CLEVELAND DEVELOPMENT ADVISORS COMMUNITY REINVESTMENT FUND INC
1240 Huron Road No 300, Cleveland, OH 44115 www.clevelanddevelopmentadvisors.com

Total Revenue
$7,935,330
Total Expenses
$2,530,679
Net Assets
$15,758,613

Organizations Filed Purposes: To build inclusive and thriving neighborhoods in Northeast Ohio by providing innovative financing solutions and technical assistance to catalytic real estate and business development projects. In carrying out this mission, CDA-CRF shall be operated exclusively for religious, charitable, scientific, literary or educational purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.

To promote community development and revitalization by supporting and providing investment capital for low-income communities and low-income persons in Northeast Ohio to create sustainable neighborhoods and communities through neighborhood redevelopment and small business growth through collaboration and inclusivity with public, private and not-for-profit partners.

Management Services: CDA-CRF provides management services to International Regional Center (IRC) and Cleveland Development Advisors, Inc. (CDA), an affiliate of the Organization. CDA is a real estate and business development finance organization that invests privately-funded capital and New Markets Tax Credit (NMTC) allocations into catalytic projects designed to advance economic and community development projects throughout Cleveland. CDA's investment funds include i) Cleveland Development Partnership II LP (CDP II), ii) Advance Cleveland Development Fund, LLC (ACDF), and iii) Cleveland New Markets Investment Fund II, LLC (CNMIF II) (collectively, CDA's Investment Funds). CDP II and ACDF provide a source of private sector financing for developers, owners and operators of significant real estate projects in Cleveland, Ohio and Cuyahoga County, Ohio, in order to promote development and advance community priorities. CNMIF II is a community development entities (CDE) certified by the U.S. Treasury's Community Development Financial Institutions Fund (CDFI Fund) that has received a total of $200 million (to date) in NMTC allocations since 2007. CNMIF II provides investment capital for low-income communities and low-income persons consistent with the NMTC Program and also CDA's priorities.Since 1989, CDA's Investment Funds have made 168 investments and provided over $426 million in direct financing generating $3.8 billion in total development costs. These investments have resulted in over 6,900 housing units and over 7 million square feet of commercial space.In 2019, CDA's Investment Funds invested $9.7 million of direct financing into 5 projects in Northeast Ohio that have resulted in 87 housing units and over 87,000 square feet of commercial space and created and retained a total of 67 construction and permanent jobs. These projects generated over $87 million of total development. Two of the main projects are highlighted below:The Centennial: Home to the largest bank lobby in the world, the 1.3 million SF building at 925 Euclid is the last remaining historic structure along lower Euclid yet to be restored. The Millennia Companies plan to convert the city-block sized project into a unique mix of housing, office and commercial space including multiple restaurants that give a nod to the building's Art Deco roots and the grandeur of the Roaring 20s. CDP II provided a $3 million loan to the project sponsor to help solidify the final development plan for the last building in the Nine-Twelve District that needs renovated. The loan provided predevelopment dollars to the project sponsor so they could continue the momentum and additional time needed to finalize the various stages of the project development in preparation for construction financing, anticipated to close in 2021. The Quarter Phase II: Just two years after the ground broke on the first phase of the project, the Snavely Group is adding to the bustling area with Phase II. ACDF provided a $3.5 million loan subordinate loan to finance the construction of this next phase. The project combines the renovation of the historic Painter's Union building into 8 apartments alongside a six-story new construction building with an additional 79 units all above 16,000 SF of commercial space including the recently renovated Joy Machines Bike Shop.

