A leader in urban investment and revitalization will take over the William Penn Foundation as Jeremy Nowak becomes president of one of the region’s largest philanthropic organizations.
Jeremy Nowak is CEO and founder of The Reinvestment Fund. The nationally recognized organization has invested $1 billion in community development projects including housing, education and providing access to fresh food. Nowak is also vice chairman of the Philadelphia Federal Reserve Bank.
Nowak said Wednesday he is excited to make a switch from investment capital to philanthropy.
“Philanthropy is civic capital so it places money into civil society for the most part,” he said. “It’s the kind of experimental money that can do things that money that needs a return or has shareholder interest in it — it can do things that that kind of money can’t do.”
Nowak says the $2 billion William Penn Foundation will continue to serve the region. The late John Haas bequeathed it more than $700 million in assets. Nowak will replace current president Feather Houston in June.