Cleveland Development Advisors Community Reinvestment Fund Inc

Loans:The Organization began lending activity in 2017 utilizing its cash resources generated from successfully managing CDA Investment Funds and leveraging those funds to create greater impact in the community. CDA-CRF became a certified Community Development Financial Institution (CDFI) by the CDFI Fund in 2018, and was recertified in 2025, with a focus on the most distressed neighborhoods in the City of Cleveland and surrounding neighborhoods; but also serves Cuyahoga County and its surrounding counties. CDA-CRF is refining its lending priorities to match gaps in the greater Cleveland lending landscape to create sustainable loan products with the ability to advance Cleveland by supporting neighborhood redevelopment and small business growth. The focus of the organization's lending activity is on real estate development projects including community facilities, job creation projects and acquisition and predevelopment.CDA-CRF has been able to expand its loan and grant products to increase access to capital to emerging and underserved developers by providing a loan and grant product specifically for the predevelopment and acquisition needs of emerging developers who are focused on investing in real estate projects located in low-income communities and/or serving low-income persons. The predevelopment and acquisition products compliments CDA-CRF's Development Services Programs which focuses on providing technical assistance to emerging developers through various components of the Development Services Program. In 2024, CDA-CRF closed on new loans totaling $4.8 million to support the following projects:89th Rising: CDA-CRF provided a $4 million senior loan, along with a $500,000 subordinate loan, to finance the new construction of the 89th Rising Housing Development that is bringing new quality housing to the Fairfax neighborhood through 48 new one-and two-bedroom market rate rental units along East 89th Street between Cedar Road and Quincy Avenue. The apartments will be in six large structures designed to reflect historic Victorian houses that once anchored the street.African Town Plaza Redevelopment: CDA-CRF provided a $300,000 predevelopment loan to support the predevelopment costs associated with the historic renovation and adaptive reuse of the former Cedar Branch YMCA at the corner of East 75th Street and Cedar Road in the Fairfax neighborhood. The building has been vacant for 12 years and the redevelopment plan includes a mixed-use cultural center with non-profit and community tenants, an event center and 19 apartments.

Equity Investments & Grants:CDA-CRF assists in the revitalization of low-income communities through the support and facilitation of real estate and business development projects in Northeast Ohio. Specifically, CDA-CRF has equity investment in real estate financing organizations that promote community and economic development in these communities. CDA-CRF also will utilize and leverage resources to provide grants to those organizations that support community and economic development in the low-income communities. The Organization works closely with the City of Cleveland, Cuyahoga County, community partners and stakeholders to identify real estate development projects that will have a transformative impact on the City of Cleveland and Cuyahoga County.In 2024, CDA-CRF provided grants for three real estate development projects that are focused on revitalization of the neighborhoods in Cleveland, Ohio.- CDA-CRF provided a $75,000 grant to support the Pivot Center located in the Clark-Fulton neighborhood to support the construction buildout of additional space for the Cleveland Rape Crisis Center to move its headquarters to the building.- CDA-CRF provided a $40,000 grant to We Rise Development to hire an owner's representative for the construction of the 89th Rising Housing Development Project in the Fairfax Neighborhood.- CDA-CRF provided a $250,000 grant to support the financing of the 9410 Hough project that will bring 116 quality affordable housing units and supportive social services to the Hough neighborhood.CDA-CRF is the 99.9% owner of CNMIF II, a certified CDE under the NMTC Program, investing in low-income communities and low-income persons. To date, CNMIF II has received a total of $340 million of Federal NMTC allocation and $38.4 million of Ohio NMTC allocations, and in turn invested into 41 projects totaling over $1.1 billion in development costs. These projects have provided rehabilitation and construction of over 3.7 million square feet of commercial space and 942 housing units with 25% of those units qualifying as affordable under the NMTC Program, creating over 9,300 construction and permanent jobs. CNMIF II has utilized NMTCs to support 10 schools/training centers, 3 healthy food grocers and 20 community facilities.CDA-CRF is a 4.6% limited partner in CDP II, which has made 92 investments by providing over $156 million in financing into 77 projects totaling over $2.1 billion in development costs. The financing of these projects has provided construction and rehabilitation of over 5.6 million square feet in commercial space and over 3,100 housing units, as well as 7 grocery store/healthy food focused projects and 4 major attractions in Cleveland including Progressive Field, Rocket Mortgage Fieldhouse, Browns Stadium and Rock and Roll Hall of Fame.CDA-CRF is a 3.77% Class A Investor in ACDF, which to date, has provided over $83.1 million in financing into 31 projects totaling over $679 million in development costs. The financing of these projects has provided construction and rehabilitation of over 2.6 million square feet of commercial and residential space and over 2,500 housing units.CDA-CRF is an 8.75% Class B Investor in Opportunity CLE Loan Fund (OCLF), CDA's newest investment fund officially capitalized as a $40 million loan fund in 2024. OCLF will provide capital to support transformative, strategic and catalytic projects that provide a positive social and economic return in targeted low-income communities across Northeast Ohio with a focus in Cuyahoga County, Ohio. CDA-CRF also serves as the managing member of OCLF. OCLF began making investments in 2024, and to date has provided financing to 5 projects totaling $13.8 million with over $93.3 million in total development costs.

