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Twenty-Five Years of Impact
Annual Report 2014
Twenty-Five Years of Impact
From its inception in 1989 to today, BCL has focused on
strengthening and revitalizing Baltimore neighborhoods through
innovative and flexible financial assistance, and financed an
array of projects for low and middle income individuals—from
the Vacant House Loan Program that helped 159 families
become first-time homeowners in Sandtown, Harlem Park,
Reservoir Hill, Waverly and Patterson Park, to the Distillery, an
apartment building in Canton providing housing for seniors.
This 2014 anniversary report describes several projects like
these, many of which may never have been undertaken without
financing from BCL. BCL’s role in neighborhood redevelopment
has always been strategic and catalytic. The value of
properties financed by BCL have always increased and,
in some cases, almost tripled when compared with all
Baltimore properties from 2000-2012.
As we look back on 25 years and the affect of our investments
on neighborhoods, our accomplishments and our challenges, we
recognize that we did not do this work alone. We are grateful
to city leaders and founding financial institutions who harnessed
the public and private resources—people and capital—to launch
BCL, and address community development needs of Baltimore.
We are also grateful to BCL board members, volunteers, staff,
investors, and customers for their support, commitment, and the
opportunity to achieve.
Paul T. Graziano
Chairman,
Board of Directors
Ruth M. Louie
President and
Chief Executive Officer
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Twenty-five years ago, the City of Baltimore, with community
and business leaders, began an ambitious undertaking: Removal
of the blighting influence of vacant and abandoned buildings
and revitalization of Baltimore’s neighborhoods. This effort
led to the creation of the Baltimore Community Development
Financing Corporation, known today as Baltimore
Community Lending.
NOT JUST BUILDINGS, BUT YOUNG PEOPLE, TOO
ON OUR COVER AND PAGE 3: Pre-k, 3 and 4 year olds in a Head Start Program located
at the Delta Lambda Foundation community center, a BCL financed project, in west
Baltimore’s Greater Rosemont neighborhood. [Read more about Delta Lambda on page 4.]
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Twenty-Five Years of Impact Annual Report 2014
Impact
2014 †
106 Jobs created / maintained
34 Housing units financed
$1,118,375 Financial investment in neighborhoods
2010—2013
47
90
24,628 sq ft
$4,377,951
25.6%
Jobs created / maintained ††
Housing units financed
Commercial and community facility space developed
Financial investment in neighborhoods
Increased market value of projects financed by BCL †††
2005—2009
340
75,785
$23,334,174
-8.4%
Housing units financed
Commercial and community facility space developed
Financial investment in neighborhoods
Increased market value of projects financed by BCL
2000—2004
245
14,900
$31,246,450
238.2%
Housing units financed
Commercial and community facility space developed
Financial investment in neighborhoods
Increased market value of projects financed by BCL
“Wells Fargo congratulates
Baltimore Community Lending
on 25 years in service. We are
proud to share a common goal
of strengthening neighborhoods
and revitalizing communities
and look forward to continuing
our long-standing relationship.”
Frank Cianciarulo
Vice President and
Investment Manager,
Community Lending and
Investment, Wells Fargo Bank
1989—1999
3,041 Housing units financed
334,597 Commercial and community facility space developed
$99,923,050 Financial investment in neighborhoods
† FY14 July 2013-June 2014.
†† Jobs data reported are for the period 2012-2013 only; BCL began data collection on this indices in 2012.
†††Market value percentages are from an analysis of BCL 2000-2012 lending, conducted by the Baltimore
Neighborhood Indicators Alliance, University of Baltimore Jacob France Institute. Years where BCL financed
properties underperformed the general Baltimore real estate market include the peak real estate bubble years
of 2005, 2006, and 2007 when the economic recession may have factored significantly in underperformance.
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Baltimore Community Lending Twenty-Five Years of Impact
4 1997- Managed by the Oblate
Sisters of Providence, the first Catholic
order founded in Baltimore by and for
women of African descent, the Mary
Elizabeth Lange Center
on Chase Street in Johnson
Square was developed
as a 20-bed residential
facility, and; for more
than 10 years, was the
home of children and
young girls, 12-16.
