more than $300 million in additional funding:
$200 million from public sources
$90 million in other philanthropic support
$40 million in new markets tax credits
Casey Investment Leverage
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12.  Successful relocation of
742 households
 New infrastructure costing
more than $35 million
 New office and housing
construction
o 275,000-square-foot research
and laboratory building
o 235,000-square-foot state
public health laboratory
o 249 mixed-income housing
units
Results to Date
 New public school campus
o 7-acre K-8 public school
o Early childhood center
o Community resource center
o Historical library
 Retail amenities
 Wide range of support
services and resources,
including job training and
leadership development
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13. Base innovative financing on the
evolving circumstances of the
project and market conditions
Federal and state tax credits and
local public financing are critical
Creditworthy institutions can
backstop transactions
Six Lessons
Foundation should seek high
return in social impact
Innovative financing requires
expert financial and legal analysis
Participants must understand
each other’s motivations and
constraints
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14. OURS TO OWN
A GROWING MOVEMENT OF PEOPLE INVESTING AS LITTLE AS $20 —
AND EARNING RETURNS — TO STRENGTHEN THE CITIES WE LOVE
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Calvert Foundation has Been Providing Innovative, Flexible
Financing for Social Good for Almost Two Decades
• Calvert Social Investment Foundation
was founded in 1988 to complement the
work of Calvert Investments by providing
a private debt solution to create more
direct impact on communities in the U.S.
and internationally.
• While Calvert Foundation has evolved
over the years, we have had a consistent
mission, to empower individuals to invest
in social good.
• Over the years, Calvert Foundation’s
capital has played a role in testing and
proving new sectors like CDFIs in the
U.S. and microfinance abroad.
• We are unique in our source of capital
and our approach, and are looking to
scale our work in communities.
Calvert Foundation’s History
We raise capital
from individual and
institutional
investors
That we lend into
communities lacking
access to flexible
capital

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Cities Work Began in Early 2013
Work started with a listening tour supported by the Kresge Foundation to
understand the disconnect between available capital and community need
• We all know that nearly every community across the country is experiencing the fallout
of the 20th-century economy: a lagging employment market, a decline of social
services and an unaffordable housing stock, and that traditional sources are insufficient
to turn these communities around.
• We spoke with many close partners that explained that there was not sufficient capital
available with the right terms and the flexibility they needed to solve some of their
communities most pressing needs.
• Despite these challenges, we see daily examples of how communities are continuing to
create innovative ways to connect, communicate and share value, proving that no
matter the macroeconomic picture, individual Americans remain optimistic and
empowered to shape the world around them.
• We developed this initiative to leverage this entrepreneurial spirit by providing a way
for everyday Americans to use the power of their individual assets to rewrite their future.
• This campaign creates the mechanisms to build a greater connection between every
day citizens and the development of the communities where they live, work and play.
We have committed to launch the Ours to Own campaign in
five cities by the end of 2015, deploying at least $30 million in
responsive debt capital in these communities

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Initiative Goal: To Leverage the Power of Our Community
Investment Note to Connect Investors With Their
Communities
Ours to Own: This campaign is the container that holds all of the intermediation
that occurs between the retail investor and the impact on the ground

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Lifting the Profile of Community Development
Organizations and Drive New Sources of Capital into Local
Communities
Campaign Goals
• To educate individuals about the power
of their individual assets to create the
change in their communities that they
want to see
• To lift up the profile of local
community actors to drive attention
and resources to their amazing work
• To provide new sources of private
capital targeted to creating local value
to augment existing public and
philanthropic sources
• To create renewed excitement and
collaboration across sectors in the
communities we are serving

19. This Effort Leverages the Strengths of Multiple Actors, All Who
Are Aligned in Their Desire to Transform Their Communities
Players & Their
Strengths
Catalyze new
sources of
capital
Tell an effective
and inclusive
story
Spark direct
community
engagement
Activate an
enabling
infrastructure
Strengthen
communities
Goals of the
Campaign
The impact of this work is much greater when all organizations work together
Critical to achieve goals
Calvert
Foundation
National &
Local
Philanthropy
Developers/
CDFIs
Creative
Partner
Grassroots
Organizations
Local Political
Offices
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   
Regional or
National
Banks
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The impact of this work is much greater when all organizations work together

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Ours To Own: Currently Live in Denver and the Twin Cities;
Will Be Launched in Three More Cities by End of Next Year
Visit www.OursToOwn.org
to see the full site

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Flexing Our Marketing and Analytics Muscle for the First
Time with Partners to Reach More Diverse Investors

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We’re Excited to Expand This Work Across Many More
U.S. Cities Alongside National and Local Partners

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At www.aecf.org:
• Innovative Philanthropic Financing
for Community Change
At www.OursToOwn.org:
• Ours to Own - Denver
• Ours to Own - Twin Cities
Resources

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For additional information:
media@aecf.org
partner@ourstoown.org
Questions?