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In the 1980s, a wave of people in cities of all sizes and across the country began to organize around the idea that the financial system should work for everyone, being able to finance housing and businesses. Cultural centers for all, regardless of race, gender, zip code or other characteristics. Jeremy Nowak was one of those people. He died Saturday at the age of 66, after suffering a heart attack on July 11th.
Excerpt from Nowak 's Obituary in The Philadelphia Inquirer:
Mr. Nowak was born at Strawberry Mansion in 1951, son of Lillian Kovnat, seamstress and human resources professional at the former Central Penn Bank, and Albert Nowak, jeweler and grocer. He graduated from Central High School and, in 1973, from Pennsylvania State University, where he specialized in philosophy, said his daughter. In 1986, he obtained a doctorate. In the 1980s, Mr. Nowak worked as a community organizer in Logan, he told a PBS interviewer, but realized that "working in a downtown neighborhood … the Army of a grant of $ 10,000, he launched what became the Reinvestment Fund, a way to improve life in some of the region's poorest regions.
Since its founding in 1985, the Fund has Reinvestment has lent or invested more than $ 2 billion in affordable housing, economic development, clean energy and other projects in low and modest income communities. now projects across the country, the Reinvestment Fund remains loyal to its hometown: of $ 203 million in new loans granted in 2017, $ 62 million has been earmarked for projects in and around Philadelphia.
beyond direct investments and Of the loans it's made, the Reinvestment Fund is one of the few nonprofit lenders that did what many people doubted to do: they put projects with a direct and measurable social impact. Investors-type The Reinvestment Fund is one of six Community Development Financial Institutions (CDFIs) with a rating of S & P – the same rating agency that Wall Street investors to badess the risk of. invest in companies or state and local bonds. With an "AA" rating, the Reinvestment Fund is considered a more secure investment than bonds issued by the states of Illinois, West Virginia, Pennsylvania, Michigan, Kansas, Connecticut, California, New Jersey or Kentucky. Last year, the Reinvestment Fund was one of the first CDFIs to issue a public bond offering, raising $ 50 million in less than an hour from investors who manage capital for the first time. account of some of the world's largest mutual funds and pension funds. During his career, Mr. Nowak spent 18 months at the helm of the William Penn Foundation. According to him, "the Foundation has also attracted controversy by funding a multi-million dollar plan to restructure the Philadelphia School District by adding charter schools." He left the foundation because of "differences in strategic approach". the newspaper. (EDITOR'S NOTE: Next City receives a grant from the William Penn Foundation to support his work.)
Yet Nowak's willingness to tackle big questions and test New ideas for solving old problems earned him respect inside and outside Philadelphia circles. He recently co-authored "The New Localism: How Cities Can Prosper in the Age of Populism," with Bruce Katz. (Katz is a member of Next City's board of directors.) One of Nowak's most recent activities has been the presidency of the Philadelphia Citizen, a local news organization. . As Citizen founder Larry Platt tells in his retrospective:
A few of us, inspired and funded by philanthropist Ajay Raju, began blogging on ways to make Philadelphia better. It was at that time that I was called to Starbucks.
"I love what you do," Nowak says, avoiding small conversations, as usual. "I will raise money for you, write for you and chair your board of directors, if you commit to doing something different, exploring smart ideas and building a real Town Square. We must change the history of Philadelphia.
Nowak is survived by his wife, Jano Cohen, daughter, Jessica Cohen-Nowak, son, Adam Cohen-Nowak, brother, Edward Nowak, and sister, Nancy Nowak
Funeral for Nowak will take place on Friday, August 3 at 10:00 am, in the auditorium of the main Drexel University Building, 3141 Chestnut St. Donations can be made to the Mastery Charter Foundation Scholarship-Jeremy Nowak Scholarship, Lankenau Hospital Fund # 5121 for the Cardiothoracic Intensive Care Unit, and Alex Lemonade Stand Foundation
Oscar is the editor of Next City.Before that, he was a contributing writer and Equitable Cities Fellow for Next City Since 2011, Oscar has covered community development funding, community banking, impact investing, equitable and inclusive economies, affordable housing, fair housing and more for the media such as Shelterforce, B Magazine, Impact Alpha and Fast Company. . (JavaScript must be enabled to view this e-mail address)
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