What is a Nonprofit?
Nonprofit organizations can be defined as an organization working for the common good in which no part of the organization’s income is generated as profit. There are no shareholders or individuals that may benefit from this organization’s earnings. These organizations include churches or religious organizations, public charities, volunteer services organizations, public schools, and more.
According to the National Council of Nonprofits, there are 1.3 million charitable nonprofits in the United States. These organizations are working to improve the lives of people of the nation regardless of socioeconomic status. Nonprofit organizations “foster civic engagement and leadership, drive economic growth, and strengthen the fabric of our communities.”
Our Work with Nonprofit Organizations
At Clearinghouse CDFI, we believe that nonprofit organizations play a vital role in our communities, bridging the gap for our underserved or disadvantaged community members. That’s why we work to support nonprofit organizations who are seeking funding. Some nonprofit organizations may find it difficult to get financing from their traditional lender or bank. That’s where Clearinghouse CDFI comes in. Clearinghouse CDFI is a direct lender specializing in community development projects.
“CDFIs see people and opportunity where others see risk.”
–Opportunity Finance Network
Some of our more recent notable work with nonprofit organizations include:
- ACI Friendly Village – Long Beach, CA
- The California Historical Society – San Francisco, CA
- Veterans Village – Las Vegas, NV
- Flamingo Pines – Las Vegas, NV
ACI Friendly Village
ACI Friendly Village a nonprofit public benefit corporation created by Resident Owned Parks to preserve affordable housing by acquiring and managing an 18-acre, 184-site mobile home park in Long Beach, California. Clearinghouse CDFI provided $11.1 million in financing for ACI Friendly Village to purchase the mobile home park out of bankruptcy and continue park rehabilitation as they work to rectify issues from the park being built over a landfill in the 1970s.
The California Historical Society
The California Historical Society (CHS) of San Francisco, CA is a nonprofit organization that aims to “inspire and empower people to make California’s richly diverse past a meaningful part of their contemporary lives.” Clearinghouse CDFI provided $6.44 million in financing for CHS as they embark on their new vision to achieve a broader outreach throughout the state of California in promoting their services and programs supporting diversity and inclusion in leadership.
SHARE Village (SHARE) is a Las Vegas nonprofit organization dedicated to the creation and development of affordable housing. SHARE provides transitional and permanent homes for United States Veterans and their families. Clearinghouse CDFI provided $3.82 million in financing for SHARE to acquire and redevelop an existing motel into affordable multi-family housing.
Flamingo Pines is a Nevada company formed by Nevada H.A.N.D., Inc. (Nevada HAND). Nevada HAND is a nonprofit organization dedicated to providing affordable housing solutions for Southern Nevada’s rapidly growing population. Clearinghouse CDFI provided $1.35 million in long-term financing for development of a new apartment building with 66 affordable housing units serving seniors 55 years and older.
These organizations are just a handful of nonprofits we’ve worked with recently. Our portfolio of nonprofit work far exceeds this small sampling. Click here to see our work with nonprofits in its entirety.
At Clearinghouse CDFI, financing projects that create jobs & services to help people work, live, dream, grow, & thrive in healthy communities is our sole mission. As we dive further into 2022, we are looking forward to continuing to support nonprofit organizations as the “fabric of our communities.”