Programs

  • Program 1 [2020]

    CDA-CRF provides management services to Cleveland Development Advisors, Inc. (CDA), an affiliate of the Organization. CDA is a real estate and business development finance organization that invests privately-funded capital and New Markets Tax Credit (NMTC) allocations into catalytic projects designed to advance economic and community development projects throughout Cleveland. CDA's investment funds include i) Cleveland Development Partnership II LP (CDP II), ii) Advance Cleveland Development Fund, LLC (ACDF), and iii) Cleveland New Markets Investment Fund II, LLC (CNMIF II) (collectively, CDA's Investment Funds). CDP II and ACDF provide a source of private sector financing for developers, owners and operators of significant real estate projects in Cleveland, Ohio and Cuyahoga County, Ohio, in order to promote development and advance community priorities. CNMIF II is a community development entities (CDE) certified by the U.S. Treasury's Community Development Financial Institutions Fund (CDFI Fund) that has received a total of $200 million (to date) in NMTC allocations since 2007. CNMIF II provides investment capital for low-income communities and low-income persons consistent with the NMTC Program as well as CDA's mission and priorities. Since 1989, CDA's Investment Funds have made 194 investments and provided over $458 million in direct financing generating $3.98 billion in total development costs. These investments have resulted in over 7,300 housing units and over 7.4 million square feet of commercial space. In 2020, CDA funds made six investments stretching from the Buckeye neighborhood to Fairview Park resulting in over $130 million in total development. 75 Public Square: The historic renovation of the 15-story 75 Public Square building in Downtown Cleveland includes 114 apartment units and 4,300 SF of retail space is being led by the Millenia Companies. ACDF made a $3 million subordinate loan to 75 Public Square Ohio, LLC for the construction and rehabilitation of the building. This key property will capitalize on the recent redevelopment of Public Square and the new Sherwin Williams campus set to break ground by the end of 2021.Redevelopment at NASA Glenn Research Center: ACDF made a $3 million subordinate loan for the rehabilitation and adaptive reuse of the former NASA Lewis Research Center located in Fairview Park, Ohio.The Ceres Enterprises led mixed-use development will convert the Development Engineer Building into 92 apartments known as "The Centaur and the Annex Building into a 59-key hotel known as "The Orbit Hotel". The mixed-use development will also include a restaurant/brewery and a catering and events space. The hotel will provide much needed hotel rooms near Cleveland Hopkins Airport.Electric Gardens: ACDF made a $750,000 subordinate loan for the new construction of a 131-unit multifamily apartment building known as Electric Gardens; and includes 8,000 SF of commercial co-working space for Limelight on the first floor. The project is located on the edge of the industrial valley the historic Tremont neighborhood and provides immediate access to the Towpath Trail connecting downtown Cleveland to New Philadelphia, which is over 119 miles .The project is being developed by J Roc Development and the Di Geronimo Group.
    Geographies
    Not indicated
    Dates
    Jan 1, 2020 – Dec 31, 2020
    Source
    990
    No causes provided
    No populations provided
    –
    $1.5M

  • Program 2 [2020]

    Loans:The Organization began lending activity in 2017 utilizing its cash resources generated from successfully managing CDA Investment Funds and leveraging those funds to create greater impact. CDA-CRF became a certified Community Development Financial Institution (CDFI) by the CDFI Fund in 2018, with a mission to focus on the most distressed neighborhoods in the City of Cleveland and surrounding inner-ring neighborhoods. Its service area includes Cuyahoga County and its surrounding counties. CDA-CRF is refining its lending priorities to identify gaps in the greater Cleveland lending landscape to create sustainable loan products with the ability to advance equitable development in Cleveland by supporting neighborhood redevelopment and small business growth through collaboration and inclusivity. The focus of the organization's lending activity on three main areas i) real estate development; ii) acquisition and predevelopment, and iii) small business loans focusing on real-estate like financing for tenant improvements and furniture, fixtures and equipment (FF&E). The highlights of the projects CDA-CRF financed in 2020 include:LGBT Hub: CDA provided a $1.2 million loan to provide financing for the acquisition of a vacant building located at 11802 Detroit Avenue in Lakewood, Ohio. The building will be redeveloped as part of a multi-phase, mixed-use project known as Studio West. Studio West will serve as a hub for the LBGTQ+ community. The anchor of the master plan is the redevelopment of the 55,000 SF former Phantasy Nightclub into an arts, culture, and small business incubation hub. The project is also proposed to house performance and entertainment space serving as the first in a multi-phase development that aims to include a community clinic, low-income housing, and more.Providence House: CDA-CRF provided a $5 million capital campaign bridge loan to Providence House. Providence House provides emergency shelter and crisis care to children whose families are facing homelessness, violence, and incarceration, or who are receiving medical, mental health, or substance abuse services. To help meet rising demand and locate services near the families they serve, the organization is undertaking the redevelopment of the 20,000 SF Weisner Building located in the Buckeye Neighborhood and adding an additional 6,000 SF of nursery space.
    Geographies
    Not indicated
    Dates
    Jan 1, 2020 – Dec 31, 2020
    Source
    990
    No causes provided
    No populations provided
    –
    $588.9K

