we see money differently - bluehub capital...didn’t exist when the foreclosure crisis was on...
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WE SEE MONEY DIFFERENTLYBoston Community Capital / 2015 Annual Report
When you see money from a fresh perspectiveyou can change the world.
Forget every idea you have about money.
What it means. Who should have it. How much is enough.
Think about what money can do. What money can change. What money can become.
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In 2015, Boston Community Capital celebrated our 30th anniversary. We asked you, our partners, to help envision what we could accomplish together over the next 30 years. Your visions, hopes and dreams—peppered through-out this report—inspire us, and help chart our course for the future.
To our Partners As we think about what success looks like over the next 30 years, we know that if we are to remain relevant to the changing world around us, the innovative and entrepre-neurial spirit that has fueled BCC’s success for our first 30 years must continue to be our driving force.
We must not fall prey to the risks of mature organizations—the tendency to revert to the mean, to play it safe, to husband resources. Instead, we need to consistently remain on our own cutting edge, to focus closely on the changing and complex needs of the low-income families and communities we serve, and to navigate changing sources of public and private capital in order to continue to grow in scale and relevance. In short, we must remain innovative because that is the only way we will continue to remain effective in the changing world around us.
We know we cannot do this work alone. We are buoyed every day by the power of our partners who have come together over three decades, across economic, cultural and sometimes philosophical divides, to work toward a shared vision of what we want for the world. With you, we can continue to build resiliency and opportunity in all of our communities.
Thank you for joining us on this journey.
Together, we have accomplished much in these past three decades. We are proud to have invested over $1 billion in communities where low-income people live and work, investments that have leveraged an additional $6 billion in public and private investment in underserved communities. We have influenced national policy; we have attracted investment from mainstream financial institutions while helping build a burgeoning interest in impact investment; and we have helped transform communities. We are a national model for community development finance, and our various business lines are now all fully operational and working to grow to scale.
But anniversaries are not just a time to reflect on the past. They are also an opportunity to think about the future, to assess strengths and challenges, and to chart a course that will assure that our next thirty years will be as produc-tive as our last.
As we consider the future and reflect on the world around us, we recognize how far we still have to go to fulfill our vision of social justice and economic opportunity. We note that the country is at an inflection point—that the chal-lenges of income inequality, the consequences of mass incarceration particularly in urban communities of color, and our failure to invest in infrastructure—witness that Flint, MI cannot even provide a source of clean water—have generated an anger that is roiling our elections and poi-soning our national conversation.
Elyse D. Cherry DeWitt Jones Michelle Volpe
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The mission never changes.The method often does.
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Homelessness— what’s that? #BCCNext30Years
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Senior citizens + mobile homes + a floodplain + a hurricane = disaster. Or opportunity.
WHEN SPRUCES MOBILE HOME PARK FELL TO THE OVERFLOWING HOOSIC RIVER DURING HURRICANE IRENE, A TRUE PUBLIC, PRIVATE AND NON-PROFIT PARTNERSHIP BUILT A PERMANENT ANSWER FOR THE SUDDENLY HOMELESS ELDERS: HIGHLAND WOODS.
LEARN MORE ABOUT OUR LOAN TO HIGHLAND WOODS: bostoncommunitycapital.org/highland_woods
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Everyone has access to fresh, affordable food. #BCCNext30Years
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A new business model for food industry workers. Plus great pizza.
“HALEY HOUSE—WHERE ALL THE TRIBES ARE WELCOME. AND ALL THE GIFTS ARE SHARED. WHERE LOVE IS THE QUESTION AND THE ANSWER, THE SUSTAINABLE ENERGY WE CAN ALL SHARE.” —MEL KING
LEARN MORE ABOUT OUR LOAN TO HALEY HOUSE: bostoncommunitycapital.org/haley_house
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These days, you may need to look carefully to notice the problem. That is because in many affluent communities, the housing market has rebounded to pre-bubble prices; in some places, it even exceeds them. But in low- and moderate-income communities across the country, 6.3 million homeowners are still underwater. They struggle to make payments on mortgages they cannot afford—yet are tethered to homes they cannot afford to sell.
With foreclosures out of the limelight, families who once understood themselves to be part of a larger cohort now feel left behind, alone. Meanwhile, aid of all kinds appears to be evaporating.
Federal programs to assist struggling homeowners are wrapping up. Banks and loan servicers are less willing to offer modifications, and when they do, those modifications are less likely to include principal reduction and more likely to feature balloon payments and longer terms. Philanthropic and public resources to support foreclosure relief efforts have diminished—disappeared or reallocated to other initiatives.
And housing counseling organizations—the unsung heroes of the foreclosure crisis—now often struggle to find financial support for their services which are so vital to helping home-owners navigate the process and figure out their next steps.
What’s to be done? In both a New York Times Op Ed and a Letter to the Editor, BCC Chief Executive Officer Elyse Cherry outlined some strategies we should adopt at a national level:
• Encourage financial institutions to recognize their losses and write down the value of their mortgages to current market levels.
• Extend tax relief for homeowners who receive reductions, so that write-downs aren’t taxed as income.
• Designate entire neighborhoods and communities as being underwater—and within those, allow owner- occupants to receive fully refundable tax credit for the cost of home repairs.
• Automatically forgive the difference between selling price and outstanding mortgage, so that underwater owner- occupants are free to sell without an adverse impact on their credit scores.
• Enable homeowners who work to get out from under their underwater mortgages to repair their credit scores quickly.
These solutions require government intervention and the cooperation of mainstream financial institutions. Meanwhile, BCC’s SUN Initiative continues to work on multiple fronts to address foreclosure. We partner with housing counselors, municipalities, community organizations, public advocates and other groups to identify new ways to reach struggling homeowners. We work directly with individual homeowners who are facing foreclosure and enable them to stay in their homes. We have invested over $100 million in 5 states—and we continue to expand our reach.
Our methods have raised interest as far away as Japan; last fall, NHK, the Japanese public broadcasting network, sent a crew to Boston to learn about SUN and Boston Community Loan Fund, and this spring we hosted a visit from the Japanese Ministry of Finance. We need to ensure that American interest in addressing foreclosures remains strong too—and that low-and middle-income homeowners aren’t left behind through our continuing housing crisis.
Housing foreclosures are no longer grabbing headlines. Yet in communities across the country, people are still in danger of losing their homes— a danger made more poignant by a shame and isolation that didn’t exist when the foreclosure crisis was on everyone’s mind. Fortunately, there are solutions. When you see money from a fresh perspective, you can bring everyone along.
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75% of SUN borrowers plan to stay in their homes for the long-term.
“THE SUN LOAN ALLOWED US TO KEEP OUR HOUSE, OUR HOME AND PROBABLY SAVED OUR MARRIAGE. WE ARE SO GRATEFUL FOR THE SECOND CHANCE SUN GAVE US.” —SUN HOMEOWNER, FITCHBURG, MA
LEARN MORE ABOUT THE CONTINUING HOUSING CRISIS: Read the New York Times op-ed piece “Where the Housing Crisis Continues” at nyti.ms/1QJSAMF and the New York Times letter to the editor “Worthy Tax Breaks for Housing and Clean Energy” at nyti.ms/1pipw4O.
