CDFIs & Strengthening Vibrant Communities 2012 Governor’s Housing Conference Maryland DHCD October 16, 2012 Brian Rajan Nagendra City First Enterprises.

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

Thank you!

Brian Rajan [email protected]

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