CFE believes that social and racial equity are rooted in economic equity. Thus, our Nonprofit Loan Fund represents an investment opportunity for institutional funders, individual impact philanthropists, and grant makers in pursuit of economic equity and opportunity for all people in our region.
Via investments in impact notes that directly help to grow our mission-focused lending, or via contributions to our Loan Fund infrastructure, you help us provide patient, flexible capital and complementary financial services to underserved individuals, nonprofit organizations, and small businesses/entrepreneurs.
Through these efforts, we support affordable housing, job growth, schools, health centers, arts and other organizations – all of which contribute to improved lives and livelihoods across our communities. So, the question may be not what to do with your money, but what do you want your money to do?
If you wish to make an impact and make a difference, we are here to help.
Introducing Oswaldo Acosta Executive Director of City First Enterprises
CFE provides financing for low and moderate-income housing, mixed-use projects with a residential component, and market rate housing located in areas where development of such markets will have a positive impact on the community.
E Street Cooperative
This 10-unit cooperative houses tenants from three different generations near the historic and rapidly gentrifying H Street NE corridor and its Atlas Arts District.
In 2008, residents purchased this building with funds from DC’s Department of Housing and Community Development (DHCD). Afterwards, residents tried to secure financing for critical repairs, but due to the 2008 financial crisis the process was delayed.
In 2017, the co-op was re-energized after working with City First Enterprises. We provided staged financing to cover immediate costs and to submit an application to DHCD for construction funds. With additional financing from City First and DHCD, the cooperative will be able to become homeowners in a city where affordable housing options are swiftly disappearing.
CFE provides financing for projects that have a significant economic development impact on a distressed community. This includes financing for facilities owned or operated by nonprofits, including health centers, charter schools, community centers, and arts organizations.
DC International School
The District of Columbia International School (DCI) is a public charter middle and high school founded in 2014 by parents. The executive director, Mary Shaffner, is a mother of two who believes in a more dynamic approach to education. She founded DCI, along with 11 other parents, after encountering challenges with the District’s public school system.
Shaffner partnered with City First for a loan to move DCI to Delano Hall on the Walter Reed Campus, a new mixed-use community in Ward 4. DCI will grow to a larger space that facilitates a better learning environment.
CFE provides limited financing to small business owners looking to grow their business through capital investments.
Broodjes and Bier
Broodjes & Bier Restaurant Group LLC is a Dutch-‐inspired sandwich and salad company based in Washington, DC and incorporated in 2013. Broodjes & Bier makes high-‐quality, gourmet sandwiches and salads with fresh ingredients and inventive flavor profiles. Today, Broodjes & Bier sandwiches and salads can be found in 13 locations across DC, MD and VA through its wholesale business, Broodjes Co.
Broodjes & Bier is committed and working hard toward being the number one provider of prepared sandwiches and salads in the DC region, eventually expanding wholesale services nationally.
CFE seeks to encourage energy efficiency in all of the projects it finances. CFE takes a broad view of energy efficiency and supports best practices in new construction and gut rehabs as well as retrofits to existing in-service buildings.
Sun Crest Heights
This project is a multifamily residential complex located in Capitol Heights, a low-income neighborhood included in Prince George’s County Transforming Neighborhoods Initiative.
VNV Development (VNVD) purchased the 44-unit property in 2016. After their acquisition, almost half of the units were vacant. In order to renovate and close these vacancies, City First Enterprises provided a $440,000 subordinated loan to finance VNVD’s ongoing efforts. Each Renovated Unit includes an additional bedroom, LED Lighting, upgraded Energy-Star appliances, granite counters and water-conserving toilets and fixtures.
The renovation also includes a 250kw solar array. This will cover all roof surfaces as well as the construction of a carport for additional solar panels and it will contribute to a significant reduction in operating expenses.