Cleveland Development Advisors Community Reinvestment Fund

Management Services: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), Opportunity CLE Loan Fund, LLC (OCLF) and iii) Cleveland New Markets Investment Fund II, LLC (CNMIF II) (collectively, CDA's Investment Funds). CDP II and ACDF, as well as OCLF, the newest investment fund which closed in December 2023, 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 entity (CDE) certified by the U.S. Treasury's Community Development Financial Institutions Fund (CDFI Fund) that has received a total of $340 million in NMTC allocations since 2007. CNMIF II provides investment capital for low-income communities and low-income persons consistent with the NMTC Program and CDA's priorities. Since 1989, CDA's Investment Funds have invested more than $549 million in 173 projects that have resulted in 8,000 new housing units and 14.3 million square feet of commercial space, which have generated over $4.3 billion of total development. Since 1989, CDA's Investment Funds have created over 9,300 permanent jobs and 9,600 construction jobs.The investments made by CDA's Investment Funds in 2023 include the following: The Midtown Collaboration Center (MCC): CNMIF II provided $10 million of Federal NMTC allocation to MCC. MCC is a flagship economic development and community engagement project led by The Cleveland Foundation. This 95,000 square-foot facility builds upon the momentum of the several other CNMIF II NMTC finance projects along The Health-Tech Corridor including UH's Center for Women & Children, Dave's Market and Eatery, and MAGNET. MCC's comprehensive economic development hub will offer a spectrum of services to neighborhood residents- ranging from financing support, business development and community programming to workforce development. The diverse tenant mix includes healthcare providers and researchers, technology-focused organizations that includes an interactive media lab and software training center, educational institutions, lending center focusing on minorities and women, JumpStart's offices, Cleveland's first black owned brewery and music and food venue, and community-oriented spaces. The project is expected to house over 150 employees, further strengthening the local economy. University Settlement Inc (US).: CNMIF II provided $7 million Federal NMTC allocation paired with $1 million of State of Ohio NMTCs to finance the new headquarters of University Settlement, a social service provider in the Broadway-Slavic Village neighborhood. With over 30% of the neighborhood population at or below the poverty level, University Settlement provides programs that protect and educate children, advance literacy and job readiness, provide nutritious and sustaining meals, strengthen families and serve the elderly. US partnered with the NRP Group, the largest developer of affordable housing in the country, to complete the $20 million mixed-use development known as 5115 at the Rising, which represents the largest capital investment made in the Slavic Village neighborhood in more than 25 years. The mixed-use development includes 78 apartments and 10 townhomes owned and operated by NRP, as well as the 20,000 SQF ground floor space for University's Settlement's headquarters. Additionally, the development fosters collaboration and opportunity for training programs and education by housing Workforce Development and AmeriCorps, as well as Cuyahoga Community College who will have a classroom for Tri-C Access Center. CentroVilla 25: CNMIF II provided $10.5 million in Federal NMTC allocation paired with $1 million of State of Ohio NMTCs to finance the adaptive reuse of a 32,500 SQF vacant warehouse in Cleveland's Clark-Fulton neighborhood into a vibrant hub for Latino culture and economic growth. The mixed-use project is led by The Northeast Ohio Hispanic Center for Economic Development (NEOHCED) and will feature 20 micro-retail areas, a commercial kitchen, office space, a Hispanic focused prepared foods store, an outdoor plaza, and areas for arts and cultural events. Centro Villa 25 aims to stimulate economic growth by supporting small businesses, creating jobs, and fostering a strong sense of community.

Equity Investments & Grants:CDA-CRF is the 99.9% owner of CNMIF II, a certified CDE under the NMTC Program investing in low-income communities and low-income persons. To date, CNMIF II has received a total of $340 million of Federal NMTC allocation and $35.8 million of Ohio NMTC allocations, and in turn invested into 39 projects totaling over $1.0 billion in development costs. These projects have provided rehabilitation and construction of over 3.4 million square feet of commercial space and 942 housing units with 25% of those units qualifying as affordable under the NMTC Program, creating over 4,900 construction jobs and 5,100 permanent jobs. CDA-CRF is a 4.6% limited partner in CDP II, which to date, has made 92 investments by providing over $156 million in financing into 77 projects totaling over $2.1 billion in development costs. The financing of these projects has provided construction and rehabilitation of over 5.6 million square feet in commercial space and over 3,100 housing units; creating nearly 2,300 permanent jobs and over 3,000 construction jobs. CDA-CRF is a 3.77% Class A Investor in ACDF, which to date, has provided over $82.6 million in financing into 29 projects totaling over $679 million in development costs. The financing of these projects has provided construction and rehabilitation of over 2.5 million square feet commercial and residential space and over 2,000 housing units; creating over 90 permanent jobs and 550 construction jobs. CDA-CRF is a 10.7% Class B Investor in Opportunity CLE Loan Fund (OCLF), as of December 31, 2023. During 2023, CDA-CRF continued to work on the capitalization of this $40 million loan fund that will 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. CDA-CRF also serves as the managing member of OCLF.