LEARN MORE ABOUT SUN’S WORK: bostoncommunitycapital.org/foreclosure-relief
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No neighborhood is decimated by foreclosures. #BCCNext30Years
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With a roof like that, how do you get solar energy?
A NEW BCC SOLAR INSTALLATION OF 10,000 GROUND-MOUNTED SOLAR PANELS WILL GENER-ATE ENOUGH ENERGY TO POWER 1,060 HOUSES ANNUALLY. THROUGH VIRTUAL NET-METERING, BCC IS ABLE TO SELL THIS ENERGY TO NEW BEDFORD-BASED AFFORDABLE HOUSING GROUP COMMUNITY ACTION FOR BETTER HOUSING, LOWERING THEIR ELECTRICITY COSTS BY 17% AND FIXING THAT COST FOR AT LEAST THE NEXT 10 YEARS.
LEARN MORE ABOUT OUR SOLAR WORK: bostoncommunitycapital.org/onset_solar
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Because people actually use electricity on cloudy days and at night, solar power’s potential as a primary energy source has some built-in constraints. Net metering addresses these, by enabling customers who generate solar power to get a “net metering credit” for the excess energy they produce on bright sunny days; utility companies then apply this credit against the customers’ later energy use.
Over the past decade, BCC has developed rooftop solar installations for 30 affordable housing developments and non-profit organizations. Recently, we have harnessed net metering to go one step further. Using the Commonwealth of Massachusetts’ pioneering virtual net metering rules, which allow the net metering credits generated at one site to be allocated to offset the electric bills of customers at other sites, we have developed solar installations, selling our net metering credits at discounted, fixed prices to affordable housing developments—typically developments whose sites can’t accommodate solar. This enables resi-dents of low-income communities, who often don’t own their buildings (or whose roofs are too shaded or not ori-ented for solar) to benefit from renewable energy. They are able to save money and to avoid future electricity price hikes. It’s a win-win situation—for everyone on the grid.
That’s because solar power’s economic benefits aren’t limited to those with solar:
• Because solar has no fuel cost and is generated at peri-ods when electricity demand and cost are at their highest—hot summer days—it cuts the amount of high-est-priced electricity all grid customers have to pay for.
• As solar grows, fewer power plants are needed—and the most expensive, most polluting plants may not need to be replaced, saving billions of dollars.
• Moving power generation closer to customers can reduce electricity lost on power lines, as well as the need for transmission system upgrades.
• Solar is a local, cost-effective way for the electric grid to lower its emissions, combat climate change, create local jobs and meet its legal compliance require-ments under state, regional and federal greenhouse gas reduction rules.
Despite these benefits, recent Massachusetts legislation proposes to cut the value of net metering credits by up to 75 percent. Should this legislation pass, it would dev-astate the state’s solar industry, effectively creating an insurmountable financial barrier for affordable housing developments and non-profit organizations hoping to install solar panels. As we go to press, we don’t know how this will play out. Either way, as policy evolves we will con-tinue working to ensure we have a modern and resilient grid—and to ensure that low-income communities benefit from solar power—addressing energy affordability and contributing to the fight against climate change to the greatest extent possible.
We all know that solar energy is good for the environment. It is also good for lowering the cost of energy. Not just for the wealthy—and not even just for those who have solar— but for everyone on the grid. Recently, we’ve been bringing those financial benefits to low-income communities through virtual net metering. When you see money from a fresh perspective you can help the sun shine on everyone.
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City air is fresh. #BCCNext30Years
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I want a world where the best predictor of future success isn’t the ZIP code you grow up in. #BCCNext30Years
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Education is one of the keys to unlocking the doorway out of poverty. Unfortunately, as income inequality and eco-nomic segregation increase, we find that our public education system has become two-tiered. Children raised in more affluent communities are more likely to graduate from high school, attend college and find economic security, while children from lower-income communities face higher drop-out rates, lower college matriculation or completion, and a harder time finding jobs that provide economic security for them and their families.
We need to do better.
For this reason, BCC looks for opportunities to invest in early childhood education and child care programs, schools and after-school programming.
Effective early childhood education is a long-term predictor of successful adults. So we support those efforts, making loans to childcare facilities and programs like Head Start. Strong after-school programs are also critical, providing low-income children with opportunities and experiences that will help them succeed in college and beyond. We look for opportunities to bolster these programs as well.
These loans are challenging to make. Because debt is repaid through operating revenue, and early education programs work on razor-thin margins with little cushion against financial downturns, traditional lenders often shy away from working with them. We do not. We are committed to supporting these vital programs—and to developing new ways to provide that support.
We also invest in charter schools that serve low-income communities. We look for schools in which the student body reflects the community demographics, schools that are accountable to their communities to provide the best possible education for their students, and schools that are focused on sharing what they learn and replicating their success with an eye toward educational reform and the development of new approaches to education that can become best practices in public schools.
Charter schools are an experiment, the results of which will not be fully understood for at least a decade. However, education is a critical stepping stone out of poverty, and we cannot wait. Today’s students and future generations are depending on us. They deserve our help.
Funding education can be tricky. Public schools are financed with public funding. And even the best-managed early childhood educational programs and after-school instruction have lean budgets that often rely on tenuous government subsidies— scaring off traditional lenders. We don’t let that stop us. When you see money from a fresh perspective you can spark new learning.
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Lighting young minds takes a 360° effort. Which results in a 180° difference in outcomes.
AN EFFECTIVE EDUCATION REQUIRES MUCH MORE THAN BOOKS. SO OUR PARTNER INSTITUTIONS ARE FOCUSED ON EVERYTHING FROM FULL FAMILY ENGAGEMENT TO CREATING INSPIRING PHYSICAL SPACES. AND IT’S WORKING.
LEARN MORE ABOUT OUR LOANS TO ASCEND AND THE LEAGUERS: bostoncommunitycapital.org/ascend and bostoncommunitycapital.org/leaguers
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School is a place for learning, not lockdowns. #BCCNext30Years
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It’s not a matter of can or can’t. It’s a matter of how.
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Launched in 2010, WegoWise makes energy efficiency frictionless by harnessing the power of data to deliver market-transforming analytics.
Assessing building performance used to be a laborious, time-consuming, on-the-ground service. Building owners and managers needed costly staff or hardware systems to gather data—which were then painstakingly analyzed by way of messy, error-prone spreadsheets. Or they didn’t do it at all. WegoWise automated the process, making building performance available through the cloud. The frictionless part? Its proprietary platform doesn’t even require a site visit to set up.
WegoWise seamlessly collects data from utility companies, benchmarks a building’s efficiency against an unrivaled database of information on peer buildings, and then rec-ommends actionable solutions to improve the building’s ratings. Our clients know just how effective these potential solutions would be because the platform also automatically analyzes the dollars each would save.
