Jul 2006
Press Release: GRANTS AVAILABLE FOR ECONOMIC
DEVELOPMENT PROJECTS
NOTE: This press
release is also available as a
PDF
FOR IMMEDIATE RELEASE
For additional questions contact:
Wendy Landes Hatem, Director of Lending
Michigan Interfaith Trust Fund
517.372.6001 ext 123
Email: wlandeshatem@interfaithtrust.org
GRANTS AVAILABLE FOR ECONOMIC DEVELOPMENT PROJECTS
Lansing, Michigan, August 2, 2006—Applications are now being accepted for the Commercial Economic Development Fund (CEDF) grant program. This program provides grants to nonprofit and governmental agencies to support neighborhood economic development activities, not including housing, in low and moderate-income neighborhoods in Ingham, Eaton, and Clinton Counties. Eligible activities include business façade improvements, demolition, streetscapes or beautification projects, entrepreneur start-ups, vacant lot development, a market analysis or feasibility study, or building renovations. Up to $135,240 will be awarded to a variety of eligible projects, not to exceed $50,000 per project. Grant recipients will be required to provide a dollar for dollar match for the grant. The match can come from public or private sources but not from the Michigan State Housing Development Authority.
Funding for this grant program is provided by the Michigan State Housing Development Authority through the Capital Region Community Foundation. The Community Foundation contracts with the Michigan Interfaith Trust Fund to administer the CEDF program.
Those interested in applying for the grant should contact Wendy Landes Hatem, Director of Lending at the Michigan Interfaith Trust Fund, to request an application and determine if their project is eligible. She can be reached at 517.372.6001 or through email at wlandeshatem@interfaithtrust.org during regular business hours. Complete applications will be accepted up until Friday, September 22, 2006. Funding decisions will be announced by Friday October 27, 2006.
###
FOR IMMEDIATE RELEASE
For additional questions contact:
Wendy Landes Hatem, Director of Lending
Michigan Interfaith Trust Fund
517.372.6001 ext 123
Email: wlandeshatem@interfaithtrust.org
GRANTS AVAILABLE FOR ECONOMIC DEVELOPMENT PROJECTS
Lansing, Michigan, August 2, 2006—Applications are now being accepted for the Commercial Economic Development Fund (CEDF) grant program. This program provides grants to nonprofit and governmental agencies to support neighborhood economic development activities, not including housing, in low and moderate-income neighborhoods in Ingham, Eaton, and Clinton Counties. Eligible activities include business façade improvements, demolition, streetscapes or beautification projects, entrepreneur start-ups, vacant lot development, a market analysis or feasibility study, or building renovations. Up to $135,240 will be awarded to a variety of eligible projects, not to exceed $50,000 per project. Grant recipients will be required to provide a dollar for dollar match for the grant. The match can come from public or private sources but not from the Michigan State Housing Development Authority.
Funding for this grant program is provided by the Michigan State Housing Development Authority through the Capital Region Community Foundation. The Community Foundation contracts with the Michigan Interfaith Trust Fund to administer the CEDF program.
Those interested in applying for the grant should contact Wendy Landes Hatem, Director of Lending at the Michigan Interfaith Trust Fund, to request an application and determine if their project is eligible. She can be reached at 517.372.6001 or through email at wlandeshatem@interfaithtrust.org during regular business hours. Complete applications will be accepted up until Friday, September 22, 2006. Funding decisions will be announced by Friday October 27, 2006.
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Community Quarterly Now Available
Former Board
Chair Wins Duvernay Award
Eugene Kuthy accepts at the 2006 Conference on Affordable Housing
By Christine A. Coady
Congratulations to Gene Kuthy for receiving the highly coveted and extremely prestigious Terrence R. Duvernay Award! The roots of Gene’s passion and dedication for helping eliminate the financial barriers to affordable housing for all who are in need spring from his childhood. During the Great Depression, Gene’s family struggled to find housing in southwestern Detroit, and his memories of surviving tough circumstances give him the motivation for his daily work.
While Commissioner of the Financial Institutions Bureau for the State of Michigan (1983–1990), Gene worked to boost single family home ownership by developing a partnership with Freddie Mac, and collaborated with Terrence Duvernay to help pass legislation that curbed flagrant abuses in the single family mortgage industry.