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 focus on most distressed neighborhoods in the City of Cleveland and surrounding neighborhoods; but can also serve Cuyahoga County and its surrounding counties. CDA-CRF is refining its lending priorities to match gaps in the greater Cleveland lending landscape to create sustainable loan products with the ability to advance Cleveland by supporting neighborhood redevelopment and small business growth through collaboration and inclusivity. The focus of the organization's lending activity is on real estate development including community facilities, job creation projects and acquisition and predevelopment and does include small business loans focusing on real-estate like financing for tenant improvements and furniture, fixtures and equipment (FF&E). CDA-CRF has been able to expand its loan and grant products to increase access to capital to emerging and underserved developers by providing a loan and grant product specifically for the predevelopment and acquisition needs of emerging and underserved developers who are focused on investing in real estate projects located in low-income communities in Cleveland, Ohio. The predevelopment and acquisition products compliments CDA-CRF's development services. In 2023, CDA-CRF made it first three acquisition and predevelopment loans. Below are highlights of those loans:MLK Plaza: CDA-CRF provided a $1.5 million acquisition loan for the redevelopment of Martin Luther King Jr. Plaza in Cleveland's Hough neighborhood is underway (February 6, 2023). The project is being developed by Dr. Gina Merritt and will transform the site into a mixed-use development with housing and commercial space. Built in 1972 after the Hough Riots, the plaza has since declined and the project will revitalize the space with a market hall featuring affordable spaces for Black-owned businesses paired with a partnership with Cuyahoga Community College that will support aspiring business owners.ArKiTainer: CDA-CRF was able to provide a $300,000 predevelopment loan to minority-owned firm WRJ (December 11, 2023). The $6.3 million project known as ArKiTainer Infill Development is bringing 40 new housing units built from repurposed shipping containers to Cleveland's St. Clair-Superior neighborhood. This innovative project will provide sustainable duplex-style homes while contributing to the area's revitalization. Located within an Opportunity Zone, the project aligns with neighborhood plans and collaborates with Shoreway Commerce Park to offer workforce housing. The ArKiTainer Infill Development showcases a unique solution to address housing needs and promote economic advancement.Variety Theater: CDA-CRF is funding the revival of the Variety Theater Complex in Westown by providing a $300,000 predevelopment loan to developer Kelly Flamos (Mahall's) (December 22, 2023). The historic renovation will transform the complex into a mixed-use space featuring a 2,000-capacity live music venue, five storefronts for local/minority-owned businesses, and 12 affordable housing units. This project builds upon prior public investments in streetscape improvements and marquee restoration, aligning with the Westown CDC and Ward 11's long-term revitalization strategy for the area.The highlights of the loans made by CDA-CRF in 2023 include:Cleveland Rape Crisis Center Buildout: CDA has played a key role in revitalizing the Clark-Fulton neighborhood by investing in the Pivot Center for Arts, Dance and Expression which is successful historic renovation of formal industrial building into a thriving arts hub. CDA-CRF provided additional investment into the Pivot Center by providing a $475,000 loan that financed the office buildout for the Cleveland Rape Crisis Center's expansion of at the Pivot Center (March 27, 2023). This project provides a new home for the organization that provides essential survivor services and is expected to attract further investment in the area.Shaker Square: CDA-CRF was able to pair a private related investment it received from The Cleveland Foundation with its own resources to provide a $2 million loan to finance capital improvements of Shaker Square which is undergoing a revitalization (July 26, 2023). This historic Cleveland landmark, which faced financial hardship and physical deterioration, will be improved by local owners aiming to enhance its aesthetics, functionality, and occupancy rates. Community-driven planning will guide the renovation, which includes incorporating green space and preserving the Square's legacy.University Settlement Capital Campaign Bridge Loan: CDA-CRF provided a $905,192 million loan to University Settlement, Inc. to help bridge future capital campaign pledges that were secured at the time the construction financing closed for University Settlement's new headquarters located in the mixed-use development known as 5115 at the Rising in the Slavic Village neighborhood (July 27, 2023). The capital campaign bridge