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.


DC Government Taps TRF to Manage New Real Estate Loan Fund

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.


TRF Partners with U.S. Department of Labor on Employee Training Program

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.


TRF's 22nd Annual Investor Event
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.

 

 

Bailey Winner Ray Kirschner of Citizens Bank, who chairs TRF's Housing Loan Committee, with Jeremy Nowak

 

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

 

 

 Bailey Winner E.L. Haynes Public Charter School, represented by Chris Wailoo, with TRF's Lori Glass, Sara Vernon Sterman and Jeremy Nowak

 

Bailey Winner and longtime TRF investor, Judy Wicks, speaking at the event


Policy and Planning in Newark

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.

Map of the Newark MVA. Purple areas are the strongest housing markets of Newark; those shaded in brown have significant market challenges.


TRF Partners on $150 Million National Charter School Financing Conduit

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.


TRF's Peggy Wu to Help Geo-Reference Crimes in Darfur

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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