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
• Flexible Sources to create Affordable Housing
• Small Business Lending
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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
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1100 Wicomico Street
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 Underwriting with
Double Bottom line focus
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CITY FIRST BANK / CF CAPITAL
American Brewery: Mixed Finance/NMTC
BEFORE
Project Overview
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AFTER
Impact
Total development: $24 MM
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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
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
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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
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HOW WE SELECT PROJECTS
• Social Impact:
• Affordable Housing
• Community Facilities for Arts, Health,
Education, Community Services
• Job Creation
• Leverage (Public/Private Resources)
• Viability
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CITY FIRST ENTERPRISES
Real Estate Mission Finance
Financing Terms
• Size: $100K - $2MM Preferred
(up to $3MM)
• Position: Subordinate/Flex
• Rate: Priced to fit project, impact
• Term: Preferred 1-3 Years (up to 7)
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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 subcontractors
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Thank you!
Brian Rajan Nagendra
brian@cfenterprises.org
www.cfenterprises.org
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