Success Stories
- Expanding Capacity to Serve the Homeless
- Preseving History, Creating Affordability
- A Permanent Home, with Room to Grow
- Moving into the Mountains
- A New Home for Delores
- Team Work = Preserving Affordable Housing
- Creative Re-use Key to Motel Rehabilitation
- Promoting Affordable, ‘Green’ Living
- Nonprofit Facilities Lending Brings New Opportunities
Expanding Capacity to Serve the Homeless
Colorado Coalition for the Homeless (CCH) is an organization who’s programs, services, projects, and advocacy are 100% focused on the needs of often-overlooked homeless individuals and families throughout Colorado. CCH has been successful in garnishing the resources needed for all its programs, however, developing the facilities needed to maintain a comfortable work environment for its other important resource – personnel – had fallen behind schedule.
In order to relieve overcrowding and expand capacity for its client services and back office staff, CCH applied for and was given a $720,000 loan for the acquisition of additional office space at 2101 Champa Street in Denver, a building located next door to its current offices. With a strong track record in both the community and with MHCLF, the Fund was pleased to make their fourth loan to CCH.
Securing a location in the core downtown area was vital for CCH so they could continue to provide adequate services to the homeless community.
“We are in an area that is starting to rapidly gentrify,” said Dave Klimut, Director of Housing Development for CCH. “This is a strategic move for us as it allows us to stay in the same neighborhood and help those in need.”
Preserving History, Creating Affordability
In January 2007, Thistle Community Housing, with a nearly 20 year commitment to end the growing displacement of residents who can no longer afford to live in Boulder County, purchased The Cannery with a $1,420,000 acquisition and bridge loan from MHCLF with participation from Funding Partners.
The main building, the historical Empson pea cannery, was built in the early 1900s and converted into apartments in 1984. Two additional apartment buildings were constructed on the property the same year. The conversion created a campus of 94 unique apartments located only a few blocks from Longmont’s original downtown area.
In purchasing The Cannery Thistle took a beautiful and uniquely designed property and made it permanently affordable. The apartment complex offers 10 units at 60% AMI, 79 units at 50% AMI, and 5 units at 30% AMI.
“Boulder County is a high-income county,” said Sarah Batt, Financing Project Manager. “Any affordable housing that can be preserved and/or built in this community is very important."
A Permanent Home, with Room to Grow
After moving every two years for the past six years, Sisters of Color United for Education (SCUE) was looking for a permanent place to house their 20-year-old health education and advocacy organization.
SCUE was born out of the grassroots efforts of two Latinas, Belinda Garcia and Bernadette Berzoza, who were frustrated with the lack of proactive health services for women in the Latino community. They knew there were numerous free and inexpensive health service and education sources for women to learn about reproductive health and other health issues facing their families, but these resources were not reaching their community.
With the help of a $275,000 mini-perm loan from MHCLF, SCUE purchased a building located at 2895 W. 8th Avenue to house their offices and programs. SCUE also received a $250,000 grant from Denver Department of Housing and Neighborhood Development for the purpose of building acquisition.
“It was so important for Sisters to be able to purchase this building,” said Mary Loring, development specialist for the organization. “Not only does it accommodate our staff with room to grow, but the location is ideal as it is central to our participant demographic.”
The 9,100 square foot building is not only surrounded by predominately Latino neighborhoods, but is also located near excellent public transportation access, which ensures SCUE’s vision to offer Latinas and their families a safe and supportive environment in which to address sensitive health issues reflecting traditional Latino cultural values.
Keeping the emphasis on building trusting relationships and recognizing the impact of intergenerational familial relationships within the context of treatment, SCUE offers many services to the community.
In addition to health services, SCUE works with youth in the neighborhood. A number of those youth have designed and painted murals that show how they see the world around them. The murals are both inside and outside of the new building.
Now with a permanent home, SCUE’s impact continues to grow as they reach out to and help more than 2,500 people every year.
Moving Into the Mountains
Since 1994 Blue Spruce Habitat for Humanity, the Habitat affiliate serving the mountain communities of Jefferson County, has, with the help of more than 500 volunteers, completed 21 homes for people who live, work, have children in schools and are a vital part of the mountain communities.
“There is a need for housing for people who live here, work here and support the community,” said Kathleen O’Leary, executive director for Blue Spruce. “These homes are an important part of the mountain community as there are no other organizations currently building affordable housing in this area. “
In July 2007, Blue Spruce needed short-term financing to keep the construction of a duplex in Kittredge, Colorado on schedule. The quick processing and favorable terms available through MHCLF had previously caught the attention of a Blue Spruce Board member. Blue Spruce approached MHCLF and was given a $150,000 construction loan. The homes were completed in December 2007 with the families moving in right before the holidays.
A true community project, the lot on which the duplex sits was bought with a $20,000 grant from the Colorado Division of Housing and is the first of 14 additional lots in the area assembled for Blue Spruce housing projects. Funds and in-kind donations for this project were also made available from more than 17 private contributors and community organizations including Jefferson County Community Development, Colorado Housing and Finance Authority, Daniels Fund, and Colorado Association of Realtors Housing Opportunity Foundation.
