Building a Community: Residents of a Manufactured Home Park Go Co-Op
The $1.17 million transaction was finalized in June, financed by Genesis Community Loan Fund, which has a revolving loan fund of $27 million with more than 100 investors. Genesis works with investors and lenders to put together traditional mortgage financing for the transactions. Additional loans have come from Camden National Bank for three of the projects, and Bangor Savings Bank for another. MaineHousing has been involved in two.
MVEDC Creates $2M EDGE Revolving Loan Fund
The Mahoning Valley Economic Development Corp. was awarded a $1.6 million EDA grant to create a $2 million revolving loan fund. They were able to obtain this grant largely because of a relationship with Common Wealth Inc. and bank partners who contributed toward the required $400,000 in matching funds. As a result, the EDGE – Economically Disadvantaged Grow into Entrepreneurs – Fund was created.
Richmond Hill, 7 Others Among Communities to Receive Infrastructure Loans
Eight Georgia communities were awarded financing totaling $41,323,000 for water, wastewater, and stormwater infrastructure improvements by the Georgia Environmental Finance Authority (GEFA) board of directors. The CWSRF provides low-interest loans for wastewater and water pollution control infrastructure. These projects conserve and improve water resources and facilitate economic development. The program is jointly funded by the U.S. Environmental Protection Agency and the state of Georgia.
Abell Foundation to Invest $4M in Local Small Business Loan Fund
The Abell Foundation and the local Neighborhood Impact Investment Fund will contribute $5 million toward a new program to assist startups in needy Baltimore communities. The investments will be part of a $25 million "Arctaris Baltimore" fund launched this week by Cambridge, Massachusetts-based Arctaris, an impact investment group. The Arctaris fund will make loans between $1 million and $5 million to small and mid-sized businesses to boost their growth potential. As loans are repaid, additional new loans will be made on a revolving basis.
More Investors Could Mean Increased Affordable Housing in HI
The Hawaii Low Income Housing Tax Credit program has resulted in approximately 13,600 units of affordable housing since its inception. Banks can invest in affordable housing and then get a tax break when the project is move-in ready. It's one of the only state programs aimed at building new units for renters making 60% or less of the area median income. For families of four, that's $72,300.
Capital Access Group Helps Secure $11.5M SBA 504 Loan for Paper Goods
Capital Access Group, a commercial real estate lender specializing in U.S. Small Business Administration 504 loans for growing businesses, recently helped Maple Trade Corporation, a wholesaler of "to-go," eco-friendly, plastic and paper food storage containers, buy its own building as it expands operations in the U.S. Capital Access Group worked with Maple Trade to secure $11.5 million in financing to purchase the 53,413-square-foot warehouse located at 2851 McCone Avenue, Hayward, CA.
Sharing a Legal Template for Investing in Racial Justice
The BII Fund-Building Cohort members are at various stages of readiness to take in some of those private investor dollars. The Hmong American Partnership, for example, celebrates its 30th anniversary this year. In 2016, it created a small business revolving loan fund that currently has a $1.5 million portfolio.
Miami's Plan to Survive Impacts of Climate Change: Figure out a Way to Pay for It
Miami has a strategy to survive climate change, and a big part of it is finding a way to pay for it. The city's new comprehensive plan includes concrete ways to adapt to sea level rise — like planting mangroves along the waterfront and raising sea walls — and to cut down on emissions, including plans to swap out city cars for electric vehicles. It also considers a touchy subject, the possibility of abandoning certain parts of the city to rising seas.