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Loan Fund Profiles
ICE’s Revolving Loan Fund has been providing financing for over 26
years. It all began in 1979, when
ICE received a call from a long-time associate, a Cincinnati minister,
urgently seeking housing for a single mother and her eight children,
who were facing eviction. ICE hastily brokered a $15,000 loan from
one of its individual supporters to provide the down payment on a
home, securing housing just in time.
As one of the first loan funds in the country, ICE and its Revolving
Loan Fund helped pioneer the socially responsible investment movement.
Since that first loan more than two decades ago, ICE has used your
investments to lend $44 million to community organizations
in 30 states.
In 2005 ICE disbursed $1.66 million to 12 groups creating 377 units.
This year ICE has disbursed over $800,000 to 7 groups creating 95
units.
For years, ICE has made financing available to nonprofit
borrower organizations, preserving or creating over 4500 units of affordable
housing. Today, the Revolving Loan Fund continues to be a catalyst
for community changes, thanks to the dedication of ICE’s investors
and donors.
Borrower Loan Fund Profiles:
2005
- 2006
| Renaissance
7 Lmtd. Partnership - Straw Mansion |
$455,000
|
Manchester, NH
This project included the development of 33 affordable rental units in
the downtown area of Manchester, New Hampshire. The project
consisted of the renovation of two buildings and construction
of a new building on the site. The project is known as
the "Straw Mansion Apartments". The existing
property consists of an 1870's vintage mansion house, a 1960's
vintage motel building, and an older six-car garage.
Manchester Neighborhood Housing Services will renovate the mansion
into 14 apartments, renovate the motel building into 11 apartments,
construct a new 8-unit apartment on the property, and remove the
existing garage. The completed project will include 12
one-bedroom apartments, 19 two-bedroom apartments, and 2
three-bedroom apartments. The project is being developed by
MNHS using low-income housing tax credits. NHHFA, HOME funds,
and grants make up the remainder of the fund sources.
| Playground
Affordable Housing Corporation |
$150,000
|
Oakland, CA
This loan is helping Playground AHC to acquire a house at a
bargain price. This property was originally purchased in 1984
by an unincorporated association seeking to provide affordable
shared housing. Now a corporation, the organization aims to
preserve affordable, shared, democratically controlled housing for
low-income and very low-income persons. Rents are kept well
below the going market rate for studio apartments in the area.
This particular house is a three-story Victorian structure occupying
two house lots. Constructed originally in 1909 and retaining
the original architectural details, the combined size is around
8,500 square feet, in a neighborhood of apartment buildings, single
and multi-family houses, a school, and a playground.
| Sabin
Community Development Corporation |
$160,000
|
Portland,
OR
This project consists of one single family home that will be
sold to a first-time homebuyer.
Multnomah
County
awarded the site to Sabin CDC from its Affordable Housing
Development Program, which donates tax-foreclosed properties to
non-profit organizations for development into affordable housing.
Sabin CDC will sell the property through their CLT program and will
retain ownership of the land.
Sumner Street
is the third construction project financed for Sabin CDC by the RLF.
|
Escambia
County
Community
Land
Trust |
$555,000
|
Pensacola, FL
ICE provided $555,000 in subordinate financing to ECCLT which
allowed the newly formed land trust to acquire their first project.
After the devastating hurricanes in the Florida Panhandle in summer
2004, about 2000 units of affordable rental housing were lost.
Developers are purchasing and renovating apartment complexes, but
many of the units have become market rate rentals or were converted
to condominiums and sold. In an effort to offset the loss of
affordable rental units in the area, ECCLT acquired Maison Deville,
a 144-unit apartment complex maintaining the affordability of these
units.
| Paul
Revere Cooperative |
$253,000
|
Lexington, MN
ICE partnered with Northcountry Community Development Fund (NCDF)
to provide acquisition financing which allowed the residents of this
155-unit mobile home park to purchase their park. The park
sits on 15 acres of land in
Lexington
,
MN
which has a population of approximately 2000 people. All
residents/owners of the park are 80% below AMI of $42,000.
This no-equity cooperative allows resident buy-in at just $500.
|
Dudley
Neighborhood Initiative |
$500,000
|
Boston,
MA
ICE opened a line of credit for DNI to use for construction,
acquisition and pre-development costs increasing their business
capacity as it manages resale of homes on its land. This will
also enable them to acquire additional property to add to the land
trust which targets the Dudley Triangle neighborhood of
Boston
.
Philadelphia,
PA
ICE provided permanent financing to Partnership CDC to acquire a
3-unit building which will be maintained as affordable rental
property in
West Philadelphia
. The CDC has developed or co-developed over 340 units of
affordable housing and is dedicated to addressing affordable
housing, job creation, and economic development in inner-city
Philadelphia
.
| Friends
Helping Friends, Inc. |
$65,000
|
Rochester, NY
ICE provided a 10-year loan to FHF allowing them to acquire a
vacant warehouse that will be used as their office space and a
Community
Food
Distribution
Center
. This “CFDB” serves approximately 500 people through
three weekly food distributions with perishable (and non-perishable)
food items. The recipients volunteer to coordinate the
distribution for themselves as well as the community. They
serve approximately 500 people through three weekly distributions
with perishable (and non-perishable) food items.
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