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CDFIs & Strengthening Vibrant Communities
2012 Governor’s Housing Conference
Maryland DHCDOctober 16, 2012
Brian Rajan NagendraCity First Enterprises
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AGENDAWho 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
MissionDevelop 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.
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Taylor Flats EL Haynes Charter School
Tivoli Theater 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
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
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American Brewery: Mixed Finance/NMTCBEFORE AFTER
CITY FIRST ENTERPRISES / CF HOMES
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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
CITY FIRST ENTERPRISES
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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)
CITY FIRST ENTERPRISES INCUBATOR
Exploring new financial product to support certified procurement contractorsPotential 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 9
Small Business Loan Fund - Pilot Project in Design
