Mile High Community Loan Fund invests in affordable housing and other community assets to improve economic opportunities of low-income persons and communities.
Mile High Community Loan Fund was formed in 1999 as a community-based non-profit organization to build and administer loan fund that provides difficult to find early stage capital for developers of affordable housing. The City and County of Denver initially capitalized the loan fund and attracted early investments from the Fannie Mae Foundation, Enterprise Foundation and U.S. Bank to leverage their investment.
In its first three years, the organization dramatically increased investor support and broadened its market area to include the seven-county Denver metro area. MHCLF was certified as a Community Development Financial Institution (CDFI) by the US Department of Treasury and received a $1 million grant from the CDFI Fund to further build the loan fund. MHCLF now has 17 loan fund capital investors and a total loan fund of $17.7 million.
In 2005, the Board and staff recognized the unmet real estate project financing needs in the Denver metro area non-profit community. MHCLF began making its existing loan products available to non-profit organizations pursuing facility development projects that serve low-income individuals and communities. Community facility development loans now make up approximately 20% of total loan volume.
In 2007, in keeping with the mission of the organization, the Board decided to expand loan services further into the state by including eight additional counties - El Paso, Pueblo, Larimer, Weld, Clear Creek, Gilpin, Summit, and Eagle. This expansion increased the market area by approximately 1.3 million people. Since the expansion, MHCLF has approved fourteen loans in the expanded market area.
MHCLF lends for a full spectrum of affordable housing and community development projects - including, but not limited to, special needs housing, emergency shelters, transitional housing, food banks, early childhood education centers, charter schools, program offices, as well as affordable rental and for-sale housing projects.