By providing early-stage, low-cost, flexible loans to affordable housing developers and nonprofit community facility developers, Mile High Community Loan Fund invests in community assets that create economic opportunity for low-income people. MHCLF provides loans throughout the seven-county Denver metro area in addition to four Interstate 70 mountain counties (Gilpin, Clear Creek, Eagle and Summit) and four Front Range counties (Weld, Larimer, El Paso and Pueblo). Available loan products include construction, bridge, mini-perm, predevelopment, and acquisition.
- Mile High Community Loan Fund's loan products fall into the categories of mezzanine debt or gap
financing. MHCLF is a short-term lender, often taking the middle risk position between bank
financing and public subsidies. All loans are real estate-based with the majority being very
early-stage, high-risk loans. MHCLF focuses on real estate-based lending to developers of
affordable housing and nonprofit community facilities projects. Loans are typically very
early-stage (for predevelopment or acquisition expenses) and have ranged from $10,000 to
- Most loans have a term of between 12 and 24 months, and mini-perm loans carry a
term of up to 60 months. Predevelopment expenses can include environmental testing, engineering
studies, architectural work, permitting fees, earnest money, and other expenses incurred to help
determine the feasibility of the project. Acquisition loans are for the purchase of vacant land or
- MHCLF lends to a full spectrum of affordable housing and community
MHCLF's direct clients are the developers and organizations that borrow funds to complete affordable housing and community facilities development projects. Approximately 80% of the borrowers are neighborhood development corporations, housing authorities, and other nonprofit organizations. The remaining 20% are private affordable housing developers. MHCLF has worked closely with the City and County of Denver on its 'Denver's Road Home' initiative to end homelessness and Habitat for Humanity to administer their revolving loan fund for the state's affiliates.
MHCLF measures its outcomes by the impact in the community. Over the history of the organization, MHCLF has helped to finance more than 3,200 affordable housing units and more than 83,000 square feet of nonprofit facility projects. Of the units developed, 19% have been for people at 30% AMI or less, 76% for people at 60% AMI or less, and 5% at 80% AMI. Forty-eight percent of the units developed have been new and 96% have been rental units. MHCLF has leveraged nearly $400M in project financing, and more than 400 individuals/organizations have received technical assistance on various facility development topics.
The purchase and renovation of the Briarwood Inn by Longmont Housing Authority (LHA) represents the best of what Mile High Housing Fund aspires to do – support the development of extremely affordable housing and nonprofit facility space.
With the help of a $740,000 acquisition loan from MHHF, LHA was able to take advantage of an opportunity to buy an 18-unit motel in downtown Longmont with the intent of transforming it into 10 emergency and transitional, single-room occupancy units, as well as the administrative headquarters for the organization. Full Story