In the early 1980’s, Gene became involved with a MHSDA-financed study group which investigated the establishment of a housing trust fund. He was a founding member of the group that chartered the Michigan Housing Trust Fund and subsequently joined its Board. While Commissioner, he arranged for his agency to provide accounting and technical assistance to the Fund, however, he attributes their significant growth to the support of Terry Duvernay and MHSDA.
During this time period, Gene was also invited to join the Board of the Michigan McGehee Interfaith Loan Fund and served as Board Chair for seven years. He was instrumental in merging the Housing Trust Fund and the McGehee Interfaith Loan Fund into today’s Michigan Interfaith Trust Fund, and served as the first Board Chair of the newly-formed entity.
Gene is currently a board member of Southwest Solutions and Bridging Communities, Finance Committee member for Community Development Advocates of Detroit, Vice Chairman of the Detroit Alliance for Fair Banking, Chairman of Southwest Housing Solutions, and member of the Business and Development Loan Review Committee for the Wayne County Economic Development Department. He has received distinguished service awards, and was appointed to the Governor’s Volunteer Service Honor Roll in 2004. Gene is also a retired Captain in the U.S. Naval Reserve, where he served for 34 years. He is perhaps most proud though, of his six grandchildren!
We proudly recognize Gene as an advocate of the pioneering work of Terrence Duvernay, and thank him for his lifelong commitment, dedication, and years of tireless service to the affordable housing industry.
Ruth Ellis Center Helps Homeless Teens
Detroit Center one of only four agencies in the nation that serves GLBTQ youth
By Kim Thompson & Zachary Pohl
Ruth Ellis Center, Inc. (REC) was incorporated in 1999. REC was created for the purpose of providing residential safe space and support services for runaway, homeless and at-risk gay, lesbian, biattractional, transgender, and questioning (GLBTQ) youth in Detroit and Southeast Michigan. Approximately 1.7 million young people experience homelessness in a given year, and according to REC, roughly 40% of them are GLBTQ. There are only four social service agencies in the United States that are exclusively devoted to these homeless teens and young adults.
According to the REC website, “No one else, no other agency, no place or shelter is specifically set up to help our community’s teens and young adults who have been discarded by their families. We do not reject them for their sexuality or for simply being who they are. We will house them, feed them, clothe them, counsel them, help them get on their feet and become independent.”
Since opening in 1999, REC has established over 10,000 street contacts, served more than 12,000 meals, and handled over 5,000 phone calls for help and referrals.
With a loan from the Michigan Interfaith Trust Fund in 2002, Ruth Ellis Center was able to acquire and rehabilitate a side-by-side duplex at 612/616 East Philadelphia in Detroit. Ruth’s House, named in honor of Ruth Ellis, a woman who opened her home to Detroit’s GLBTQ youth, hosts nine GLBTQ teens and young adults with a complement of four full-time staff. The intention is to offer teens and young adults the necessary skills to live independently. These young adults typically have a multitude of developmental issues, but with the guidance of REC’s developmental and progressively designed program, are able to successfully transition into self-sufficiency. There is no cure-all for issues like homelessness or affordable housing, but organizations like the Ruth Ellis Center are tackling these problems compassionately and effectively.
Hungry for Twingo's
After closing in 2004, Twingo's Euro Café is back open for business
By Lorenzo Thurman & Zachary Pohl
In April of 2005, Twingo’s Deux LLC, was formed by John Lopez to re-open the former Twingo’s Café, located in the heart of Detroit’s Midtown/Cultural Center. The former establishment experienced eight years of success before the prior owner closed the business for personal reasons.
Mr. Lopez, who has developed a “Midas touch” reputation after successfully directing three of the area’s premier restaurants (Union Street, Agave, and Atlas Global Bistro), is hoping to recapture and improve upon the former restaurant’s well-received French Café theme. Chef and co-owner Shawn Mac has integrated the French-themed cuisine with dishes from Poland, Spain and Italy, which have received stellar reviews and press from publications such as “Metro Times” and “The Detroit News.”
With all the growth taking place in the Midtown area these days, Twingo’s hopes to provide a “Cool Cities” sensibility to the services it offers to the growing contingency of residents, students and faculty of Wayne State University, urban professionals, and visitors to the City of Detroit. As the Midtown area continues this exciting period of rebirth, projects like the re-opening of Twingo’s feed into the sense of achievement for all of the community’s revitalization efforts.