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1989
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5 1998- Spicer’s Run, the
86-unit housing project in Bolton
Hill of developer Wendy Blair; and,
in 2006, Renaissance St. James
Place, another partnership between
Blair and BCL, and the Baltimore
Development Corporation, that
turned this former vacant in Downtown /
Westside into 25 housing units and
1,900 square feet of commercial space.
3
1 1989- Baltimore Community Development
Financing Corporation, known today as Baltimore
Community Lending, established to promote the
revitalization of neighborhoods in Baltimore
2 1991- Launched the Vacant
House Loan Program, a
City of Baltimore initiative
providing rehabilitation loans
to individuals and families
buying a vacant house to
renovate and occupy as their
primary residence. BCL helped
manage the project with nonprofit
community partners, helping 187
low and moderate income families to
become homeowners, 85% of whom were
first time homebuyers.
3 1993- The Distillery, a 50-unit apartment
building in east Baltimore’s Canton providing housing
for low and moderate income seniors.
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Twenty-Five Years of Impact Annual Report 2014
4
5
9 2006- The Delta Lambda
Foundation. For more than
nine decades, the Alpha Phi
Alpha Fraternity Delta Lambda
chapter in Baltimore has stood
for scholarship and giving back to
the community. The Delta Lambda
Foundation, the charitable arm of the
chapter, embraced that mission by
acquiring a vacant building on Dukeland
Street in Greater Rosemont, and turning it
into a community center. Today, the center
houses a Head Start Program managed by
Catholic Charities of Baltimore, and Agape
House, a nonprofit providing services for
children and families
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10 2007- The former Louisa Mae Alcott
Elementary School, Alcott Place, in
northwest Central Park Heights, was
originally financed by BCL
in 1990 and renovated
in 2007 in
partnership with
the Maryland
Department of
Housing and
Community
development and
the City of Baltimore.
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6 2000- Myles Development in
Middle East Baltimore and Savannah
Development, in Downtown / Westside,
an historic renovation by Baltimore
housing developer and entrepreneur
Betty Jean Murphy.
7 2001- An Avenue Market
commercial redevelopment on East
Baltimore Street, this property houses
the corporate offices of an asset
management firm supporting women
and minority-owned small businesses
in Maryland.
8 2003- The Aliceanna At Fells
Point in southeast Baltimore. BCL
also piloted HELP—The Homeowners
Emergency Loan Program—in 2003. Over
a three year period, 207 homeowners
threatened by predatory lending practices
were assisted, and BCL refinanced $3.5
million in affordable home mortgages.
1
2 2009- Okoro Development, a mixed use
property in Baltimore’s Downtown / Westside. BCL
also managed the East Baltimore Home
Repair Program in 2009. An
initiative of East Baltimore
Development, Inc, BCL provided
design and construction
management, and training
and technical assistance to
homeowners involved in this
program. Over a two year
period, BCL trained 38
homeowners in housing
preservation strategies and
managed the rehabilitation
projects of 19 homes representing
$2.7 million in home repairs.
1
3 2010- Schultz Development in east Baltimore
Canton. The City of Baltimore’s Vacants to Value (V2V)
initiative was also launched in 2010 to redevelop
vacants, increase property values and
create community amenities. BCL
assisted in the pre-planning of
the initiative, convening financial
institutions in support of a V2V
loan fund, and now assists
investors seeking financing
to acquire and renovate
V2V properties.
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10
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11 2008- Tuttie’s Place. A partnership
beween BCL, Partners for the
Common Good, and Harbor Bank
helped to transform this vacant house
into a 16-bed residential facility in
Forest Park for young men, 14-21.
12
13 14
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4 2013- BCL financed the redevelopment of six
vacant houses on Etting Street, which had been
acquired by Tyhaijak Investment, helping
to stabilize this one block in Druid Heights.
The WBC Community Development
Corporation, an affiliate of Wayland
Baptist Church, had also acquired several
vacants on Fairview Avenue
in northwest Forest Park with
the goal of transforming the
neighborhood into a model area for
home ownership including this house,
which received a contract sale after
only two days on the market.
