Winner of the CCM Impact Awards 2021: Baker School Apartments
As the winner of this year’s awards, CCM will donate $10,000 to a non-profit partner of Baker School Apartments. Thank you to those who participated and we look forward to the CCM Impact Awards 2022. Happy Holidays!
Baker School Apartments | Denver, CO | Agency CMBS (WINNER)
Baker School Apartments is a Low-Income Housing Tax Credit (LIHTC) property in Denver, Colorado. Under the LIHTC agreement, all 142 units are reserved for low-income residents whose income does not exceed 60% of the area median income. The property is in a moderate-income, majority-minority, and high-poverty census tract where 68% of the population are minorities and 31% live below the poverty line.
Constructed in 2018, the property was fitted with solar panels to help decrease traditional energy use. Baker School Apartments feature Energy-star appliances, an in-unit washer and dryer, and a private patio or balcony. The Apartments offers its residents amenities including a community kitchen, classroom, business center, fitness center, dog park, playground, and counseling rooms. Gas, water, electricity, sewer, and trash removal are all included in the rent. The property is within walking distance of Westminster Public Schools, a nature preserve, and three parks.
Baker School Apartments is owned and managed by Delwest Management, which has partnered with local Denver organizations to provide supportive services to residents. These organizations include Maiker Housing Partners (formerly Unison Housing Partners), a socially conscious housing authority that seeks to create attainable and sustainable housing and communities for vulnerable families and individuals, and Growing Home, a non-profit serving children and families in north metro Denver. Growing Home provides high-need services at Baker School Apartments including after-school programs, cooking classes, and financial planning assistance for all residents and for the surrounding community.
Through Delwest and its partners, Baker School Apartments offers additional wrap-around services, resources, and programing to empower its residents, including pop-up health clinics and dental screenings. Delwest was one of the first affordable housing developers in Colorado to privately fund educational support pods for any school-aged child in its affordable housing developments. The Delwest Community Support Pods ensure that families and their children have the academic, emotional, and nutritional support necessary to perform well in school and beyond. Delwest also seeks to address food insecurity for its residents. It has an onsite food and clothing pantry for residents of its properties and regularly provides packaged meals as well as after-school snacks, pizza parties, and food for any community programing it offers.
During the early stages of the COVID-19 vaccination rollout in the spring of 2021, Delwest partnered with the Colorado Department of Health to host a two-part, free vaccination clinic. Approximately 100 residents from Delwest affordable housing developments as well as community members who might have otherwise had a hard time accessing the vaccine received the Pfizer two-part dose.
Other Finalists include:
- American Student Assistance | Nationwide | Corporate Bonds
- The Durham | Mankato, MN | Agency CMBS
- Northridge Cooperative Homes | San Francisco, CA | Agency CMBS
- The Redwood City Public Facilities and Infrastructure Authority | Redwood City, CA | Tax-Exempt Municipals
American Student Assistance | Nationwide | Corporate Bonds
The Massachusetts Higher Education Assistance Corporation (MHEAC) – doing business as American Student Assistance (ASA) – is a non-profit organization that seeks to help underserved middle and high school students understand their education and career options and to help students and graduates manage their student loans and maintain financial wellness. ASA is committed to ensuring young people in the U.S. have the tools they need to stay engaged or re-engage with their education and simultaneously prepare for life after high school, increasing their chances for postsecondary education success, meaningful careers, and a stable economic future.
In March 2021, ASA issued a $100 million taxable social bond to expand its work to support and empower students starting in middle school to chart a course for their education and career that best aligns with each individual’s interests, aptitudes, and career objectives. Proceeds will support eligible social projects in these program areas:
- Remove barriers to career exploration
- Remove barriers to work-based learning
- Support expansion of equitable acquisition of employability skills
- Prepare for postsecondary transitions including non-traditional pathways
- Support partner infrastructure to transform service delivery to meet post-COVID education needs
Proceeds of this social bond will allow ASA to strategically expand its programming to regions with large unmet need outside of New England. ASA will focus on scaling partnerships and in-person and digitally enabled education solutions in new regions, with an emphasis on serving marginalized or economically disadvantaged communities and on students who have faced barriers to education success. It aims to impact 15 million students (or 50% of the 6th to 12th grade U.S. population) by 2025.
ASA will use proceeds to provide multi-year commitments to innovative organizations, programs, or partners looking to implement ambitious ideas and drive long-term student success outcomes with particular attention on:
- Innovations that will transform education with specific attention on digital solutions or solutions to increase student engagement
- Partners and programs to reach underserved learners
- Programs to build skills that foster employability and build social capital
- Programs that encourage postsecondary education success including access to non-traditional paths
- Programs that provide professional development for educators to effectively leverage innovative solutions to prepare students for life after high school
- Partners to engage in collaborative research, dialogue, and collective action to solve nationwide education challenges
Response to COVID-19
Prior to the COVID-19 pandemic, ASA saw a need for in-person and digital solutions that would provide both formal and informal chances to connect students across the U.S. The need for these services has been accelerated by the worldwide socioeconomic crisis brought on by COVID-19, and ASA seeks to strengthen the services available to students and ensure that the pandemic and its economic aftermath do not hamper the ability of any student to stay engaged with their education and plan for their future. This bond increases assistance to a larger number of students and partner organizations, geographically expands the population it serves, and bolsters digital offerings.