WegoWise started with multi-family housing in low-income communities. Living in buildings that are 20% more waste-ful than typical market-rate housing, these families often spend four times as much of their income on energy. Effective building upgrades can change that. In fact, invest-ing in efficiency upgrades can cut monthly utility bills by as much as 30%. But building owners need to know where to make the investments. New windows? New boilers? A search for leaking faucets? WegoWise points them in the right direction.
Today we collect data on over 40,000 buildings, totaling more than 1 billion square feet, analyzing 150,000 utility bills per month from over 600 utility companies across all 50 states and parts of Canada.
And it’s making a real difference to tenants, building own-ers, and the environment. Armed with WegoWise’s energy analytics, building owners and their tenants can save $11.6 billion in annual utility costs. They would reduce CO2 emissions by 36 million metric tons and save 320 billion gallons of water annually—the equivalent of taking 7.5 million cars off the road and providing water for 10 million people. Every year.
Now WegoWise is expanding to more types of customers and more products. We’ve started monitoring single-family homes and commercial buildings. We’ve augmented our building analytics and benchmarking with proactive monitoring and alerts, property management reports, energy reporting compliance services—even a building- rating system owners use to spur tenant engagement. We’ve created an API (application program interface) for enterprise-scale service providers seeking to leverage our industry-leading utility data collection platform. Finally, we are creating a “credit report” for efficiency investments so multi-family lenders can better manage risk.
In the past six years, WegoWise has set the new standard for assessing building performance. Now, we are setting new standards for real estate as a whole, creating new opportunities to integrate efficiency data into financing, development, ownership, and management. WegoWise is transforming the way the market conserves both cash and energy, and improving not just the industry, but also the planet.
One great thing about con-serving energy is that it also conserves cash. That’s a benefit everyone can under-stand. Monitoring energy efficiency and pinpointing the best way to save becomes a triple win—with benefits for the environment, building owners, and tenants. When you see money from a fresh perspective you can save money and save the planet.
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Fossil fuels belong to the dinosaurs. #BCCNext30Years
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Who knew insulation could be so good for your health?
THE GREEN & HEALTHY HOMES INITIATIVE (GHHI) IMPROVES HOMES’ INSULATION AND VENTILATION, LOWERING ENERGY BILLS—AND IN THE PROCESS REDUCING MOLD, MILDEW, CHEMICALS AND OTHER ASTHMA TRIGGERS. WHICH IS WHY GHHI THINKS MEDICAID SHOULD HELP PAY FOR REMEDIATION.
Learn more about WegoWise’s work with GHHI: bostoncommunitycapital.org/ghhi
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Everyone has a right to be safe. Especially in their own homes.
DOMESTIC ABUSE COMES IN MANY FORMS. PHYSICAL. VERBAL. CULTURAL. FINANCIAL. SEXUAL. EMOTIONAL. ABUSERS TEND TO USE WHATEVER WORKS. HEALING ABUSE WORKING FOR CHANGE PROVIDES A HAVEN AGAINST THEM ALL.
LEARN MORE ABOUT OUR LOAN TO HAWC: bostoncommunitycapital.org/hawc
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What makes a community vibrant?
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Housing is never one-size-fits-all. Neither are housing needs. In communities across the country, there is a pressing need for affordable housing. We also need senior housing, transitional housing, supportive housing—even market-rate housing for the middle class.
A vibrant community relies on a strong local workforce—and that workforce needs a place to live. In towns where housing is limited, new housing can become an engine of growth: By increasing the supply, a town can lower overall housing costs, and thereby attract and retain the popula-tion required for economic expansion.
In the Northeast, abandoned mill buildings can be a great source of housing. These mills—once the anchor around which a town was built—often have become vacant eye-sores, symbolic of what has been left behind. Converting them to productive use provides the double impact of sup-plying critical housing while enlivening blighted areas, transforming depressing spaces into vital resources.
BCC is pleased to support such transformative projects, particularly in former industrial mid-sized cities that helped anchor regional economies, and are themselves poised for a renaissance.
If increasing the supply of housing, generally, poses a chal-lenge, expanding affordable housing faces still higher hurdles—especially in many of the communities we serve which have both need and gentrification pressure. It is hard to even identify a parcel of land that is suitable for afford-able housing—so when one comes available, developers need to be able to buy it quickly before it is lost to more lucrative ventures. This is particularly true in hot real estate markets, where gleaming high-rises seemingly sprout up overnight on every available lot.
Speed is not the only challenge. In gentrifying and dis-tressed communities alike, acquisition is just the first step. It takes time to assemble the scarce and complex set of resources necessary to move forward, to develop or rede-velop a property, then rent or sell it. Many lenders aren’t willing to traverse the long road from purchase to income.
BCC is able to support developers of affordable housing on both fronts, providing ready capital when opportunity arises, and ensuring that that capital is patient enough to support a project’s development timeline. Together, we are working to increase the housing stock so that everyone has a home.
Everyone needs a place to live. Shelter. And preferably a home. Yet safe, affordable housing is frequently in short supply— and financing pressures mean new development often is not designed for those who may need it most. With long-range planning and patient capital, we’re working to change that. When you see money from a fresh perspective you can house the world.
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Supply equals demand for housing in the Commonwealth. #BCCNext30Years
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Neighborhood blight becomes a source of pride
ONCE A VACANT FIRE HAZARD, HARRIS MILLS NOW BOASTS 157 UNITS OF HIGH-QUALITY WORKFORCE HOUSING—A PROJECT MADE POSSIBLE BY BCC’S NIMBLE RESPONSE TO FINANCING DEADLINES.
LEARN MORE ABOUT OUR LOAN TO HARRIS MILLS: bostoncommunitycapital.org/harris_mills
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Communication is the intersection between what you want to say…
and what others can or need to hear.
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“I’m a life-long conservative. I came here really skeptical about the effectiveness of this kind of work, or how I should feel about it.
You changed the way I think.”—a new BCC partner, at our 30th anniversary celebration
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Partners in Our Mission
“We See Money Differently” collage created by Mark Wagner, Inc. Watch our 30th anniversary video, We Don’t See Money, We See What Money Can Do featuring Mark’s collages at http://bit.ly/1pzhp3B
BCC and its affiliates provide a wide range of debt and equity products
for low-income communities and individuals and for emerging businesses
and entrepreneurs.
Boston Community Loan Fund makes loans to nonprofits and community
organizations that create and enhance affordable housing, energy efficiency
measures, community health resources, quality education, small businesses
and other opportunities.
Our Stabilizing Urban Neighborhoods (SUN) Initiative works to prevent the
displacement of families and the neighborhood destabilizing effects of vacancy
and abandonment by acquiring foreclosed properties before evictions occur and
reselling them to their existing occupants with mortgages they can afford.
NSP Residential is a real estate company focused on acquisition strategies aimed
at neighborhood stabilization.