The re-opening of Twingo’s Euro Café—and other economic development projects like it in the Midtown area—was made possible by a loan from MITF, Michigan Heritage Bank, and the support from the Cathedral Church of St. Paul, and the University Cultural Center Association. Loan dollars from MITF provided Twingo’s with working capital during the re-construction phase of development, and provided direct employment opportunities for low and moderate-income individuals in the City of Detroit.
The new Twingo’s Euro Café is located at 4710 Cass Avenue, and is open for breakfast, lunch and dinner. The MITF staff congratulates Chef Mac and Mr. Lopez for their community revitalization efforts, and wishes them the best of luck in the years to come.
(Mostly) New Faces at MITF
The Michigan Interfaith Trust Fund hires two new staffers, and one long-serving part-timer graduates to a full-time position.
The Michigan Interfaith Trust Fund continues to grow, and hired two new employees at the beginning of May.
Debra Fedewa, C.P.A. was brought on as the Interfaith Trust’s new Director of Finance and Operations. She will be directing the full range of financial, accounting, technology and administrative activities of the organization out of our Lansing office.
Karen Gasperoni is the former Operations Manager for a women’s shelter in Mount Clemens, Michigan, and will be working from our Detroit office as an Administrative Assistant.
Zack Pohl has been working for the Fund since June 2001, and is a recent graduate of Michigan State University. He will now be working full-time as MITF’s Communications & Design Coordinator out of the Lansing office.
We welcome the new faces to the MITF team, and look forward to a prosperous future together.
Eugene Kuthy accepts at the 2006 Conference on Affordable Housing
By Christine A. Coady
Congratulations to Gene Kuthy for receiving the highly coveted and extremely prestigious Terrence R. Duvernay Award! The roots of Gene’s passion and dedication for helping eliminate the financial barriers to affordable housing for all who are in need spring from his childhood. During the Great Depression, Gene’s family struggled to find housing in southwestern Detroit, and his memories of surviving tough circumstances give him the motivation for his daily work.
While Commissioner of the Financial Institutions Bureau for the State of Michigan (1983–1990), Gene worked to boost single family home ownership by developing a partnership with Freddie Mac, and collaborated with Terrence Duvernay to help pass legislation that curbed flagrant abuses in the single family mortgage industry.
In the early 1980’s, Gene became involved with a MHSDA-financed study group which investigated the establishment of a housing trust fund. He was a founding member of the group that chartered the Michigan Housing Trust Fund and subsequently joined its Board. While Commissioner, he arranged for his agency to provide accounting and technical assistance to the Fund, however, he attributes their significant growth to the support of Terry Duvernay and MHSDA.
During this time period, Gene was also invited to join the Board of the Michigan McGehee Interfaith Loan Fund and served as Board Chair for seven years. He was instrumental in merging the Housing Trust Fund and the McGehee Interfaith Loan Fund into today’s Michigan Interfaith Trust Fund, and served as the first Board Chair of the newly-formed entity.
Gene is currently a board member of Southwest Solutions and Bridging Communities, Finance Committee member for Community Development Advocates of Detroit, Vice Chairman of the Detroit Alliance for Fair Banking, Chairman of Southwest Housing Solutions, and member of the Business and Development Loan Review Committee for the Wayne County Economic Development Department. He has received distinguished service awards, and was appointed to the Governor’s Volunteer Service Honor Roll in 2004. Gene is also a retired Captain in the U.S. Naval Reserve, where he served for 34 years. He is perhaps most proud though, of his six grandchildren!
We proudly recognize Gene as an advocate of the pioneering work of Terrence Duvernay, and thank him for his lifelong commitment, dedication, and years of tireless service to the affordable housing industry.
Ruth Ellis Center Helps Homeless Teens
Detroit Center one of only four agencies in the nation that serves GLBTQ youth
By Kim Thompson & Zachary Pohl
Ruth Ellis Center, Inc. (REC) was incorporated in 1999. REC was created for the purpose of providing residential safe space and support services for runaway, homeless and at-risk gay, lesbian, biattractional, transgender, and questioning (GLBTQ) youth in Detroit and Southeast Michigan. Approximately 1.7 million young people experience homelessness in a given year, and according to REC, roughly 40% of them are GLBTQ. There are only four social service agencies in the United States that are exclusively devoted to these homeless teens and young adults.
