During its 10-year history, the Mile High Community Loan Fund has helped finance 3,688 affordable units in the seven-county Denver area, the non-profit organization reported today, as part of its 2009 annual report.
During the past decade it also was invested in 88,181-square-feet of community facility space and leveraged $481,998,000 in loans. Almost three quarters of the people – 71 percent – in the housing units it created, earn 30 percent to 60 percent of the area median income. To date, the fund has approved 117 loans totaling more than $40 million. Of those, $29.7 million have closed.
The report also highlights three organizations that provide affordable housing and services to the Denver metro area and Fort Collins.
CHARG Resource Center: A loan for $75,000 from Mile High was in addition to a City of Denver grant allowing CHARG to move forward with renovations of its 100-year-old resource center for low-income mentally ill individuals in the Capitol Hill area. The CHARG project is the first funded under Mile High’s ’s recently established TUP, or The Uptown Partnership, Legacy Fund.
Fort Collins Housing Authority: In its first participation loan in Larimer County, Mile High’s loan for $650,000 for the rehabilitation of Village on Stanford is an example of green building breakthroughs in multifamily housing. Green building improvements included smart boiler system, high-performance windows, solar reflective roofs, and on-site bicycle storage.
Bo Matthews Center for Excellence: Sometimes it takes many partners and more than a little patience to piece together financing for an affordable housing project. Together with a Denver’s Road Home subsidy, a Low Income Housing Tax Credit allocation,, a supplemental tax credit allocation and two loans from Mile High totaling $375,000 helped get the fourth quarter apartments project underway. Once completed in 2011 the project, located at the corner of Martin Luther King Boulevard and Downing Street, will have 28 units restricted to 30% AMI and 5 units restricted to 50% AMI.
Each year, Mile High honors those who champion and support the organization with their time and expertise by inducting them into the Hall of Fame. This year it is Cherie Kirchbaum, president of City Projects, Inc.. Kirchbaumn completed her six years on the board last December. Her accomplishments include helping to secure nearly $400,000 in foundation and corporate gifts.
Mile High Community Loan Fund is a $10 million loan fund that invests in affordable housing and other community assets that create economic opportunity for low-income people and communities. Mile High is a certified Community Development Financial Institution , and is capitalized with investments from U.S. Bank, Wells Fargo Bank, Key Bank, Bank of the West, Mile High Banks, Calvert Foundation, Colorado Housing and Finance Authority, and the cities of Denver, Arvada, Boulder, Englewood, and Lakewood.
John Rebchook can be contacted at JRCHOOK@gmail.com or 303-945-6865.