  • Program 3 [2020]

    Equity Investments & Grants: CDA-CRF assists in the revitalization of low-income communities through the support and facilitation of real estate and business development projects in Northeast Ohio. Specifically, CDA-CRF has equity investment in real estate financing organizations that promote community development in these communities. CDA-CRF also will utilize and leverage resources to provide grants to those organizations that support community development in the low-income communities. The Organization works closely with the officials of the Greater Cleveland Partnership (GCP), an Ohio non-profit corporation that is a 501(c)(6), and its subsidiaries, to identify development projects that will have a transformative impact on the City of Cleveland and Cuyahoga County. Grants: CDA-CRF received a $5 million grant from the JPMorgan Chase Foundation in 2019 to fund the Opportunity CLE Transformation Neighborhood collaboration. CDA-CRF partnered with the statewide CDFI, Finance Fund Capital Corporation (FCAP) on the grant to provide flexible loans and real estate technical assistance to support diverse, healthy and economically stabilized communities in the three target Cleveland neighborhoods and immediately surrounding areas of Clark-Fulton, Glenville and Buckeye/Kinsman. CDA-CRF is using $1,250,000 of these grant proceeds to provide a sub-grant totaling $1,250,000 over the three-year grant period FCAP that will be used for technical assistance to real estate development projects and small businesses identified in the neighborhoods. During 2020, CDA-CRF made sub-grant totaling $420,000 to FCAP for technical assistance related to the Opportunity CLE Transformation Neighborhood collaborative. In 2020, CDA-CRF responded to the COVID-19 pandemic by providing a total of $300,000 in pandemic relief grants to the three CDCs serving the target neighborhoods of the Opportunity CLE Transformation Neighborhood Collaboration: MetroWest; Famicos; Burten, Bell, Carr; and Famicos. Each CDC received a $100,000 grant and utilized the grants to provide financial assistance to 91 small businesses representing 19 neighborhood residents, 35 low-income households, 52 female-owned businesses, 73 minority businesses and 6 non-profits helping to retain 306 jobs in the three neighborhoods. Equity Investments: CDA-CRF is the 99.9% of CNMIF II, a certified CDE under the NMTC Program investing in low-income communities and low-income persons. CNMIF II has received a total of $200 million of Federal NMTC allocation and $20 million of Ohio NMTC allocations into 28 projects totaling $838 million in development costs. These projects have provided rehabilitation and construction of over 2.9 million square feet of commercial space and 942 housing units with 25% of those units qualifying as affordable under the NMTC Program, creating over 3,800 construction jobs and 3,700 permanent jobs. CDA-CRF is a 4.3% limited partner in CDP II, which as of December 31, 2020, has made 86 investments by providing over $151 million in financing into 73 projects totaling over $2.08 billion in development costs. The financing of these projects has provided construction and rehabilitation of over 5.4 million in commercial space and nearly 3,100 housing units; creating over 1,900 permanent jobs and 2,900 construction jobs. CDA-CRF is a 3.77% Class A Investor in ACDF, as of December 31, 2020, has provided over $64.5 million in financing into 26 projects totaling over $674 million in development costs. The financing of these projects has provided construction and rehabilitation of over 2.5 million in commercial and residential space and over 2,000 housing units; creating over 90 permanent jobs and 500 construction jobs. CDA-CRF is 33.33% class B members in Opportunity CLE Loan Fund (OCLF) which was formed by CDA, an affiliate of the organization. Its purpose is to provide capital to support transformative, strategic and catalytic projects that provide a positive social and economic return in targeted low-income communities across Northeast Ohio with a focus in Cuyahoga County, Ohio and from time to time, in Lorain, Summit, Geauga, Lake, Medina, and Portage Counties.
    Geographies
    Not indicated
    Dates
    Jan 1, 2020 – Dec 31, 2020
    Source
    990
    No causes provided
    No populations provided
    –
    $750K