Mile High Community Loan Fund invests in affordable housing and other assets to improve economic opportunities of low income persons and communities.
Mile High Community Loan Fund (MHCLF) is a short-term lender, often taking the middle risk position between bank financing and public subsidies. The majority of our loans are very early stage and high risk.
MHCLF provides loans to non-profit and for-profit organizations for, 1) the development or preservation of affordable housing, 2) the development, redevelopment or renovation of commercial real estate in targeted neighborhood revitalization areas, and, 3) Non-profit organizations that serve low-income populations for the purchase, rehabilitation and/or construction of facility space.
MHCLF lends on real estate based projects to developers of affordable housing, nonprofit facilities, economic development and other community projects. MHCLF lends on a full spectrum of affordable housing projects – including but not limited to: emergency shelters, transitional housing, rental and for-sale housing projects, etc. Nonprofit facility and economic development projects must serve low-income communities and/or individuals. Other requirements may apply.
Please see the "Borrowers" section for more details and terms.
Mile High Community Loan Fund (MHCLF) was formed in 1999 as a community-based, nonprofit organization to administer a loan fund to provide difficult to secure, early-stage capital for developers of affordable housing. Initially called Denver Neighborhood Housing Fund, the fund was an outgrowth of a joint initiative of the City and County of Denver, Fannie Mae Foundation, Enterprise Foundation, and U.S. Bank. These four founders provided the initial capital to launch the fund, including a $3 million grant from the City of Denver.
The fund grew significantly with in the first 18 months of operation by expanding into the counties surrounding Denver. The City of Denver supported this regional approach to affordable housing with a matching grant of $275,000. The cities of Arvada, Lakewood, Boulder, Glendale, and Englewood also invested. After changing its name in 2002 to Mile High Housing Fund (MHHF) and expanding its board of directors, MHHF broadened its geographic reach to include the seven-county metro area.
In 2005, the Board and staff recognized there were unmet real estate project financing needs in the Denver metro area nonprofit community. MHCLF began making its existing loan products available to nonprofit organizations pursuing community facility development projects that serve low income individuals and communities. In 2007, nonprofit facilities loans made up more than 30% of MHCLF’s loan volume.
In 2007, in keeping with the mission of the organization and in seeking ways to expand the impact of the Fund in the community, the Board decided to expand loan services further into the state by including eight additional counties in Colorado – El Paso, Pueblo, Larimer, Weld, Clear Creek, Gilpin, Summit, and Eagle. This expansion increased the target market area by approximately 1.3 million people.
While MHCLF has deep roots in financing affordable housing developments, it has evolved into a broader community resource. The 2008 name change from Mile High Housing Fund to Mile High Community Loan Fund reflects this broadened strategy for investing in community assets.
MHCLF is, and has always been, committed to investing in community assets that improve quality of life and economic opportunity for low income individuals and communities.
MHCLF loans are available in the state of Colorado.
Our offices are located at:
Mile High Community Loan Fund
1905 Sherman Street, Suite 325
MHCLF is capitalized through loans and grants from local, regional and national funders including U.S. Bank, Wells Fargo Bank, Key Bank, Mile High Bank, Bank of the West, Community Development Financial Institutions Fund of U.S. Treasury Department, Colorado Housing and Finance Authority, and the cities of Denver, Arvada, Boulder, Englewood, and Lakewood.
Through 2012, MHCLF has approved 150 loans for $55.4 million and has helped finance nearly 5000 units of affordable housing and more than 180,000 square feet of nonprofit community facility space.