Cleveland Development Advisors Community Reinvestment Fund Inc.
Cleveland Development Advisors Community Reinvestment Fund Inc.
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About this organization
Mission
To promote community development and revitalization by supporting and providing investment capital for low-income communities and low-income persons in Northeast Ohio to create sustainable neighborhoods and communities through neighborhood redevelopment and small business growth through collaboration and inclusivity with public, private and not-for-profit partners.
About
Management Services:CDA-CRF provides management services to International Regional Center (IRC) and 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 and also CDA's priorities. In 2018, CDA's Investment Funds invested $28.895 million of direct financing and $22 million of New Markets Tax Credit allocation into 5 projects in Northeast Ohio that have resulted in 410 housing units and over 410,000 square feet of commercial space. These projects generated over $143 million of total development. A few highlights from the projects include:The Bowery:The first investment outside of Cuyahoga County for CDA, the Bowery marks a new era in downtown investments for Summit County. The six-building project will transform a strategic city block and mirrors many of CDA's early investments in downtown Cleveland, restoring vacant office spaces into activated neighborhoods with restaurants, bars and a grocery store all anchored by community mainstay, The Akron Civic Theatre. Strategically located along the historic locks of the Ohio and Erie Canal, the 103,000 square foot project will include 92 housing units, 23 of which will be affordable. The $41.5 million project is expected to be complete in December 2019 and received $6 million in federal NMTC allocation from CDA which helped to attract an additional $14 million of federal NMTC from two (2) national CDEs.Glenville Circle North:The first of Mayor Frank Jackson's Neighborhood Transformation Initiative projects designed to encourage wealth building in underserved areas, the Glenville Circle North project combines small businesses, start up incubation, skills training, and community engagement with 63 housing units, including 16 affordable housing units. The project is strategically concentrated along the E. 105th Street corridor which is the backbone of the historic Glenville neighborhood. The 53,000 square foot mixed-use housing project will feature a food hall style incubator kitchen space, retail, a small business incubator/co-working space and programming from local organizations to connect to the greater Glenville community to opportunities and resources at the site. The $16 million project is at the gateway of Glenville from University Circle to the south and opened in the summer of 2019. CNMIF II provided $10 million of Federal NMTC allocation with an additional $5 million of federal allocation from a national CDE.Boys Hope Girls Hope:Home to a residential learning program, Boys Hope Girls Hope of Northeast Ohio is the only chapter of this Jesuit-affiliated learning institution that also offers and Academy Program for students in NEO who can benefit from year-round, personalized enrichment activities. The $6.1 million project opened June 2019 and features a new 9,000 square foot Academy Center capable of accommodating over 200 students all under one roof for the first time in the program's history. CNMIF II provided a $6 million federal NMTC allocation paired with $2.5 million of Ohio NMTC allocation. Additionally, ACDF provided a $2.195 million loan to bridge a capital campaign as part of the total $6.1 million project. Euclid Grand:Three addresses, five storefronts, and over 233,000 square feet of housing and commercial space make up the Euclid Grand project in what was formerly known as the John Hartness Brown complex on lower Euclid Avenue in downtown Cleveland. International investor Alto Partners has undertaken a $76 million historic renovation of the site that will included 239 luxury apartments, 196 indoor parking spaces and 21,200 square feet of retail space at the street level. The project, which began construction in September 2018, is using both Federal and State Historic Tax Credits to restore the original facade and is expected to be completed by summer 2020. ACDF provide a $4 million subordinate loan to complete the capital stack and help fill in one of the final remaining gaps in the Nine-Twelve district.
Interesting data from their 2020 990 filing
The purpose of the non-profit is stated in the filing as “To build inclusive and thriving neighborhoods in northeast ohio by providing innovative financing solutions and technical assistance to catalytic real estate and business development projects. in carrying out this mission, cda-crf shall be operated exclusively for religious, charitable, scientific, literary or educational purposes within the meaning of section 501(c)(3) of the internal revenue code of 1986, as amended.”.
Their activities were defined as: “To promote community development and revitalization by supporting and providing investment capital for low-income communities and low-income persons in northeast ohio to create sustainable neighborhoods and communities through neighborhood redevelopment and small business growth through collaboration and inclusivity with public, private and not-for-profit partners.”.
- As per legal requirements, the non-profit's state of operation is reported as OH.
- The non-profit's address in 2020 as per the filing is 1240 Huron Road No 300, Cleveland, OH, 44115.
- The form of the non-profit organization shows 0 employees as of 2020.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $2,415,170.
- The organization has 12 independent voting members.
- The organization was formed in 2012.
- The organization pays $0 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.
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