2013 is off to a busy start, with January credit committee
approving two new working capital lines of credit for two exciting
Brooklyn-based organizations. The first
is in legal services and the second is in youth workforce development in green
collar jobs. We’ll release more specific
information once these loans are finalized.
We are performing preliminary analysis on two new loans, one to a rooftop farm in a
low-income neighborhood, and the other for supportive housing in Queens.
In December we closed and funded an early stage loan to
Cooper Square Committee with Ali Forney Center as
a co-borrower. The two organizations are
teaming up to rehab a long vacant brownstone at 222 East 13th Street in the East Village, creating
transitional housing for homeless LGBTQ youth.
It was an honor to support two organizations that are so dedicated and
resilient in the face of adversity (hurricanes included). Our existing portfolio of 13 organizations continues
to perform well, with all borrowers current on their payments. Five borrowers paid down a portion of
principal, and one, Lantern Organization, fully repaid during 2012 as they
commenced construction on Prospero Hall,
which will provide housing for veterans in East Harlem.
After three successful years, the intrepid Jen Trepinski
left Contact Fund in December for a new job at Corporation for Supportive
Housing. Shellon Fraser has stepped in
as analyst and she is off to a running start.
During 2012 we were lucky to have interns from the New School (Michael Moss)
and NYU (Adam Day), and in January we hosted Will Huang of the Coro New York Fellows
We finished 2012 having raised $2 million and deployed $2.6
million into eight new loans. We plan to exceed those levels in 2013. It wouldn’t
be possible without committed investors and talented nonprofit managers, so
thanks to all!