2019 Loan Fund Success Story
NCALL’s Loan Fund provides technical assistance to community development organizations and affordable housing developers. Due to a grant from JPMorgan Chase, this year a large focus was on providing these services in Wilmington. This work is building the capacity of Wilmington-based organizations, allowing them to better service the community. A few of those assisted are highlighted below.
Latin American Community Center: Infant and Toddler Center (LACC) Wilmington’s Latin American Community Center empowers the Latino Community through education, advocacy, partnerships and exceptional services.
With technical assistance from NCALL’s Loan Fund, LACC is developing a 19,000 square foot Infant and Toddler Center adjacent to its main building to expand the number of children it serves with its high-quality, dual-language, early learning development program. NCALL is assisting LACC with developing a project proforma and income and expense projections, assembling a development team, and structuring financing. NCALL is also working with LACC to craft a capital campaign to raise the necessary equity for the project.
Be Ready CDC: Solomon’s Court Be Ready CDC promotes community and economic development in Wilmington’s Fourth St. corridor and surrounding neighborhoods.
NCALL Loan Fund is helping Be Ready CDC develop Solomon’s Court , a catalytic project in the 1500 block of W. Fourth St. that will create 20 affordable rental units, 7 of which will be fully accessible for people with disabilities. Solomon’s Court will also create 5,827 square feet of ground floor commercial space facing Fourth St., a neighborhood commercial district and gateway to Wilmington’s downtown.
NCALL is assisting Be Ready CDC with project feasibility, structuring financing, identifying new funding sources including New Markets Tax Credits, and establishing a developer partnership agreement. NCALL’s technical assistance is also supporting Be Ready’s organizational development so the CDC can establish the stability necessary to sustain the project and expand its community impact long-term.
2 Fish Home Renovations is a social enterprise that operates a workforce development program providing construction and job training to returning citizens while renovating distressed properties for home ownership.
With assistance from NCALL, 2 Fish Home Renovations is taking their operation to scale and expanding their impact while improving their financial position to maintain growth.
The Loan Fund is helping this startup organization with all aspects of organizational development, including expanding into affordable housing development and creating the organizational capacity needed for compliance. By facilitating communication with government entities and access to financing, NCALL Loan Fund has helped 2 Fish capitalize on the opportunity to acquire 6 distressed properties for rehabilitation as the result of a code enforcement action in the City of Wilmington.
DCRAC, with the Loan Fund’s assistance, is planning and implementing renovations for the facility that houses their credit union on S. Harrison St. in Wilmington as well as supporting the organization in stabilizing its financial position to be able to secure and sustain financing.