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TRF Marks a
Record FY 07 with Over $100 Million in Community Investments |
For the first time
in its 22 year history, TRF’s annual allocation
(loans, investments and grants) exceeded $100 million. This increase
in deployment is due to a robust pipeline in all our business
lines, growing
housing
and
charter school
portfolios, TRF’s continued geographic expansion across the Mid-Atlantic
and the allocation of our
New Market
Tax Credits.
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DC Government
Taps TRF to Manage New Real Estate Loan Fund |
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In June, the District
of Columbia Government announced a $6.9 million credit
enhancement award to TRF towards the creation of a $20
million real estate financing pool. Known as the
Neighborhoods First Fund,
the pool will be used to offer predevelopment and
acquisition financing in 12 priority underserved
neighborhoods as designated by the District. TRF is
currently in negotiations to finalize the contract and
will begin capitalization efforts in the next few weeks
to meet the required match. This public-private
partnership will provide financing to nonprofits and
locally owned businesses. For inquiries on investing in
the Neighborhoods First Fund, please contact TRF's DC
Market Leader,
Lori Glass. Learn more about
TRF's work in DC. |
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TRF Partners
with U.S. Department of Labor on Employee Training Program |
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TRF has funding from
the U.S. Employment and Training
Administration to support training that will lead to
employee skill building and wage progression in
companies in which TRF invests. Customer service skills training is
currently
underway for a group of 550 employees from
Brown's
ShopRite,
which was
financed through TRF's
Fresh Food
Financing Initiative.
The professional development workshops
consist of
engaging and experiential activities that address the
real customer service situations, issues and problems
that challenge these employees every day while
performing their job responsibilities. TRF will be
tracking the extent to which training improves retention
and employee and customer satisfaction in these stores. |
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TRF's 22nd Annual
Investor Event |
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TRF celebrated its 22nd year
this June with its Annual Investor Event at
Philadelphia's World Cafe Live. Below are some photos
from the event and of this year's George Bailey Award
winners. |
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Bailey Winner Ray Kirschner
of Citizens Bank, who chairs TRF's Housing Loan
Committee, with Jeremy Nowak
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Bailey Winner Housing and
Community Development Network of New Jersey with
Commissioner Susan Bass Levin of NJ DCA, Marge
DellaVecchia of NJHMFA and TRF staff
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Bailey Winner E.L. Haynes Public Charter School, represented by Chris Wailoo, with TRF's Lori Glass, Sara Vernon Sterman and Jeremy Nowak |
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Bailey Winner and longtime
TRF investor, Judy Wicks, speaking at the event
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Policy and
Planning in Newark |
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TRF recently completed
a
Market Value
Analysis (MVA) for the City of Newark. The MVA was done as part of a multi-city analysis commissioned by New Jersey's Department of Community Affairs. The MVA looked at eight specific indicators including owner occupancy rates, percentage of home sales that were sheriff sales, vacancies and sales prices. The picture that emerged was one of a city with low homeownership rates where homeowners are increasingly cost burdened. The MVA also revealed that in some middle-income neighborhoods where homeownership rates are high, the percentage of sheriff sales are above city averages. These sheriff sales are threatening the stability of these neighborhoods. TRF has been contracted to do a foreclosure analysis to help the City evaluate the issue and create appropriate intervention strategies. The MVA is also serving as a basis for reinvestment plans TRF is creating for two Newark neighborhoods, Kent Brenner and West Market, on behalf of the City's Department of Economic and Housing Development. |
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Map of the Newark MVA. Purple areas are the strongest housing markets of Newark; those shaded in brown have significant market challenges. |
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TRF Partners on
$150 Million National Charter School Financing Conduit |
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The Housing Partnership Network and a group of CDFIs, including TRF, have been awarded a $15 million credit enhancement
grant by the U.S. Department of Education to create a national
charter
school financing
conduit. This new entity, known as the Charter School Financing
Partnership (CSFP), will be cooperatively owned by the CDFI
group and have the ability to purchase $150 million in permanent
mortgages to schools, with TRF as one of the primary
originators. CSFP will function as a conduit to accumulate
charter school debt and sell securities into the capital
markets. By accessing the capital markets on a large-scale and
efficient basis, CSFP could provide less costly and more flexible
financing to charter schools than existing alternatives.
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TRF's Peggy Wu to
Help Geo-Reference Crimes in Darfur |
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TRF
Policy Group's
Peggy Wu will be part of a 5-member volunteer team from North
America that will be working on a MacArthur
Foundation-funded project of the
American
Association for Advancement of Sciences (AAAS)
to geo-reference crime locations in Darfur and the Chad
region. The team
will geo-reference a range of activities from
small-scale and interpersonal violence (e.g. rape,
murder, theft) to larger events including village
destruction, mass atrocities, and conflict between
organized, armed parties. Using data from the United Nations,
African Union, and other sources, the effort will result
in a centralized
database on reported attacks and similar events in
Darfur from early 2003. This data product will allow
investigators of war crimes and compensation claims to
corroborate reporting and identify coincident, proximate
events that otherwise may go undiscovered. It will also assist in the analyses of violent
conflict in the Darfur region and elsewhere.
Ms. Wu and her team are part of GISCorps, a program of
the Urban and Regional Information Systems Association (URISA)
that coordinates short term, volunteer GIS services to
underprivileged communities worldwide. |
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