loan was a critical and crucial piece necessary for University Settlement to secure and close on the overall construction financing of its new headquarters. University Settlement's new headquarters will increase services to families, children, and people in need at its new facility, increasing the annual individuals served by 20%. Hawthorne School Redevelopment: CDA-CRF is supporting the historic renovation of Hawthorne School in Cleveland's West Park which is being transformed into 37 market-rate apartments. CDA-CRF made a $5.5 million loan to the $14.9 million project which is being led by Sustainable Community Associates (November 9, 2023). The adaptive reuse will preserve the building's history and green space while offering diverse housing options. The redevelopment is expected to boost the Lorain Avenue commercial corridorHispanic Business Center Capital Campaign Bridge Loan: CDA-CRF provided a $612,891 loan to The Northeast Ohio Hispanic Center for Economic Development (NEOHCED) to help bridge future capital campaign pledges that were secured at the time construction financing closed for the renovation of a vacant warehouse in Cleveland's Clark-Fulton neighborhood into a vibrant hub for Latino culture and economic growth, known as CentroVilla25. The capital campaign bridge loan was critical in order to move the $12.3 million project forward. NEOHCED is committed to equitable asset building in Cleveland's Latino, and other underserved communities, by providing economic and entrepreneurial technical assistance, training and advocacy. NEOHCED is a host organization to the Small Business Development Centers (SBDC) program and the Northeast Ohio Hispanic Chamber of Commerce (NEO Hispanic Chamber). The CentroVilla25 mixed-use project will not only house NEOHCED office, but will include office space of neighborhood serving organizations including CHN Housing Partners; a commercial kitchen available for neighborhood restaurants, caterers and food trucks; 20 kiosk style micro-retail spaces available to lease to small and local businesses, a lounge and community space available for programming and events.

Development Services:CDA-CRF was part of the Opportunity CLE Neighborhood collaborative which began in 2019, which highlighted significant gaps in Cleveland's development ecosystem, especially for emerging developers of color. Since 2019, CDA-CRF has focused on strengthening partnerships with community development corporations, developers, and other stakeholders to initiate a city-wide collaborative to advance equitable development by promote emerging and underserved developers in Cleveland as well as building its own Development Services platform that promotes equitable development and focuses on the following main components which includes 1) training and education through the Cleveland Equitable Development Initiative (CLE EDI); 2) providing financial and staff support to the Equitable Development Ecosystem Collaborative (EDEC); 3) providing financial support to emerging and underserved developers by CDA-CRF directly paying for professional consultants to advise the emerging developers on their projects through CDA-CRF's Developer In Residence (DIR) program. Cleveland Equitable Development Initiative (CLE-EDI): After two years of focusing on developing and refining a Cleveland based training program focused on emerging and underserved developers, including minority developers of color, with its partners Capital Impact Partners (CIP), a national CDFI, and Village Capital Corporation (VCC) a local Cleveland based CDFI, the inaugural cohort for CLE EDI launched in 2023. The CLE-EDI was designed to bolster the ranks of successful emerging developers, including minority real estate developers in Cleveland, Ohio, by providing them with the knowledge and tools needed to shape the city's future. The 1st CLE-EDI cohort, began in October 2023 and included 15 participants, that committed to engage in an intensive 8-month curriculum designed to foster a more inclusive and equitable real estate development landscape in Cleveland. CLE-EDI will provide comprehensive training in real estate development, finance, and community engagement, complemented by mentorship from seasoned industry professionals. The inaugural cohort members will graduate from program in June 2024. Developer in Residency: CDA-CRF continued in 2023 to apply for various grant programs and engage with partners and developers to understand the technical assistance support that developers need during the predevelopment and acquisition stages of a real estate development project. CDA-CRF continues to develop its DIR program in order to offer technical assistance support directly through payment to 3rd parties with development experience or professional services needed in predevelopment stages of a real estate project. The technical assistance support will be provided by CDA-CRF through trusted advisors, mentorship or professional services.