The Community Capital Fund
The Klarman Family Foundation is committed to expanding access to critical services and enrichment opportunities that help make Massachusetts communities stronger, healthier, and more vibrant. We recognize that community-based organizations of all sizes and across a variety of mission areas play crucial roles in strengthening the fabric of neighborhoods.
Community-based organizations often struggle to raise funds to support critical investments in physical assets (e.g., facilities and open space). These investments are necessary so they may deliver and sustain high-quality operations and advance their vision and mission. Of significance, organizations operating within communities of color face increased barriers to accessing funds.
The Foundation believes that investments in physical assets help create a permanence that benefits the broader community. The Community Capital Fund (CCF) provides funding to support the development, improvement, or ownership of physical assets. This new funding initiative aims to counter historic disparities in access to funding and prioritizes organizations operating within communities of color in Massachusetts.
The Community Capital Fund supports facilities or land acquisition; construction; renovation; repair; preservation and major equipment. In some cases, funding will also support technical assistance to help organizations develop or assess the feasibility of a project, or engage expertise necessary to execute the project successfully.
Through this new funding initiative, The Klarman Family Foundation hopes community-based organizations will be better positioned to make their space and neighborhoods more vibrant, welcoming, and inclusive. At the same time, The Klarman Family Foundation seeks to deepen and expand its relationships within, and knowledge of more communities throughout Boston and Massachusetts. We know we do not have all the answers and expect our funding approach to evolve over time based on what we learn.
Our work in this area is guided by the following principles:
- Focus on communities with the greatest barriers to capital: We will prioritize funding to organizations in communities with the largest populations of people of color.
- Nimble and bold: We will be flexible and reduce friction in our processes adapting our response based on the size, type of request, urgency of need, or ability to leverage other funding. We will be ready to take risks (e.g., as the largest or as an early funder.)
- Commitment of the right resources to help ensure success: While an organization and its planned capital project may demonstrate great promise for the community, with limited financial, staff and board capacity, some organizations may benefit from additional assistance beyond a grant to successfully execute the project. In some cases, we will support organizations (e.g., with support from Nonprofit Finance Fund, or similar) to reach a stage of readiness for the project, rather than use readiness as a disqualifying criterion.
- Locally informed: We are not experts in all communities and will seek guidance from community members to understand an organization’s role and relevance. We will prioritize funding for organizations that are rooted in the community and ensure that community voices are represented in the project.
- Lasting benefit: We will invest in projects that address a community need in a meaningful, sustainable way. We aim to strengthen existing assets valued by the community to help ensure their permanence.
For funding criteria, eligibility information, and application instructions, please click here.