Dear Friends and Supporters,
In 2015, Mile High Community Loan Fund (MHCLF) continue to deliver meaningful impacts to Colorado communities. Eight closed loans will support the development of 548 units of affordable housing and over 25,000 square feet of community space. During the year, MHCLF closed its first loan associated with the organization’s partnership with the State of Colorado Office of Economic Development and International Trade to provide funding for projects located in Certified Creative Districts throughout the state. Additionally, MHCLF executed an economic development loans in a designated redevelopment neighborhoods. MHCLF was pleased and honored as two additional investors provided funding support in 2015 for our mission going forward.
We are very excited to report, in November 2015, the Boards of Directors of MHCLF and Funding Partners for Housing Solutions (FP) unanimously affirmed a Letter of Intent to combine these two well-respected Community Development Financial Institution (CDFIs). As proposed, the two entities will retain unique identities though operate under a common governance and management umbrella. In removing operational redundancies, the resulting organization will recognize efficiencies to better leverage resources while retaining the goodwill that has lead to their individual success. MHCLF and FP have worked in exceptional, close-collaboration over the years to maximize availability of capital for the benefit of low and moderate-income households across Colorado. With similar business models and compatible product sets, the two organizations have regularly participated in funding residential projects, advanced policy initiatives and promoted greater collaboration within the CDFI industry. Bringing two strong organizations together provides a launch point for profound advancement in creating access to capital that could not be otherwise achieved. This partnership became official on May 1, 2016.
In 2016, MHCLF will leverage the influence of these two strong brands, expanding existing relationships and forgoing new ones as the organization pursues its goal of reaching more people and improving the quality of life in Colorado’s distressed communities.
MHCLF wishes to express its gratitude to Linda Tinney and David Suhr, valued board members who have completed their terms at the end of 2015. Linda and David served the organization with distinction and selflessness. Their commitment, leadership and contributions to the organization were substantial and they will be missed.
Michael Reis Sean Doherty
Michael Reis, President Sean Doherty, Executive Director