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CDFIs & Strengthening Vibrant Communities

CDFIs & Strengthening Vibrant Communities. 2012 Governor’s Housing Conference Maryland DHCD October 16, 2012 Brian Rajan Nagendra City First Enterprises. AGENDA Who we are About CFE & City First Family What we do Tax Credit/Mixed Finance Community Development

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CDFIs & Strengthening Vibrant Communities

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  1. CDFIs & Strengthening Vibrant Communities 2012 Governor’s Housing ConferenceMaryland DHCD October 16, 2012 Brian Rajan NagendraCity First Enterprises

  2. AGENDA • Who we are • About CFE & City First Family • What we do • Tax Credit/Mixed Finance Community Development • Flexible Sources to create Affordable Housing • Small Business Lending

  3. Taylor Flats EL Haynes Charter School Mission Develop and launch innovative community development solutions that expand opportunity for low income families and strengthen under-served communities. Creatively deploy mission finance to achieve transformative impact. Tivoli Theater 1100 Wicomico Street

  4. City First Family of Organizations • City First Enterprises • City First Bank • City First Capital / NMTC • City First Homes • Cumulatively: • Assets of $200MM • Jobs created or retained: 3,616 • Affordable homes secured: 4,715 • New Charter School seats: 6,619 • “We see the possibilities” • Non-Traditional Underwritingwith Double Bottom line focus 4

  5. CITY FIRST BANK / CF CAPITAL American Brewery: Mixed Finance/NMTC BEFORE AFTER Project Overview • Total development: $24 MM • 32,000 SF Redevelopment of 120 year-old Brewery • New Markets Tax Credits/Historic Tax Credits: $14 MM financing • Baltimore City, Weinberg Foundation & other local philanthropic support Impact • Brought 250 Jobs to E. Baltimore • Humanim to deliver job training & supports to 400 individuals annually, counseling and family services to over 850 youth and adults

  6. CITY FIRST ENTERPRISES / CF HOMES 1415 Girard St, NW • Foreclosure Prevention • 20-unit Co-op in Columbia Heights • First African-American Co-op in DC, founded 1950 • Green restoration of units & common areas • Financing – total $1.1 MM • CFBank: $490,000 Senior Loan • CFE Loan Amount: $535,000 Subordinate • Pre-development/grant: $45,000 • Exit: Via unit sales with City First Homes for Permanent Affordability & Long term Affordability Stewardship

  7. HOW WE SELECT PROJECTS • Social Impact: • Affordable Housing • Community Facilities for Arts, Health, Education, Community Services • Job Creation • Leverage (Public/Private Resources) • Viability

  8. CITY FIRST ENTERPRISES Real Estate Mission Finance FinancingTerms • Size: $100K - $2MM Preferred (up to $3MM) • Position: Subordinate/Flex • Rate:Priced to fit project, impact • Term: Preferred 1-3 Years (up to 7)

  9. CITY FIRST ENTERPRISES INCUBATOR Small Business Loan Fund - Pilot Project in Design Exploring new financial product to support certified procurement contractors Potential Impact • Expand access to currently “unbankable” small or disadvantaged businesses • Realize full potential of public investment in certified low-income and minority business owners Potential Leverage • Federal Funds from Small Business Jobs Act of 2010 • Philanthropic support • “Skin in the game” from procurement prime and sub-contractors

  10. Thank you! Brian Rajan Nagendra brian@cfenterprises.org www.cfenterprises.org

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