Aura Mortgage Advisors, a licensed mortgage lender (NMLS #23467), helps
people understand the mortgage process and purchase homes they can afford.
Boston Community Managed Assets develops new business initiatives and inno-
vative funding vehicles for low-income individuals and communities, and administers
the investment of our New Markets Tax Credit allocations.
BCC Solar works to stabilize and reduce energy and utility costs of existing afford-
able housing by improving their energy efficiency, conservation and renewable
energy use.
WegoWise provides online, automated utility use tracking and benchmarking to
affordable housing and other property managers, owners and funders.
Boston Community Venture Fund makes equity investments in emerging or exist-
ing businesses that create jobs or provide services for low-income communities.
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Board of DirectorsCharles Clark, Chair YouthBuild USA
Sarah Lincoln, Treasurer Citizens Bank
James Walsh, S.J., Esq., Clerk Metro Law Center of James F. Walsh, P.C.
Elyse D. Cherry Boston Community Capital
Julie Gould Mercy Housing
Edward Dugger III Reinventure Capital LP
DeWitt Jones Boston Community Capital
Maria Maffei MTM Consulting LLC
Michelle Volpe Boston Community Capital
Victor Rivera Bank of America
Mercedes Tompkins Brookview House
Loan CommitteeVictor Rivera, Chair Bank of America
Eva Clarke Boston Financial Investment Management
Laura Hackell Independent Consultant
DeWitt Jones Boston Community Capital
Maria Maffei MTM Consulting LLC
Linnie McLean Retired, Finance & Community Development Advisor
David Stolow Boston University
Jennifer Pinck Pinck & Company, Inc.
Michelle Volpe Boston Community Capital
Steven J. Tromp First Republic Bank
Venture Committee Edward Dugger III, Chair Reinventure Capital LP
Elyse D. Cherry Boston Community Capital
Charles Clark YouthBuild USA
DeWitt Jones Boston Community Capital
James Walsh, S.J., Esq. Metro Law Center of James F. Walsh, P.C.
Staff Elyse D. Cherry CEO, Boston Community Capital; President, Boston Community Venture Fund, Aura Mortgage Advisors and NSP Residential
DeWitt Jones President, BCC Solar Energy Advantage and Boston Community Managed Assets
Michelle Volpe President, Boston Community Loan Fund
Samantha Asker Development & Communications Coordinator
Scott Barry Mortgage Loan Officer
Adam Beattie Senior Mortgage Loan Officer
Gail D. Berlinger Director of Strategic Impact Initiatives
Nora Bloch Senior Loan Officer
Jessica Brooks Senior Vice President of Development & Communications
Jennifer Campagnone Loan Processor
Stephanie Caponigro In-House Counsel, SUN Initiative
Bettina Carroll Customer Relations Liaison
Andrew Chen CFO, Boston Community Capital; CEO, WegoWise; Venture Fund Managing Director
KC Cutrona Investor Relations Assistant
Karyn Dauwer Senior Underwriter and Processing Manager
Elisabeth Davis Salesforce Project & Operations Manager
Michel Dubois Processor
Justin DeAngelis Negotiator
Constance Delzant Senior Negotiator & Loss Mitigation Specialist
Linda Diianni Underwriter
Stephen Donovan Portfolio Analyst
Rachael Dorr General Manager, SUN Initiative
Michele Eldridge Administrative Assistant
Gary Finnegan Mortgage Loan Officer
Jessica Friesen Salesforce Contractor
E. Matthew Gautieri Controller
Cristina Gonzales-James Customer Relations Liaison
Jacqueline Hart Intake Specialist/MLO Trainee
Connor Herlihy Processor
Greg Hillier Negotiator and Closing Coordinator
Danielle Hitchcock Senior Negotiator Consultant
Junior Joseph Intern
Emily Kaminsky Compliance Manager
Sarah Kitterman Senior Loan Officer
Andrew Koh Director of Operations
Deana Kovacev Customer Service Liaison/Processing Trainee
Anne Marie LaSalvia Senior Mortgage Loan Officer & Compliance Officer
Mei See Law-Sandson Portfolio Manager
Lauren Lowe Mortgage Underwriter
George Mandell Mortgage Underwriter
Luis Matienzo Loan Fund Operations Manager
Ron McCormick Customer Relations Liaison
Kathryn McHugh Senior Loan Officer
Michael Nilles Senior Loan Officer
Sean O’Neill Portfolio Analyst
Dan Phair Negotiator
Megan Reagon Mortgage Loan Officer
Emily Rochon Director of Energy & Environmental Policy
Sofia Suarez Translator
Sharon Shepard SUN Initiative Chief Operating Officer; Venture Fund Managing Director
Jason Zhang Senior Accounting Analyst
Professional Support Alexander, Aronson, Finning & Company, PC Auditor
BerlinRosen Public Affairs Strategic Communication & Media Relations
John Blassick Risk Solutions, Inc.
CohnReznick Consultants, New Markets Tax Credit
Ed Dewsnap Microliance Business Solutions Consultant, Accounting
Elizabeth P. Dill Senior Finance Advisor
501Partners Salesforce Consultants
Foley Hoag, LLP Legal Counsel, Energy Advantage Program
G2 Technology Group IT Support
Hillmann Consulting, LLC Environmental & Engineering Consultants
Locke Lord Edwards LLP Legal Counsel
Sandy Bodner Strategic Communications LLC Strategic Communications/Business Development, SUN Initiative
Fred Unger, Heartwood Group, Inc. Consultant, Energy Advantage Program
Baker Tilly Consultant, New Markets Tax Credit
Lisa Zappala Senior Finance Advisor
ContributorsMary Albon
William Apfel
Jeffrey Ashe
Toby Ast
Dale Blank
John & Julie Blassick
Nora Bloch
Peter Bloch
Boston Private Bank & Trust Company
Bob & Louise Bowditch
Susan Brand & Gail Horowitz
Jess Brooks & Russ Neufeld
Gilda Bruckman
Allison Burger
Ann & Bob Buxbaum
Eva Casey
CDFI Fund of the US Department of Treasury
Chen Family
Elyse Cherry
Citibank
Codman Square Neighborhood Development Corporation
Judy & Bill Currier
Matthew C. Dallett
The Derek Bok Advised Fund
Carol Dickson
Mary Ann Donaldson
Barbara & Nick Elton
Martin G. Evans
Frederick E. Fairfield, Jr.