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. CDA-CRF became a certified Community Development Financial Institution (CDFI) by the CDFI Fund in 2018, with a focus on most distressed neighborhoods in the City of Cleveland and surrounding inner-ring neighborhoods; but can serve 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 through collaboration and inclusivity. The focus of the organization's lending activity on three main areas: i) real estate development; ii) acquisition and predevelopment, and iii) small business loans focusing on real-estate like financing for tenant improvements and furniture, fixtures and equipment (FF&E). Since 2017, CDA-CRF has made 21 loans totaling $11.1 million leveraging over $54.4 million of development costs, financing 335,500 square feet of commercial space and has created and retained over 440 jobs.The highlights of the projects CDA-CRF financed in 2019 include:Astrup: The Organization provided two separate loans totaling $3.6 million to provide construction financing for the rehabilitation of the Astrup Awning Company Building to the community space known as The Pivot Center for Art, Dance and Expression. The project was financed using multiple financing tools including CDFI financing, NMTC financing, historic tax credits and the City of Cleveland. CDA-CRF was able to leverage funds from ACDF and The Cleveland Foundation to provide a $3 million leverage loan. Additionally, CDA-CRF utilized its own sources to provide the final gap in the capital stack with a $600,000 loan to the project. Vacated in 2015, the 80,000 SF historic building lay dormant until developer Rick Foran recognized the importance of creating a community-driven space to reinvent the corner of W. 25th and Seymour Avenue into a place of vibrancy and community pride. Set to open at the end of 2020, it will be home to a mix of nonprofit arts and culture organizations anchored by the Cleveland Museum of Art and including the Cleveland Rape Crisis Center, Inlet Dance Studio, ICA-Art Conservation and more. This project is also the first investment closed by CDA-CRF as part of the of the Opportunity CLE Transformation Neighborhoods program in collaboration with Finance Fund Capital Corporation (FCAP).El Centro Villa 25: La Villa Hispana is the heart of the Hispanic community in Cleveland. Informally located along Clark Avenue from Scranton Rd. to W. 65th, La Villa has long sought a physical home. The Northeast Ohio Hispanic Business Center knew that place-based cultural activities had proven successful in other parts of the Midwest, especially Chicago, and saw the HJ Weber Building on W.25th near Clark as an opportunity to build the Cleveland model around entrepreneurship. The project will transform the two-story commercial property into a series of small kiosks (las tienditas), larger on-street commercial spaces (las tiendas), a community kitchen and office space for the HBC and other Hispanic non-profits. CDP II provided a $690,000 acquisition loan for HBC to acquire the building in 2019; and CDA-CRF was able to provide an additional $280,000 loan to the project sponsor to cover predevelopment costs necessary to finalize the various stages of project development in preparation for construction financing, which is expected in 2021. Chain Reaction Collinwood: Cleveland Chain Reaction is part Shark Tank, part local small business incubator, pairing investors with small businesses and Cleveland neighborhoods to spur job creation, business growth and neighborhood revitalization. The collaboration between Greater Cleveland Partnership's Council on Smaller Enterprises, Cleveland Neighborhood Progress, JumpStart, the City of Cleveland and Fox 8 produced 6 winning businesses receiving training, help with site selection and financing. The winners were Cleveland Brewery, Consult 2 Code, The Link, Maeve's All Natural, Six Shooter Coffee, and Sweet Bean Candies. Of the 6 winners, there were 3 minority owned businesses and 3 female owned businesses. CDA-CRF leveraged certain grant dollars received from Greater Cleveland Partnership and Economic Growth Foundation with its own dollars to provide 6 loans totaling $145,000 to each of the winners. Village Capital Corporation: The Organization leveraged funds from CDP II to provide a $1,000,000 revolving line of credit to Village Capital Corporation (VCC), a local CDFI and non-profit that focuses on low-income, mixed-income and mixed-use development projects in vital Cleveland neighborhoods. This new credit facility will allow VCC to continue to make impactful investments to projects in the neighborhoods that need them most.

