The Foundation invested in two projects with Homewise, a Community Development Financial Institution (CDFI) that helps New Mexicans achieve financial stability.
The Foundation's Impact Investment portfolio is aligned with our broader vision and focuses on the Greater Albuquerque Metropolitan Area. However, investments elsewhere in the state are permitted. To date the portfolio has invested $4.2 million in the local economy through private equity investments and direct low-interest loans. These investments are designed to make both financial and social returns, stimulate entrepreneurial activity and economic development and enhance quality of life. Impact investing is another tool the Foundation uses to bring significant new money into the greater Albuquerque area.
In 2022, among other investments, the Foundation invested in two projects with Homewise, a Community Development Financial Institution (CDFI) that helps New Mexicans achieve financial stability through successful and sustainable homeownership, neighborhood reinvestment and revitalization. These projects, Barelas Central Kitchen and Koala Children’s Academy, totaled $500,000.
The first, Barelas Central Kitchen, is a partnership between Homewise and Street Food Institute. When finished, Barelas Central Kitchen will be a commissary and training facility to support entrepreneurs engaged in emerging local food businesses. The 10,000 square-foot facility will include certified commercial kitchens, a tasting room, culinary classroom, community event space and office and production space for entrepreneurs. The project is expected to generate 100+ quality, accessible jobs. Street Food Institute is a non-profit organization of food service and business professionals dedicated to shaping a healthy, sustainable and creative food future across New Mexico.
The second project is a partnership with Koala Children’s Academy to build a new high quality bilingual early learning center. This daycare will serve roughly 60 children from infants up to age five, with more than 50% of the slots allocated for low-income families who use state subsidies to pay for their services. In 2020, Homewise identified having more childcare opportunities in the neighborhood and job opportunities among top priorities. This daycare will create a dozen full time jobs.