Martin & Susana Fantozzi
Robert Fichter
Lewis Finfer
Michael & Linda Frieze
Julia & Charlotte Gilliam
Sharon Gillis & Thomas Phillips
Rolf & Julie Goetze
Charles & Sara Goldberg Charitable Trust
Ellen Gorowitz & James Rooney
Julie Gould
Carolyn E. Hannauer
Sanford E. Harwood Revocable Trust
Brett Harwood
Herman & Frieda L. Miller Foundation
Marilyn L. Humphries
Hunt Alternatives at the direction of Alan Fein
Dick Jones & Viki Bok
Megan & DeWitt C. Jones III
Howard Katz
Jonathan & Judith Keyes
David S. King
King Mountain Foundation of the Fidelity Charitable Gift Fund
Jonathan Klavens
Krokidas & Bluestein LLP
Learning by Giving Foundation, Wellesley College
Tracey Lembo
Warren Leon & Cynthia Robinson
Sarah Lincoln
John Lippitt
Steve & Robin Lydenberg
M. Brinton Lykes
Kristin & John D. Macomber
Maria Maffei
Harry S. Margolis & Susan H. Phillips
Carol Master & Sherry Mayrent
Martha McManamy
Matthew McTygue
Patrick & Julie McVeigh
The Meredith Corporation Foundation
Charles Merriman
Ross & Susan Neisuler
Greg & Peggy Nilles
Judith & Arthur Obermayer
Loraine Obler
O’Halloran Family Foundation
The Oran Kessler Family Charitable Fund
Doreen Ova4d
Parish of the Epiphany
Joan Parrish
Edward N. Perry & Cynthia W. Wood
Maria Quiroga & Alvin Shiggs
Jill Richard
Robert Treat Paine Association
Sally Rocker & Chris Paci
Maggie & John Russell
Dr. E.O. Rod Rutledge
Maurice Samuels
Sharon Shepard & James Rinderle
South Mountain Company
Rabbi Toba Spitzer & Gina Fried
Lee & Byron Stookey
John & Nadine Suhrbier
Mercedes Tompkins
United African American Venture Fund, Inc.
Trudi Veldman & Robert Kamen
Michelle Volpe
Walpole Co-operative Bank
Barbara Webber
Wheeler Imaging
The Whitney Foundation
David & Mary Wiley
Lisa & Thomas Zappala
Sean Zielenbach
Marcia Zuckerman
We are also deeply grateful for the contributions of numerous individuals and organizations — including many long-time supporters of our work — who prefer to remain anonymous.
Loan Fund Investors
Individuals
Joel Abrams
Ann & Peter Anderson
Mary & John Antes
Samantha Asker
Nancy Askin
Barbara Asnes
Alma & Mitch Balonon-Rosen
Beate Klein Becker
Norman & Nancy Beecher
Dana Berg
Susan Berry
Rev. Alden Besse
Alice Boelter**
Samuel Bonsey
Anonymous clients of Boston Trust & Investment Management
Robert Brainerd
Carol H. Brainerd Trust
Susan Brillˆ
Jess Brooks & Russ Neufeld
Florence Brown
Michael Brown
Janet Buchwald & Joel Moskowitz
Thomas & Kamala Buckner
Margaret Bush
James & Susan Butler
Paul & Catherine Buttenwieser
Anne Oldshue Calabresi & Robert Calabresi Oldshue
Anonymous clients of Circle Wealth Management
Anonymous clients of Conifer Investments
Margaret J. Covert
Martha Crawford
Sarah Creighton
Marie Crocetti
Francis Cummings
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Ann Curby
Iphigenia Demetriades** (member of NEWIRE & Wellesley Alum Investment Group)
Steven DePaul & Elisabeth Rendeiro
Laurie Dewey
Carl Dickson
Carol Dickson
John Dickson
Priscilla Dickson
Elizabeth “Betsy” Duren
Mildred Engberg
Katharine Esty
Terry & Kris Finn
David Friezeˆ
Michael & Linda Friezeˆ
Lauren & Bill Gabovitchˆ
Sree Ganesan
Judy Goldbergˆ
Kate D. Goodale
Susan C. Goodale
Bruce & Eva Gordon
Happy Green
Laura Hackell**
Gail & Thomas Hedges
Ellen Hertzmark
Bill Himelhoch
Mimi Hollister
Linda L. Humphrey
Hannah Elizabeth James
Olivia James
Maria & Greg Jobin-Leeds
Dick Jones & Viki Bok
Andrei Joseph
The Joukowsky Family
Daniel Kamentsky
Karen Karp
Jonathan Katz & Norah Wylieˆ
Benjamin N. Kaufmanˆ
Nathan Asher Kaufmanˆ
D. Gail Kearns
Elisabeth W. Keller & Steven C. Bonsey
Lori J. Kenschaft & Randall D. Smith
Samuel Knight
Dawn J. Kramer
Amos Lans
Johnny Lapham
Mike Lapham
Rachelle Linner
John Lippitt
David O. Ludlow
Steven & Robin Lydenberg
Martha Matlawˆ
Gregory Maul
John J. McCooe
Richard & Margriet Morris
Eva Moseley
Ted & Caroline Murray
Jessie Myszka
Andrea Nash
Catharine Nicholson
Ingborg Nickelson
Anne & Eric Nordell
Roderick & Joan Nordell
Anonymous clients of NorthStar Asset Management, Inc.
Richard D. Olson, Jr. & Richard R. Smith
Scott Oran & Meryl Kesslerˆ
Karen E. Orso
Theodore & Dorothy Osgood
Sally Owen
Mandy Patinkin & Kathryn Grody
Frances Perkins
Katherine Perls
Edward N. Perry & Cynthia Wood
Beatrice Phear
Charlotte Phillips & Oliver Fein
Sally Pick
Ines Polonius
Joan M. Powell
Amelie L. Ratliff
John Rearick & Elizabeth Schnee
Rebecca Regan & Meghan Regan-Loomis
John Regier
Elaine Reily & Marilyn Stern
Anonymous clients of Reynders, McVeigh Capital Management and Fresh Pond Capital
Ronald Riggert
Marci Riseman & Evan Sagerman
Adam Roberts
Virginia Robinson
Kathryn Rothermel
Jeremy & Aviva Rothman-Shore
Larry & Nancy Rowe
Kathryn Rugus
Rebecca Sauer
Skip Schiel
Ivy Schwartz
Karin Segal
Lori Segall & Fred Berman
Paul Shannon
John Stix
Suki & David Stolow
Sawyer Stone
Lee & Byron Stookey
Alice Stowell
John & Nadine Suhrbier
Anonymous clients of The Sustainability Group at Loring, Wolcott & Coolidge
Sandra Sweetnam & David Smith
Mattilda B. Sycamore
Julie Tamler
Dixie & Maddox Tavela
Lewis & Sandra Thompson
Mrs. William Thompson
Joan Tighe
Anonymous clients of Trillium Asset Management
Cary H. Twichell
Trudi Veldman
Anonymous client of Veris Wealth Partners
Jonathan Wallach & Linda Hanson
Shana Weaver
Margaret Winslow
Howard Wolkˆ
Lee A. Work
Religious Organizations
The American Baptist Churches of Massachusetts
Augustinians of the Assumption
Belmont United Methodist Church
Boston Tzedec Community Fund
Congregation of the Sisters of St. Joseph of Boston
The Episcopal Diocese of Iowa
First Church of Christ, Bedford
First Parish in Lincoln
First Parish in Weston
First Parish of Westwood, United Church
Harvard Epworth United Methodist Church, Cambridge
Jewish Community Relations Councilˆ