The Durham | Mankato, MN | Agency CMBS
The Durham is an affordable rental property for adults with physical disabilities in Mankato, Minnesota where all 41 units receive Section 8 assistance. The property is in a moderate-income, high-poverty census tract where 47% of the population lives below the poverty line.
All the apartments at The Durham are fully accessible for people with physical disabilities. Individual apartments feature large accessible bathrooms with roll-in showers, as well as accessible kitchens, living rooms, and bedrooms. Community amenities include a multi-purpose community room, accessible laundry facilities, an outdoor terrace with a gas grill, and a lounge. All utilities except for electricity are included in the rent.
Located three blocks from downtown Mankato and close to the University of Minnesota Mankato, The Durham provides affordable accessible housing for students with mobility impairments attending the university. The Durham is a project of the National Handicap Housing Institute (NHHI), a non-profit established in 1975 to improve the independent lifestyles of people with physical disabilities, specifically mobility impairments. NHHI has become the country’s premier organization providing affordable housing for very-low-income adults with physical disabilities, having developed more than 2,000 units of specialized housing.
As a pioneer in the field, NHHI has had a major impact on the design and development of affordable, barrier-free housing. The organization has been recognized as one of the most important consumer forces behind the advancement of the housing needs of individuals with mobility impairments, offering a viable alternative to long-term institutionalization.
Northridge Cooperative Homes | San Francisco, CA | Agency CMBS
Northridge Cooperative Homes is a community of affordable townhomes in San Francisco, California where all 300 units receive Section 8 assistance. The property is in a low-income, high-minority, and high-poverty census tract where 97% of the population are minorities and 39% lives below the poverty line.
Members of Northridge Cooperative Homes own their homes rather than paying rent to a landlord. The coop has maintenance and management staff on site during regular business hours, allowing residents to enjoy the benefits of homeownership without much of the work. The community is in a prime San Francisco location, minutes from downtown. Each resident member of the coop gives at least six hours per month to participate in coop maintenance, including making decisions about financial and legal matters, buildings and grounds, member selection, social activities, and problem solving.
Volunteers from the coop offer educational and empowerment programs for other residents at the Northridge Neighborhood Network Center (NNC), including classes and activities for children, youth, adults, and seniors in the coop. In addition, NNC offers referrals and services including childcare information, employment services, educational services, financial planning, credit repair, healthcare, mental health and substance abuse counseling, senior services, home-delivered meals, afterschool programs, summer camps, summer youth employment, and the One Sight program that provides free eyeglasses. Adults have access to help with writing résumés and cover letters, interviewing techniques, employment searches, computer classes, and homework assistance. NNC provides homework assistance, tutoring, school break activities, and summer activities for children and youth in the coop.
The mission of Northridge Cooperative Homes is to provide affordable, quality housing while adhering to and practicing the Golden Rule in all its endeavors. Its goal is to create safe and respectable housing for people who wish to enhance their standard of living, gaining a sense of pride in ensuring the attractiveness of their homes through their active participation in controlling their living environment.
The Redwood City Public Facilities and Infrastructure Authority | Redwood City, CA | Tax-Exempt Municipals
The Redwood City Public Facilities and Infrastructure Authority (RCPFIA) will use proceeds of its lease revenue bonds to finance most of the cost of constructing a new activity and community center in Redwood, California (San Mateo County) that will be known as the Veterans Memorial Building/Senior Center (VMSC).
The city of Redwood will lease the new community center and the land upon which it is built from RCPFIA; the lease payments will be used to pay principal and interest from the bond. The VMSC will be a new 45,000-square-foot property to be owned and operated by the city of Redwood. Amenities at the facility will include a 299-seat theater, catering kitchen, senior club room, exhibit space honoring veterans, NFL alumni exhibit space, gymnasium, rooftop garden, multipurpose rooms, and various conference and administrative spaces for city staff and a host of non-profit organizations that partner with the city to provide community services.
The project will replace the existing Veterans Memorial Building, which is outdated and in need of substantial repairs. The existing facility receives approximately 150,000 visitors per year, providing services for seniors including free or low-cost meals, health programs, and cultural entertainment, all of which will continue at the new VMSC. The campus of buildings and spaces that will be replaced include the Veterans Memorial Building, Herkner Pool, Wellness Center (Old 49er Building), resource building (city administration and senior center gift shop), and the NFL Alumni Building. The new VMSC will be a state-of-the-art LEED Platinum-certified facility.
The project design is complete. Following a competitive bidding process, the city received five construction bids in April 2021. The completed VMSC is expected to be ready for the public by July 2023.
The Silicon Valley YMCA operates a facility adjacent to the VMSC site that will also be receiving significant upgrades. This project is 100% financed by the YMCA and is not part of the VMSC project, but the two projects together will form a multigenerational complex for community recreation and health.
Any of the securities identified and described herein are for illustrative purposes only. Its selection as an example was based upon non-performance objective criteria, such as the security’s social and/or environment and/or environmental attributes. It should not be assumed that the recommendations made in the future will be profitable or will equal the performance of the securities identified. Impact figures mentioned are approximate values. A full list of regulatory disclosures for Community Capital Management, LLC are available by visiting: https://www.ccminvests.com/regulatory-disclosures/.