Collaboration and partnerships are essential in maximizing the social impact of the limited resources available to MHCLF and other community development organizations. MHCLF seeks out partnerships that contribute to the efficiency and effectiveness of our efforts to create economic opportunity for low income individuals and communities.
Toward that goal MHCLF has worked collaboratively with many organizations and has particularly strong partnerships with the organizations below.
Mile High Community Loan Fund (MHCLF) and Habitat for Humanity of Colorado (HFHC) have joined forces to help fund the building and sustainability of affordable housing in Colorado.
HFHC has received a $250,000 low-interest, long-term loan from Wells Fargo Community Development Corporation that allows them to establish a revolving loan fund for Habitat affiliates to meet the early-stage financing needed on local Habitat projects.
MHCLF, through an agreement with HFHC, administers and manages the revolving loan program established with the Wells Fargo funds. MHCLF participates in many of the loans granted to Habitat affiliates enabling the loan funds to be leveraged and more loans to be made to Affiliates.
The early-stage, flexible loans are used by Habitat affiliates for pre-development, land acquisition, construction and gap financing needs on their affordable housing development projects. Loans will be made to Affiliates at 6.0% fixed rate generally for terms of 24 months or less.
Mile High Community Loan Fund and Seedco Financial Services, Inc (Seedco Financial) have executed an agreement to make an initial combined investment of $1million for early-stage, short-term loans available for affordable housing development and renovation projects in Denver.
Seedco Financial is the national financial intermediary selected by the City of Denver to spur investment and redevelopment in targeted low-income neighborhoods.
Bank of the West and several other investors have matched Seedco Financial’s investment in MHCLF with a long-term, low-interest investment.
This partnership takes advantage of Seedco Financial’s extensive financial resources and expertise and MHCLF’s capacity and experience processing and making affordable housing loans in the Denver metro area. The partnership will combine resources to further the redevelopment efforts that often include housing, business and commercial development.
Like MHCLF, Funding Partners is a nonprofit Community Development Financial Institution (CDFI) that offers a variety of loan products to support the development of affordable housing.
MHCLF has participated with Funding Partners on making development loans and has collaborated on a number of operational and programmatic initiatives that increase efficiency.