Massachusetts Conference of the United Church of Christ
Mercy Partnership Fund
The Micah Fund: Greater Boston Jewish Fund for Community Economic Development, a CJP/JCRC Initiative
Needham Clergy Association
New England Annual Conference of the United Methodist Church
New England Yearly Meeting of Friends Pool Funds
Old South Church in Boston
Parish of the Epiphany, Winchester
The Paulist Center, Boston, MA
Presbyterian Church in Sudbury
Presbytery of Boston
St. Anne’s in-the-Fields
Saint Paul’s Episcopal Church, Brookline
Seeds of Change
Sisters of Charity Halifax
Sisters of Charity of Saint Elizabeth, New Jersey
The Sisters of St. Francis of Philadelphia
Sisters of the Assumption of the Blessed Virgin
Society of Jesus of New England
Society of the Divine Word, Chicago Province
Society of the Holy Child Jesus
Sons of Mary, Health of the Sick
Sudbury United Methodist Church
Temple Emanuel of Newton
Temple Hillel B’nai Torahˆ
Temple Israel Bostonˆ
Temple Shalom of Newtonˆ
Tzedec Community Investment Program of Bend the Arc: A Jewish Partnership for Justice
Unitarian Universalist Association of Congregations
Unitarian Universalist Church of Greater Lynn
Unitarian Universalist Congregation at Shelter Rock
The United Parish in Brookline
United Parish of Auburndale
Foundations & Institutions
Admirals Bank
The Amos & Boris Fund
Bank of America Community Development Corporation
Belmont Savings Bank
Blue Hills Bank
BNY Mellon New England
Bon Secours Health Systems
The Boston Foundation
Boston Private Bank & Trust Company
Boston Trust & Investment Management Company
Brown Brothers Harriman
Calvert Social Investment Fund
Cambridge Trust Company
Cathay Bank
Citizens Bank
Anonymous clients of The Sustainability Group at Loring, Wolcott & Coolidge
Common Good Finance
CDFI Fund of the US Department of Treasury
Dedham Institution for Savings
Eastern Bank
ENAID Housing Trust
The Erich & Hannah Sachs Foundation
Fidelity Management Trust Company
Fiduciary Trust Company
The Frances Fund, Inc.
Harvard University
Healing Abuse Working for Change, Inc.
Hingham Institution for Savings
HSBC Bank USA
The Keller Bonsey Fund
Leader Bank, N. A.
The Life Initiative
MA Grinnell Charitable Trust
Mass Development
McAuley Institute
Metropolitan Life Insurance Company
Miles Properties
NCB Development Corporation
Obermayer Foundation, Inc.
Opportunity Finance Network
The Parnassus Fund
Parnassus Investments
Profit Point Fund
The Property & Casualty Initiative
Robert Treat Paine Association
Rockland Trust
Rosie’s Place
Rowe Family Charitable Trust
Rubblestone Foundation
Salem Five Cents Savings Bank
The Schocken Foundation
Seymour & Sylvia Rothchild Family Foundation
Small Business Loan Fund of the U.S. Treasury
State Street Bank
TD Banknorth
Twin Pines Cooperative Foundation
Webster Bank
And the many individuals and organizations who prefer to remain anonymous.
** Wellesley Alumnae Investor
ˆ Investor in The Micah Fund: The Greater Boston Jewish Fund for Community Economic Development, a CJP/JCRC Initiative
SUN Initiative InvestorsAnn & Peter Anderson
Anonymous individuals
Roberta J. Apfel & Bennett Simon
Barbara Asnes
Anonymous clients of Ballentine Partners
Anonymous clients of Barry Investment Advisors
Dana Berg
The Boston Foundation
Boston Trust & Investment Management Company
Andrew Boyd
Jess Brooks & Russell Neufeld
Anonymous clients of BWS Wealth Partners
Calvert Foundation
Annie E. Casey Foundation
Anonymous clients of Clean Yield Asset Management
Margaret J. Covert
Sarah Creighton
Judy & Bill Currier
Nina Dillon & James Recht
Trilby Galen duPont
Abigail Easterly & Scott Silberfeld
Laurie Emrich & Gael Murphy
The Episcopal Diocese of Iowa
F.B. Heron Foundation
First Congregational Church in Amherst (UCC)
Michael & Linda Frieze
Anonymous clients of Fresh Pond Capital
Cheryl & Noah Fulmer
Kate D. Goodale
Susan C. Goodale
Anonymous client of Hall Capital Partners LLC
Tracy Hewat
J. Christopher Hormel
The Joukowsky Family
Anonymous clients of Just Money Advisors
Jonathan Katz & Norah Wylie
Elisabeth W. Keller & Steven C. Bonsey
Julie & Peter Kelly-Detwiler
Daphne & Steve Klein
The Kresge Foundation
Amos Lans
Robert Alan Lewis & Barbara Heynaths Lewis
Joan R. Lisi
E.A. Nancy Lukens
Lydia B. Stokes Foundation
Jane Matlaw
Patrick & Julie McVeigh
Jeanne Miller Melton
Mark Munger & Kate Bourne
Anonymous clients of NorthStar Asset Management, Inc.
Angela & Anthony Ocone
Perls Foundation
Sally Pick
Kate Poole
John D. & Geneva P. Pope
Alison & Christopher Pyott
Amelie L. Ratliff
Elaine Reily & Marilyn Stern
Ellen Remmer
Anonymous clients of Reynders, McVeigh Capital Management LLC
Marci Riseman & Evan Sagerman
Adam Roberts
Dale & Christine Rockefeller
Martha & David Rome
Rowe Family Charitable Trust
Maurice Samuels
South Mountain Company
Anonymous members of Strategic Grant Partners
Skip & Marilyn Sturman
John & Nadine Suhrbier
Anonymous clients of The Sustainability Group of Loring, Wolcott & Coolidge
Cary H. Twichell
Tzedec Community Investment Program of Bend the Arc: A Jewish Partnership of Justice
Ariane van Buren
Trudi Veldman & Robert Kamen
Anonymous client of Veris Wealth Partners
Lisa Watson
Margaret Winslow
Steven & Julie Woodward
6261
Sustainability Initiatives InvestorsBank of America, Energy Efficiency Finance Program
US Bank Community Development Corporation
TD Bank
State Street Bank
CDFI Fund of the US Department of Treasury
Massachusetts Clean Energy Center, Renewable Energy Trust
U.S. Department of Treasury, 1603 Program
Shared Value Investment LLC
Eastern Bank
Venture Fund InvestorsAnonymous foundation
Anonymous individuals
Bank of America Capital Corporation
TD Banknorth, N.A.
Paul & Catherine Buttenwieser
Citizens Bank
Richard & Priscilla Hunt
The Roy A. Hunt Foundation
The Hyams Foundation, Inc.
