Lending Projects

Mile High Community Loan Fund (MHCLF)
Seedco Financial provided a 50/50 matching loan of $500,000 to enable MHCLF, a Denver CDFI, to increase the capitalization of its loan fund for nonprofit and for-profit developers of affordable housing and nonprofit community facility development projects. Since its inception in 1999, MHCLF has issued over 97 loans at a total amount exceeding $33 million, supporting the development of approximately 3,000 units of affordable housing and more than 50,000 square feet of nonprofit facilities space in the Denver area.

This loan supports small- and medium-sized developers of affordable housing and nonprofit facility development in underserved areas. The first proposed project will have 38 one- and two-bedroom rental units with 4,000 square feet of commercial space on the ground floor.

RiverClay Condominiums
This project provides below-market financing for the construction of a mixed income, 60-unit homeownership project in Jefferson Park that will be Denver's first Leadership in Energy and Environmental Design (LEED)-certified green affordable condominium project. This construction loan will repay the developer's existing mezzanine construction loan. Construction completion and occupancy scheduled for June 2008. With a $931,000 from Seedco Financial and $470,000 from our partner, Mile High Community Loan Fund, the total investment in the project is $1.4 million. There is also construction financing and mezzanine financing by United Western Bank and Merchants Mortgage.

The loan will enable the developer to ensure that at least 10 percent of the units will be affordable for low-income homeowners, and that a significant portion of the other units are affordable for moderate- and middle-income homeowners.

At completion, the project will create seven new jobs for nearby residents.

Pueblo YMCA Community Campus
Seedco Financial subsidiary, ERF, made a $9 million New Markets Tax investment to enable the expansion of an existing, seriously overcrowded YMCA, and the creation of a 240-acre campus in Pueblo, Colorado with state-of-the-art athletic and community facilities. The YMCA will also create an outdoor sports complex with multi-purpose fields, courts and jogging paths.

Empowercom, Inc.
Seedco Financial provided a $200,000 working capital loan to this local minority and woman-owned business that provides low voltage cable assembly, installation and maintenance services throughout metro Denver and the western region. The company also serves its community by hiring low- to moderate income individuals, paying them a living wage and helping them to develop skills that will enable them to access other jobs in the industry. In the summer of 2008, Empowercom was subcontracted to perform work on the 2008 Democratic National Convention but needed gap-financing for labor, materials and other working capital expenses in order to complete their contract. Seedco Financial's loan to this small business not only allowed Empowercom to complete its work on this national event but helped to retain jobs for low-wage workers in Denver.