MHCLF Acquired Funding Partners Housing Solutions on May 1, 2016

The Board of Directors for Mile High Community Loan Fund (MHCLF) and Funding Partners for Housing Solutions (FP) have entered into an agreement to affiliate effective May 1, 2016. Under the agreement, FP will function as a wholly-owned subsidiary of MHCLF under a common governance and management structure. Each will retain its unique identity as non-profit community development financial...

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Support MHCLF on Colorado Gives Day 2015

Help us get our share of the Colorado Gives Day $1 Million Incentive Fund! For the fifth consecutive year, Community First Foundation and FirstBank are partnering to present Colorado Gives Day.  All Coloradans are encouraged to join the statewide movement on Tuesday, December 8, 2015, by supporting their favorite causes online through ColoradoGives.org. $1 Million Incentive Fund For the first time ever, Colorado Gives Day features a $1 million Incentive Fund, one of the largest gives-day incentive funds in the country.  This means every nonprofit receiving a donation on Colorado Gives Day receives a portion of the Incentive Fund.  For example, if we receive 10 percent of the total donations made on Colorado Gives Day, we ill receive 10 percent of the $1 million Incentive Fund.  Your gift on Colorado Gives Day increases the value of every dollar you donate. Colorado Gives Day is powered by ColoradoGives.org, a year-round website featuring nearly 1,500 nonprofits.  ColoradoGives.org encourages charitable giving by providing comprehensive, objective, and up-to-date information about Colorado nonprofits.  It is an easy way to support us online! Donate online any time during the 24-hour period on December 8th to, “give where you live!”  Go to our page and click on, “Donate Now.”  We thank you for our continuing...

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MHCLF is Working with Medici Communities, LLC on the Broadway Lofts Project

In November 2015, MHCLF approved a $250,000 predevelopment loan to Medici Communities, LLC for their development of a 111 unit affordable housing project in Englewood that is to be known as Broadway Lofts.  Broadway Lofts will contain 74 1-bedroom units, 37 2-bedroom units, and 10,988 square feet of commercial space.  All affordable housing units will be set aside for households that have incomes of 60% of the area median income or less.  The development of Broadway Lofts will utilize a combination of State Tax Credits, 4% LIHTCs, Private Activity Bonds, and Arapahoe County HOME funds. MHCLF is pleased to be involved in the Broadway Lofts project and to be working with Medici Communities!  The Broadway Lofts project is in an excellent location – downtown Englewood – where there are many transportation and employment opportunities for the residents. Medici Communities has a long history of developing high-quality, multi-family affordable housing projects.  In addition to Medici’s own projects, they also serve as consultants to nonprofits and housing authorities. This loan will be the second MHCLF loan to Medici Communities.  The other loan is a mini-perm loan for the financing of the commercial portion of the Florence Square development.  It is a pleasure to be involved in this project and to be working with Medici...

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BBVA Compass Becomes MHCLF’s Newest Investor

As of September 2015, MHCLF is proud to welcome BBVA Compass Bank as our newest loan fund capital investor. BBVA Compass has supported MHCLF with operating grants on multiple occasions and it’s great to now have their long-term support with an Equity Equivalent Investment” noted Sean Doherty, Executive Director of MHCLF.  “BBVA’s investment reflects the Bank’s commitment to community development investments and confidence in MHCLF’s work.” BBVA Compass is a leading U.S. banking franchise with operations throughout the Sunbelt region and it ranks among the top 25 largest U.S. commercial banks based on deposit market share.  BBVA Compass operates 688 branches in Alabama, Arizona, California, Colorado, Florida, Mexico, and...

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MHCLF Receives 2015 CDFI Fund Award

MHCLF has received a 2015 Financial Assistance Award of $2,000,000 from the US Department of Treasury’s CDFI Fund.  The new loan fund capital will allow MHCLF to finance additional affordable housing, economic development, and nonprofit community facilities projects throughout the state. The CDFI Fund award will leverage additional investments and boosts MHCLF’s available loan capital by 10% to nearly $18 million.  The 2015 award is the fourth award in six years and brings MHCLF’s total CDFI Fund awards to over $4 million. MHCLF was one of four Colorado CDFIs to recieve awards this year and received the maximum amount.  The other recipients are Colorado Enterprise Fund ($2 million), Mercy Loan Fund ($1.4 million), and La Plata Homes Fund, Inc. ($125,000). “Today’s awards highlight how much the CDFI Program has contributed in its 20 year history towards building a strong network of CDFIs across the country” said CDFI Fund Director Annie Donovan.  “These important community partners are not only on the frontlines of economically distressed communities providing needed capital and credit, they are building a more inclusive community, which benefits the nation as a...

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In Other Developments

Things are busy at MHCLF! We recently approved a loan to provide mini-perm financing for the commercial/retail space that will be located at the Westwood Crossing project, a planned 98-unit multi-family development to be located in Denver’s Westwood Neighborhood.  The project is being developed by McDermott Properties in cooperation with th eDenver Urban Renewal Authority and City and County of Denver. MHCLF is also providing a predevelopment loan to Cecil Development, to help pay for costs related to the development of 11 units of affordable, for-sale, single-family homes on Humbolt Street in Denver’s Cole...

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