A New Home for Delores
Each night in the City of Denver, more than 800 women find themselves homeless and without a safe place to sleep. The overwhelming need for safe shelter for women prompted The Delores Project to begin an expansion project that centered on developing a permanent, year-round shelter for more women.
The Delores Project, which opened its doors in 2000, is an overnight shelter that houses adult women who might otherwise have to sleep on the street or in circumstances that put them at great risk. Women seeking shelter are offered a safe, comfortable place to stay while seeking more permanent housing.
As part of Denver’s Road Home initiative, the City of Denver donated the former community center building at 12th and King Street to the Delores Project along with a $700,000 grant (which also included funds from the State Division of Housing) for the building’s renovation. This new building allows The Delores Project to shelter up to 50 women, with overflow space for an additional 25 in times of severe weather.
The need for Mile High Community Loan Fund arose when it became evident the renovation grant could not be awarded in time for construction to be completed before the winter of 2006. With the help of a $700,000 bridge loan from MHCLF, The Delores Project was able to keep the project moving forward and the new facility opened its doors to women in need for the first time on December 20, 2006 – the first day of many major snowstorms in Denver that year.
Team Work = Preserving Affordable Housing
Mile High Community Loan Fund played a key role in preserving 20 affordable units at the Belmont Manor apartment complex when the owner, a nonprofit affordable housing organization, went into dissolution. The Lakewood Housing Authority (LHA) needed an 18-month, $900,000 loan in order to bridge tax-exempt bank qualified financing in 2007. With cooperation and support from the City of Lakewood, State Division of Housing, Colorado Housing and Finance Authority, Mountain States Bank, and $202,000 of additional equity, LHA was able to acquire the property.
Upon taking title of the property, LHA immediately began renovating the 10 units that had yet to be updated and were vacant at the time of purchase. Renovations included new carpet, balcony replacements, new appliances, as well as installing energy efficient windows.
Located within walking distance of a supermarket, Senior Center, recreation center and public transportation, the property is ideal for seniors.
Creative Re-use Key to Motel Rehabilitation
The purchase and renovation of the Briarwood Inn by Longmont Housing Authority (LHA)represents the best of what Mile High Community Loan Fund aspires to do – support the development of deeply affordablehousing and nonprofit facility space.
With the help of a $740,000 acquisition loan from MHCLF, LHA was able to take advantage of an opportunity to buy an 18-unit motel in downtown Longmont with the intent of transforming it into 10 emergency and transitional, single-room occupancy units and the administrative headquarters for the organization.
LHA’s innovative vision, sensible plan and strong track record allowed MHCLF to underwrite the loan despite a high loan-to-value and no committed permanent take out sources. Given MHCLF’s flexible terms and competitive interest rate, LHA had the time to secure grants and other permanent sources to pay for 100% of the cost of the housing component of the project.
Renovations were complete in fall 2007, and LHA relocated its offices to the Briarwood facility. The individual units at Briarwood Inn have been master leased to nonprofit emergency service providers in Boulder County to assist the homeless and special needs individuals.
Promoting Affordable, ‘Green’ Living
Peak Properties, a for-profit developer of affordable housing, came to Mile High Community Loan Fund in 2006 with an unusual request; they needed a $300,000 loan for the purchase of Colorado Big Thompson water shares required by the City of Lafayette for the development of a 100% affordable (40% and 50% AMI) 60-unit rental town home project – Eagle Place.
The loan for Eagle Place, located a quarter mile form the local elementary school, is a prime example of a project that fits MHCLF’s mission as it facilitates the development of deeply affordable family housing in a stable neighborhood with excellent schools.
The City of Lafayette requires all housing developers that seek to be annexed into the city to acquire water shares that are deeded to the town at time of purchase. MHCLF was able to facilitate the acquisition of the necessary water shares with a loan secured by a subordinate Deed of Trust on the project site.
In addition to providing affordable two- and three-bedroom family town home units in the expensive community of Boulder County, Eagle Place is a LEED certified green-build project using state-of-the-art energy efficient technology in all of its building systems.
Nonprofit Facilities Lending Brings New Opportunities
In one of the first nonprofit facility loans it closed, Mile High Community Loan Fund helped a Denver community better meet its needs.
Mile High Community Loan Fund provided a $365,000 loan for the creation of the 9,500 square foot Cross Community Coalition Family Resource Center, which began serving the Globeville-Swansea-Elyria neighborhoods in 1988. Over the years, they have expanded services and realized that more community members would benefit from the creation of additional program space. The leaders of the Coalition began a capital campaign to bring this idea to life.
MHCLF is proud to have been a partner in the development of CCC’s new location. This $1.8 million project has created an improved focal point for the neighborhood, and a place for residents to receive literacy training, parenting classes, computer skills training, and health care.
Cross Community Coalition, which offers 18 programs in both Spanish and English, serves approximately 600 individuals who make 2,000 visits per month.