Investing in Community-Led Housing Solutions

CFE Finances the Preservation of 122 Affordable Housing Units in DC

City First Enterprises (CFE) is proud to announce the closing of two impactful residential loans that will strengthen Washington, DC’s affordable housing landscape and support long-standing community members through cooperative housing models.

CFE recently closed a $1.5 million loan to support the rehabilitation of a 36-unit limited-equity cooperative at 5610 Colorado Avenue NW. CFE teamed up with local nonprofit Mi Casa, which served as a development consultant for the cooperative, and collaborated with the DC Department of Housing and Community Development, which contributed additional funding. Together, these partners offer a powerful model for how cross-sector collaboration can drive inclusive development in the District.

Tenants in the building organized as a cooperative in 2006, which allowed them to purchase their property through the Tenant Opportunity to Purchase Act (TOPA). Through this project, CFE is investing in residents who have contributed to the cultural and social fabric of DC for decades.

In another transaction, CFE issued a $2.7 million loan to the 1417 N Street NW Cooperative Association, which has 86 units. This refinance helps ensure long-term financial stability for its members, many of whom rely on predictable, affordable housing amid rising living costs. CFE first provided financing in 2014 and now, more than a decade later, continues to support the cooperative.

“These projects are not just about financing, they’re about preserving dignity, ensuring affordability, and promoting inclusive economic development. I’m proud to be part of work that empowers long-term residents to remain rooted in their communities and protect what makes DC so vibrant,” said Caleb Spencer who led the transaction for CFE.

These transactions reflect CFE’s ongoing mission to create equitable financial pathways that empower people and communities to reach their economic goals. Over the past two decades, CFE has invested more than $8.4 million in cooperative housing, supporting 188 units and positively impacting the lives of 525 individuals. By championing cooperative housing, CFE promotes affordability and helps residents take agency of their futures while remaining rooted in the very communities they’ve helped shape.

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About City First Enterprises

City First Enterprises (CFE) is a certified CDFI (Community Development Financial Institution) specializing in flexible lending for affordable housing, commercial real estate, small businesses, non-profits, and clean energy projects. With a mission to create equitable financial solutions to support people and communities in achieving their economic aspirations, we envision a future where all individuals and communities thrive through equitable access to capital. Additional information about CFE’s lending can be found at www.cfenterprises.org