Development Services:Since 2019, CDA-CRF has focused on strengthening partnerships with community development corporations, developers, and other stakeholders to initiate a city-wide collaborative to support and advance emerging developers with real estate projects within Cleveland as well as building its own Development Services platform. CDA-CRF's Development Services platform is built around three key, interrelated programs: Developer-in-Residence program (DIR), the Development Ecosystem Collaborative (DEC), and the Cleveland Emerging Developer Initiative (CLE-EDI). Together, the components of these programs provide technical assistance to emerging real estate developers that seek to build industry partnerships and deliver direct training. The technical assistance support that is provided by CDA-CRF 's development services programs to emerging developers are crucial components of being able to help advance the projects forward from early stages, through predevelopment and ultimately to a full closing of a capital stack and ultimately supporting the operations and sustainability of a project.The Developer-in-Residence (DIR) program offers customized technical assistance to emerging developers, enabling them to move real estate projects forward with greater confidence and capacity. This support includes CDA-CRF directly entering into technical assistance (TA) agreements with the developers and may also include consultants or professional services firms that have been identified to assist on certain identified needs and tasks that emerging developers may not yet be able to handle independently. This hands-on support model helps bridge immediate technical gaps while developers continue to build their capabilities.Development Ecosystem Collaborative (DEC) is a CDA-CRF led partnership made up of local financial institutions, community development financial institutions (CDFIs), banks, and other mission-aligned entities. The purpose of this collaborative is to foster cross-sector coordination and align capital and resources around development goals for emerging developers. The DEC functions as a strategy table-bringing together banks and mission investors to share insights, analyze project pipelines, identify systemic gaps, and promote shared investment development opportunities. This collaborative framework has become a critical asset for amplifying CDA's development services and advancing community-driven outcomes.Cleveland Emerging Developer Initiative (CLE EDI) is a cohort-based training program that provides participants with a structured curriculum designed to enhance their real estate development knowledge, strengthen professional networks, and prepare them to lead teams on development projects. The program includes group training, mentorship, and access to targeted technical assistance. In addition, the CLE EDI cohort members receive individualized support throughout the program and often continue to receive assistance post-cohort, helping them transition from theoretical knowledge to real-world execution. CLE-EDI serves as a pipeline for cultivating emerging developers and is a foundational piece of CDA's broader strategy to support community-rooted real estate development. CLE-EDI was an initial 2-year pilot program that launched its inaugural cohort in October 2023, and CDA-CRF had partnership with Capital Impact Partners (CIP), a national CDFI, and Village Capital Corporation (VCC), a local Cleveland based CDFI. The inaugural cohort included 15 participants that committed to engage in an intensive 8-month curriculum designed to foster emerging developers looking to enter the real estate development landscape in Cleveland. The inaugural cohort graduated in June 2024. In September 2024, the second cohort was launched with 15 new participants who will go through the same 8-month program and the program concludes in May 2025. Together, CDA-CRF and VCC were able to provide the participants of both cohorts with predevelopment grants to support their projects.