Institute for a Civil Society
Jacobs Family Foundation
JPMorgan Chase Community
Development Group
The John D. & Catherine T. MacArthur Foundation
Opportunity Finance Network
Property & Casualty Initiative
The Rockefeller Foundation
Harvy Simkovits
State Street Bank
Sovereign Bank
Ralph Taylor
Loan Fund Past and Current BorrowersAHC, Inc.
Allem Realty Trust
Alliance for Animals
Alliance for Young Families
Allston-Brighton Community Development Corporation
American Youth Hostels — Boston Hostels, Inc.
Amos House
Arch Street Development
Architectural Heritage Foundation
Artist Tenants of the South End
Artists Cooperative at 300 Summer Street
Asian Community Development Corporation
Beacon Communities
Becker + Becker
Berkshire Arts & Technology (BART) Charter Public School
Berkshire Housing Development Corporation
Bethel AME Church
Beverly Affordable Housing
Boston Aging Concerns — Young and Old United
Boston Citywide Land Trust
Boston Film & Video Foundation
Boston Neighborhood Housing Services
Bridge Housing Corporation
Brookside Artists, LLC
Cambodian Mutual Assistance Association
Capstone Communities, LLC
Casa Esperanza
Casa Myrna Vazquez, Inc.
Casa Nueva Vida
Cascap, Inc.
Cathedral Church of the Savior
Charter Schools Development Corporation
Chelsea Neighborhood Housing Services
Chestnut Street Cooperative
Citizen Schools
Citizens for Affordable Housing in Newton Development Organization (CAN-DO)
City Lights
Civic Builders
Codman Square Neighborhood Development Corporation
Colonial Village Apartments*
Communities United, Inc.
Community Action Agency of Somerville
Community Action for Better Housing (CABH)
Community Housing, Inc.
Community Servings
Cooperative Corporation
Cornerstone Properties Group of Wareham, Inc.
Cushing Manor Support Facility
DIAL-SELF Teen Services
Dimock Community Health Center (Social Justice for Women)
Dorchester Bay Economic Development Corporation
Dorchester Gardenlands
Dorchester Home & Garden
E.L. Haynes Public Charter School
East Boston Community Development Corporation
East Harlem Scholars Academy
Ecumenical Social Action Committee (ESAC)
Elizabeth Stone House: Transitional Housing Project
Ellington Street
Cooperative Corporation
Emmanuel Gospel Center
ETC Development Corporation
Fairbanks Development, LLC
Fairfield Real Estate Development
Falmouth Housing Corporation
Fenway Community Development Corporation
Finex House
First Night, Inc.
Forest Glen Cooperative
Fort Point Arts Community
Fountain Hill Condo Association
Frank Thomas/Otisfield, LLC
Franklin Field South Neighborhood Association
Friends of Shattuck Shelter
The Friends of TEAM Charter Schools, Inc.
Gay & Lesbian Advocates & Defenders (GLAD)
Generations, Inc./Magic Me
Greentown Labs, Inc.
Guidance Center, Inc./Center Inc.
H R Ross Industries
Harborlight Community Partners
Hart Development Associates
Harvard Community Health Center/Griffin House
Harwich Ecumenical Council for the Homeless
HEARTH (formerly Committee to End Elder Homelessness)
HMB, LLC
Homes for America, Inc.
HomeStart, Inc.
Hope House
Hope Real Estate Enterprises, LLC
Housing Assistance Corporation
Housing Corporation of Arlington
Humphreys Street Studios
Inquilinos Boricuas en Accion (IBA)
Island Housing Trust
Jamaica Plain Neighborhood Development Corporation
Jamaica Plain Scattered Site Cooperative
Jewish Community Housing for the Elderly (JCHE)
Jumpstart for Young Children, Inc.
Just-A-Start Corporation
Keen Development Corporation
Kevin McCrea/Wabash Construction
KIPP Academy Lynn
KIPP Boston Academy Charter School
Kit Clark Senior Services/ Federated Dorchester Neighborhood Houses
L.P. Athol Corporation
Lawrence Community Works
Lifehouse
Living in Dorchester
Madison Park Development Corporation
Mary’s Center for Maternal & Child Care
Mattapan Community Development Corporation
Mattapan Community Health Center
MD Properties
Media & Technology Charter High (MATCH) School
Methunion Manor Cooperative Corporation
Midway Artists Collective LLC
Michael Stella
Miles Properties, Inc.
Milton-Fuller Housing Corporation
Mission Hill Neighborhood Housing Services, Inc.
Mission SAFE
Mitchell Properties
Mount Pleasant Home
Neighborhood Development Corporation of Grove Hall
Neighborhood of Affordable Housing (NOAH)
New Atlantic Development Corporation
New Boston Fund
Norbert Associates, LLC
North Metropolitan Homemakers — Home Health Aide Service
North Shore CDC
November Collective Cooperative Corporation
Nuestra Comunidad Development Corporation
Nu-Life Development Corporation
Oaktree Development
Operation Outreach — USA, Inc.
Otisfield, LLC
Paige Academy
Park View Cooperative Corporation
Paul Sullivan Housing Trust
Peabody Properties*
Peabody Veterans Supportive Housing LLC an affiliate of Peabody Properties
Peace at Home
Penikese Island School
Peterbridge, Inc.
Pine Street Inn
Presentation School Foundation
Preservation of Affordable Housing
Providence Community Health Centers
Putnam & Western Cooperative
Quincy Geneva Housing Development Corporation
Rehoboth Bethel Development Corporation
Resident Ownership Capital, LLC
Roxbury Multi-Service Center
Ruggles Affordable Assisted Living Center
Salem Harbor Community Development Corporation
Salem Mission
Second Home/United Homes for Children
Shelter, Inc.
SMILE Pre-School Inc.
Sojourner House
Somerville Community Corporation
South Boston Neighborhood Development Corporation
Spectrum Health Services
Spontaneous Celebrations
Starr Development & Brady Sullivan Properties
Straight Ahead Pictures, Inc.
Tent City Corporation
The City School
The Communities Group (TCG) of Massachusetts
The Garment District
The Leaguers, Inc.
The Starting Line/MOPPETS
Transformations, Inc.
Trinity Development
Trust on Behalf of Eastern Service Workers Association
Tuttle House, Inc.
University Lutheran Association of Greater Boston/Harvard Square Homeless Shelter
Urban Edge Housing Corporation
Valley Community Development Corporation
Veterans Benefits Clearinghouse Development Corporation
Vicente’s Tropical Groceries
Victory Programs
VIET-AID
Visiting Nurses Association (VNA), Somerville
VNA Lowell Street Limited Partnership
Vocational Advancement Center
WATCH, Inc.
Watertown Community Housing
Whittier Street Health Center
Windale Developers, Inc.
Women’s Educational Center (The Women’s Center)
Women’s Housing Initiative (Brookview House)
Women’s Institute for New Growth & Support (WINGS)
Worcester Common Ground
Worcester East Side CDC
World Ocean School
Young & Old United, Inc.