15 2014- Ashburton Apartments,
this 24-unit building was developed by
the Episcopal Housing Corporation,
a nonprofit committed to strengthening neighborhoods
through affordable housing and community
revitalization activities.
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Financial Statement
FY14 Financing by Capital Source
Financial Position
2014
Total Assets
$18,163,611
Total Liabilities
$4,856,608
Total Net Assets
$13,307,003
Total Liabilities and Net Assets
$18,163,611
2013
$17,240,993
$5,198,800
$12,042,193
$17,240,993
Statement of Activities
Total Revenue$2,117,110
Total Expenses$852,300
$1,432,918
$1,047,448
Change in Net Assets
$1,264,810
$385,470
Financial Institutions
Government
Corporations, Foundations and Individuals
1%
45%
“I didn’t want to
leave my home.
Now it’s so beautiful,
I’m glad I stayed.”
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Twenty-Five Years of Impact Annual Report 2014
54%
Thank You!
Board of Directors
Paul T. Graziano, Chair
Commissioner, Baltimore City
Department of Housing and
Community Development
Ramona N. Johnson, Vice-Chair
Partnership and Growth Management
Consultant, Neighborworks America
Michael Walton, Treasurer
Managing Principal
Atlantic Investment Advisory
William Cassidy, Secretary
Realtor, Long & Foster Real Estate
Teri M. Guarnaccia, Assistant Secretary
Partner, Ballard Spahr Andrews
& Ingersoll
Dean Harrison, President
and Chief Executive Officer
Harrison Development
Linda Harrington, Deputy Director
Jubilee Baltimore
Rainbow Lin††, Chief Financial Officer
Baltimore City Housing Authority
† Loan Committee
†† Audit and Finance Committee
Founding Financial Institutions,
Contributors and Investors
Bank of America Community
Development Corporation
US Department of Housing and
Community Development
US Department of Treasury
Community Development
Financial Institutions Fund
Wells Fargo Bank
Bon Secours Health System
Staff
Ruth M. Louie, President and
Chief Executive Officer
Chase Bank of Maryland
Carrollton Bank of Maryland
City of Baltimore
First National Bank of Maryland
Goldseker Foundation
Harbor Bank of Maryland
Household Bank, FSB
Maryland Department of Housing
And Community Development
Ruth M. Louie, President and
Chief Executive Officer
Baltimore Community Lending
Maryland National Bank
Mercantile Safe Deposit and
Trust Company
Nations Bank
Patrick G. Tehan, Senior Vice President
PNC Bank
Opportunity Finance Network
Community Advisory Members
Frank B. Coakley†, Assistant Secretary
Director of The Community Development
Administration, Maryland Department of
Housing and Community Development
PNC Foundation
Michael J. Lester, MAI†, Director
Valuation and Advisory Services, CBRE
TD Charitable Foundation
Christine Thornton
Bank of Baltimore
Eric Jones, Vice President
of Client Strategy, Jellyfish Digital
Michael Tagg, Vice President
Bay Bank
TD Bank
PNC Bank
Provident Bank of Maryland
Rosedale Federal Savings and Loan
Signet Bank of Maryland
Starbucks Create Jobs USA Fund
George K. Culbertson, CPA, Controller
Sean E. Doherty, CPA
Chief Financial Officer (former)
Ned E. Fields, Jr.
Construction Specialist
Susan E. Kelly, Office Manager
Dierdra J. Pressley, Loan Officer
Sean E.L. Russell, Senior Loan Officer
Ann Mitchell Sackey, Director
of Development
Accountants
Ellin & Tucker
Legal Counsel
Michael A. Brown, Esq
Michael E. Blumenfeld, Esq
Miles & Stockbridge
BCL also wishes to thank Dr. Brandon
Nida and Dr. Seema Iyer of the
Baltimore Neighborhood Indicators
Alliance, University of Baltimore Jacob
France Institute, for their analysis of
BCL lending, 2000-2012.
Susquehanna Bank
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Invest in the people, neighborhoods and families of Baltimore,
and support BCL today. Donate now at www.bclending.org.
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120 East Baltimore Street, Suite 1810, Baltimore, MD 21202
410.727.8590 / 410.319.0734 FAX / www.bclending.org