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 development in these communities. CDA-CRF also will utilize and leverage resources to provide grants to those organizations that support community development in the low-income communities. The Organization works closely with the officials of the Greater Cleveland Partnership (GCP), an Ohio non-profit corporation that is a 501(c)(6), and its subsidiaries, to identify development projects that will have a transformative impact on the City of Cleveland and Cuyahoga County.Grants: In 2019, CDA-CRF partnered with the statewide CDFI, Finance Fund Capital Corporation (FCAP), for the Opportunity CLE Transformation Neighborhood collaborative to provide flexible loans and real estate technical assistance to support diverse, healthy and economically stabilized communities in the three Cleveland Neighborhoods and immediately surrounding areas of Glenville, Clark-Fulton and Buckeye/Kinsman. CDA-CRF received a $5 million grant from the JPMorgan Chase Foundation in 2019 to fund the Opportunity CLE Transformation Neighborhood collaboration. CDA-CRF must use $1,250,000 of these grant proceeds to provide a sub-grant totaling $1,250,000 over the three year grant period to FCAP that will be used for technical assistance to real estate development projects and small businesses identified in the neighborhoods. In 2019, CDA-CRF made $100,000 grant to FCAP for technical assistance related to the Opportunity CLE Transformation Neighborhood collaborative.Equity Investments:CDA-CRF is a 20% member in IRC, which owns Cleveland International Fund, Ltd. (CIF), an approved EB-5 Regional Center located in Cleveland, Ohio. In accordance with the EB-5 Immigrant Pilot Program, CiF provides an alternative source of capital for real estate projects that create a minimum number of jobs. As of December 31, 2019, CiF had closed on loan commitments totaling $247.6 million into 10 projects in Cleveland and Cuyahoga County which created over 17,000 jobs. CDA-CRF is the 99.9% of CNMIF II, a certified CDE under the NMTC Program investing in low-income communities and low-income persons. As of December 31, 2019, CNMIF II had closed on $200 million of Federal NMTC allocation and $20.5 million of Ohio NMTC allocation into 28 projects totaling over $838 million in development costs. These projects have provided rehabilitation and construction of over 2.9 million square feet of commercial space and 942 housing units with 25% of those units qualifying as affordable under the NMTC Program, creating over 3,800 construction jobs and 3,700 permanent jobs. CDA-CRF is a 4.38% limited partner in CDP II, which as of December 31, 2019, has made 89 investments by provided over $159.4 million in financing into 71 projects totaling over $2 billion in development costs. The financing of these projects has provided construction and rehabilitation of over 3.7 million in commercial space and over 3,200 housing units; creating over 2,700 permanent jobs and 5,500 construction jobs. CDA-CRF is a 3.07% Class A Investor in ACDF, which as of December 31, 2019, has provided over $56.7 million in financing into 20 projects totaling over 483 million in development costs. The financing of these projects has provided construction and rehabilitation of over 650 million in commercial space and over 2,000 housing units; creating over 500 permanent jobs and 2,400 construction jobs.

Executives Listed on Filing

Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing

NameTitleHours Per WeekTotal Salary
Margaret S CallesenAssistant Secretary3$0
Robert D LabesSecretary3$0
Debra JanikTreasurer1$0
Joseph D RomanSecond Vice Chairman1$0
Yvette M IttuPresident4$0
Alan ZangDirector1$0
Michael TaylorDirector (as of 3/28/19)1$0
Edward RybkaDirector1$0
Brian PowerDirector1$0
Robert O'BrienDirector2$0
Quentin L Mccorvey SrDirector2$0
Vickie Eaton JohnsonDirector2$0
David JenkinsDirector1$0
Bob EckardtDirector1$0
Kip ClarkeDirector (until 3/28/19)1$0
Tim BurkeDirector (as of 3/28/19)1$0
Renee CsuhranVice-Chair2$0
Jeffrey WildChairman (as of 10/3/19)2$0
Paul ClarkChairman (until 10/3/19)2$0

Data for this page was sourced from XML published by IRS (public 990 form dataset) from: https://s3.amazonaws.com/irs-form-990/202033219349300433_public.xml