Success Stories
- 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
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 affordable housing 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. CCC 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.