Mile High Community Loan Fund
1905 Sherman Street
Suite 325
Denver, CO 80203
Office: 303-860-1888
Fax: 303-860-1848
Contact Us
About Us
Mission
Mile High Community Loan Fund invests in affordable housing and other assets to improve economic opportunities of low income persons and communities.
Who We Are
Mile High Community Loan Fund was formed in 1999 as a community-based, nonprofit organization to administer a loan fund and provide difficult to secure, early-stage capital for developers of affordable housing. Initially called the Denver Neighborhood Housing Fund the fund was an outgrowth of a joint initiative of the City and County of Denver, Fannie Mae Foundation, Enterprise Foundation, and U.S. Bank. These four founders provided the initial capital including $3 million in grant funds from the City of Denver.
The organization grew significantly with in the first 18 months of operation by expanding into other counties. The City of Denver supported this regional approach to affordable housing with a matching grant of $275,000. The cities of Arvada, Lakewood, Boulder, Glendale, and Englewood also invested. After changing its name in 2002 to the Mile High Housing Fund and expanding its board of directors, MHHF broadened its geographic reach to include the seven-county metro area.
In 2005 the Board and staff recognized there were unmet real estate project financing needs in the Denver metro area nonprofit community. MHCLF began making its existing loan products available to nonprofit organizations pursuing community facility development projects that serve low income individuals and communities. In 2007, nonprofit facilities loans made up more than 30% of MHCLF’s loan volume.
In 2007, in keeping with the mission of the organization and in seeking ways to expand the impact of the Fund in the community, the Board decided to expand loan services further into the state by including eight additional counties in Colorado – El Paso, Pueblo, Larimer, Weld, Clear Creek, Gilpin, Summit, and Eagle. This expansion increased the target market area by approximately 1.3 million people.
While MHCLF has deep roots in financing affordable housing developments, it has evolved into a broader community resource. The 2008 name change from Mile High Housing Fund to Mile High Community Loan Fund reflects this broadened strategy for investing in community assets.
What hasn’t changed is MHCLF’s commitment to continue its efforts to invest in community assets to improve the quality of life and improve economic opportunity for low income individuals and communities.
Increased Investments
In 2007, MHCLF secured $2.35 million in additional loan fund capital from five new investors – Bank of the West, Seedco Financial Services, Calvert Foundation, and Mile High Banks (formerly Horizon Banks).
This 20% increase in long-term, low interest capital provides further resources to meet the needs of the communities served.
MHCLF is capitalized through loans and grants from local, regional and national funders including U.S. Bank, Wells Fargo Bank, Key Bank, Community Development Financial Institutions Fund of U.S. Treasury Department, Enterprise Foundation, Colorado Housing and Finance Authority, and the cities of Denver, Arvada, Boulder, Englewood, and Lakewood.
To date, MHCLF has made 101 loans totaling more than $36 million and has helped finance more than 3,000 units of affordable housing and more than 50,000 square feet of nonprofit community facilities space in the metro area.