YWCA of Boston
* Energy efficiency investment site
Solar Projects225 Centre Street, Jamaica Plain, MA
Adams Court, Mattapan, MA
Atlas Lofts, Chelsea, MA
Cass House, Dorchester, MA
Champ Homes, Hyannis, MA
Greater Boston Food Bank, Boston, MA
Hopkinton Fire Station, Hopkinton, MA
Hopkinton High School, Hopkinton, MA
Hopkinton Middle School, Hopkinton, MA
Hopkinton Police Station, Hopkinton, MA
Jefferson Park Apartments, Cambridge, MA
LBJ Apartments, Cambridge, MA
Lincoln Way Apartments, Cambridge, MA
Mill Street Shared Solar Project, Gardner, MA
Mishawum Park Apartments, Charlestown, MA
New Bedford Boys & Girls Club, New Bedford, MA
North Canal Apartments, Lowell, MA
North Village Apartment, Webster, MA
Old Colony Homes, South Boston, MA
Quabog Regional Middle High School, Warren, MA
Riverview Homes, Pittsfield, MA
Union Crossing, Lawrence, MA
Walden Square Apartments, Cambridge, MA
Warren Elementary School, Warren, MA
Washington Elms, Cambridge, MA
West Brookfield Elementary School, West Brookfield, MA
Venture Fund Portfolio CompaniesAcelero Learning, Harlem, NY
Dynex, Inc., Chantilly, VA
Magellan Diagnostics, Billerica, MA
SelecTech, Inc., Avon, MA
6463
YEARS
At the intersection of downtown and community.
October 5, 2015
BCA Cyclorama Boston, Massachusetts
6665
6867
BCC by the NumbersSince 1985, Boston Community Capital has invested more than $1 billion to support organizations and businesses that benefit underserved communities. Our work helps preserve affordable housing, save homes, extend education, build communities, expand access to quality health care, conserve our natural resources, and grow businesses. 2%
Double Bottom Line Businesses$ 28,247,890
3% Energy Efficiency and Renewable Energy$ 37,532,207
9% Child Care, Schools, and Youth$ 101,931,975
3% Health Care Facilities$ 30,143,884
3% Supportive Housing and Shelters$ 38,712,246
8%Residential Mortgage Loans$ 98,347,292
27% Affordable Housing$ 306, 977, 381
5% Commercial Real Estate and Other Community Facilities$ 61,978,046
40%New Markets Tax Credit$ 468,000,000NMTC Investment by Product Type
· Sustainable Forestry: $ 338,696,390
· Manufacturing: $85,000,000
· Education: $ 15,789,474
· Commercial Real Estate: $ 9,814,136
· RenewableEnergy: $ 18,700,000
BOSTON COMMUNITY CAPITAL CUMULATIVE INVESTMENT BY PRODUCT TYPE (As Of 12/31/2015) TOTAL $1,171,870,921
2006 2009 2012 2015
*Three year rolling average
CUMULATIVE DOLLARS INVESTED (As Of 12/31/2015)
ASSETS UNDER MANAGEMENT(As Of 12/31/2015)
18,000+
2+ million
650+HOUSEHOLD EVICTIONS PREVENTED BY HELPING FORECLOSED HOMEOWNERS
12,000+CHILDREN SERVED IN CHILDCARE FACILITIES
18.5+ million
6 billion
81,500+PATIENTS UNDER THE CARE OF STATE-OF-THE-ART HEALTH CARE FACILITIES
8,100+LOW-INCOME STUDENTS SERVED BY SCHOOLS AND YOUTH PROGRAMS
AFFORDABLE HOUSING UNITS BUILT, PRESERVED OR ENHANCED
SQUARE FEET OF RENOVATED COMMERCIAL REAL ESTATE AND FACILITIES IN DISTRESSED COMMUNITIES
KWH OF SOLAR ELECTRICITY GENER-ATED, THE EQUIVALENT OF ELIMINATING 9,000+ TONS OF CARBON EMISSIONS
DOLLARS OF ADDITIONAL INVESTMENT LEVERAGED BY BOSTON COMMUNITY CAPITAL SINCE 1985 2005 2007 2009 2011 2013 2015
$1.2B
1.1B
1B
900M
800
700
600
500
400
300
200
100
0
1B
900M
800
700
600
500
400
300
200
100
0
Since 2005, BCC has operated on a self-sufficient basis. 2015 self
sustainability ratio: 118%*
7069
Energy Advantage
SUN Initiative/Aura Mortgage/
NSP Residential
New Markets
Venture Fund
Loan Fund
bostoncommunitycapital.org | 617.427.8600For foreclosure relief, call: 855.604.HOME
Editor Jessica BrooksProducer Samantha AskerCopy Trevania HendersonDesign Hecht/Horton Partners, Inc.Images Ascend Learning Inc. (pages 30–31); Andre Chung (page 40); Bill Brett (pages 64–67); Marilyn Humphries (pages 3, 12, 18–20, 51, 64–67); ©Rodney Smith (page 37); Mark Wagner Inc. collages (covers, pages 56–63)Printing Universal Wilde PrintingPrinted on Monadnock Astrolite® paper. Monadnock Astrolite® paper is FSC Certified and Manufactured Carbon Neutral with Renewable Electricity. ©2016. All rights reserved. Printed in USA.
ABOUT THIS REPORT
In October 2015, 600 of our partners—borrowers, inves-tors, policymakers, community members, lending partners and peer organizations—gathered for a spectacular cel-ebration of Boston Community Capital’s 30th anniversary. You’ll find a gallery of pictures that showcase the event on page 64–67. We asked our guests to tweet their hopes for the future with the hashtag #BCCNext30Years. Many of those ideas are found throughout this report, along with the collages of artist Mark Wagner, who helped us put a face on the fact that we do see money differently—and what that can mean to the communities we serve. A video featuring this work, We Don’t See Money, We See What Money Can Do, debuted at our celebration; please visit our website at bostoncommunitycapital.org to watch it.
One of our greatest challenges in producing this report every year is deciding who among our borrowers we should feature. This year, we decided to expand the number of stories—and the depth in which we can tell them—by placing them on our website in addition to the report. Please visit bostoncommunitycapital.org/impact-stories to read about our borrowers’ tremendous work in sectors from housing to energy to education.
Our mission is to build healthy communities where low-income people live and work. To this end, we finance affordable housing, childcare facilities, arts programs, schools, health clinics, community services and businesses that create jobs, services and opportunities for low-income people and communities; invest in businesses that create social and financial returns; help families facing foreclosure stay in their homes; provide cost-effective access to renewable energy; support the implemen-tation of energy-efficiency measures in the communities we serve; and develop new financial tools that connect low-income communities to mainstream financial markets. We serve as a vehicle for a wide range of investors, including individuals, institutions and faith-based organizations. Working together, we achieve the flexible access to capital that is a key to building healthy communities.
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10 MALCOLM X BOULEVARD GROUND FLOOR BOSTON, MA 02119 · BOSTONCOMMUNITYCAPITAL.ORG · 617.427.8600