Review MHCLF’s most recent e-newsletter articles, loans closed, and more.
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 institution. More.
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 support!
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 again!
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 Texas.
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 whole.”
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 Neighborhood.
In June of 2014, Mile High Community Loan Fund entered into an MOU with the state Office of Economic Development and International Trade to create a Creative District Community Loan Fund. The purpose of the Creative District Community Loan Fund is to provide financing for real estate projects that benefit Certified Colorado Creative Districts throughout the state.
MHCLF has approved the first loan to be funded under the partnership. The Pueblo Arts Alliance will be the recipient of a $540,000 loan, which will be used for the acquisition and rehabilitation of a former wallpaper and paint supply store, a former costume shop, and adjacent vacant land, located in the Pueblo Creative Corridor, a Certified Colorado Creative District. The project will consist of approximately 14,700 square feet, and will provide artist live/work space, retail storefronts, creative industry manufacturing space and outdoor shared public space.
This most recent loan approval highlights MHCLF’s commitment to economic development through the arts. MHCLF previously funded a $500,000 construction loan to the project known as “The Temple,” which is the former Temple Emanuel located at 24th and Curtis Streets in Denver. The Temple was the former home of the Emanuel Congregation, but sat vacant for many years and was becoming a blight to the neighborhood. The property was purchased by Robert Dick, Kathryn Crawford and Adam Gordon, and has been renovated to provide artist studio space, gallery space, and houses several art-related nonprofits.
BBVA Compass Support Deepens
Already established as a generous supporter, having provided past operating grant support for MHCLF’s technical assistance and outreach activities, BBVA Compass has approved a $1.5 milliion EQ2 investment in the organization’s loan fund. The Bank’s investment will allow MHCLF to further expand its impacts in the state.
The MHCLF board and staff extend their appreciation to two outgoing board members – Christopher Smith and Chad Wright for their service to MHCLF. Both gentlemen were dedicated to the mission of MHCLF and brought valuable insight and expertise to the strategic planning and policy making responsibilities of the board.
In December 2014, the board selected two new members to serve two year terms. MHCLF welcomes Rick Padilla, Director of Housing and Neighborhood Development, CIty and County of Denver and Khanh Nguyen, Portfolio Director – Healthy Living, The Colorado Health Foundation as the newest members of the fourteen-member board. Rick’s extensive background in affordable housing, finance and community development issues and Khanh’s 20+ years of experience and leadership in the Colorado foundation community valuable expertise and insight to the MHCLF board.
BBVA/Compass Foundation recently awarded $1 million in grant funding to community development financial institutions throughout the BBVA/Compass market area. MHCLF is pleased to have been selected for a $75,000 operating grant in the competitive process and will use this big boost to support technical assistance and outreach activities throughout 2015.