According to the REC website, “No one else, no other agency, no place or shelter is specifically set up to help our community’s teens and young adults who have been discarded by their families. We do not reject them for their sexuality or for simply being who they are. We will house them, feed them, clothe them, counsel them, help them get on their feet and become independent.”
Since opening in 1999, REC has established over 10,000 street contacts, served more than 12,000 meals, and handled over 5,000 phone calls for help and referrals.
With a loan from the Michigan Interfaith Trust Fund in 2002, Ruth Ellis Center was able to acquire and rehabilitate a side-by-side duplex at 612/616 East Philadelphia in Detroit. Ruth’s House, named in honor of Ruth Ellis, a woman who opened her home to Detroit’s GLBTQ youth, hosts nine GLBTQ teens and young adults with a complement of four full-time staff. The intention is to offer teens and young adults the necessary skills to live independently. These young adults typically have a multitude of developmental issues, but with the guidance of REC’s developmental and progressively designed program, are able to successfully transition into self-sufficiency. There is no cure-all for issues like homelessness or affordable housing, but organizations like the Ruth Ellis Center are tackling these problems compassionately and effectively.
Hungry for Twingo's
After closing in 2004, Twingo's Euro Café is back open for business
By Lorenzo Thurman & Zachary Pohl
In April of 2005, Twingo’s Deux LLC, was formed by John Lopez to re-open the former Twingo’s Café, located in the heart of Detroit’s Midtown/Cultural Center. The former establishment experienced eight years of success before the prior owner closed the business for personal reasons.
Mr. Lopez, who has developed a “Midas touch” reputation after successfully directing three of the area’s premier restaurants (Union Street, Agave, and Atlas Global Bistro), is hoping to recapture and improve upon the former restaurant’s well-received French Café theme. Chef and co-owner Shawn Mac has integrated the French-themed cuisine with dishes from Poland, Spain and Italy, which have received stellar reviews and press from publications such as “Metro Times” and “The Detroit News.”
With all the growth taking place in the Midtown area these days, Twingo’s hopes to provide a “Cool Cities” sensibility to the services it offers to the growing contingency of residents, students and faculty of Wayne State University, urban professionals, and visitors to the City of Detroit. As the Midtown area continues this exciting period of rebirth, projects like the re-opening of Twingo’s feed into the sense of achievement for all of the community’s revitalization efforts.
The re-opening of Twingo’s Euro Café—and other economic development projects like it in the Midtown area—was made possible by a loan from MITF, Michigan Heritage Bank, and the support from the Cathedral Church of St. Paul, and the University Cultural Center Association. Loan dollars from MITF provided Twingo’s with working capital during the re-construction phase of development, and provided direct employment opportunities for low and moderate-income individuals in the City of Detroit.
The new Twingo’s Euro Café is located at 4710 Cass Avenue, and is open for breakfast, lunch and dinner. The MITF staff congratulates Chef Mac and Mr. Lopez for their community revitalization efforts, and wishes them the best of luck in the years to come.
(Mostly) New Faces at MITF
The Michigan Interfaith Trust Fund hires two new staffers, and one long-serving part-timer graduates to a full-time position.
The Michigan Interfaith Trust Fund continues to grow, and hired two new employees at the beginning of May.
Debra Fedewa, C.P.A. was brought on as the Interfaith Trust’s new Director of Finance and Operations. She will be directing the full range of financial, accounting, technology and administrative activities of the organization out of our Lansing office.
Karen Gasperoni is the former Operations Manager for a women’s shelter in Mount Clemens, Michigan, and will be working from our Detroit office as an Administrative Assistant.
Zack Pohl has been working for the Fund since June 2001, and is a recent graduate of Michigan State University. He will now be working full-time as MITF’s Communications & Design Coordinator out of the Lansing office.
We welcome the new faces to the MITF team, and look forward to a prosperous future together.
Why the Bassetts are MITF Investors
From left to right: President/CEO Christine Coady, Luella Bassett, Former Board Chair Gene Kuthy, and Joe Bassett
Joe and Luella Bassett are two longtime investors in the Michigan Interfaith Trust Fund (formerly Michigan McGehee Interfaith Loan Fund). Here's what they had to say about their reasons for investing in the Fund:
"We have been blessed by many examples of generosity from family, friends and organizations. In order to grow in our personal stewardship of time, talents and treasures, we have actively sought organizations that effectively work to promote sharing of resources to create a more equitable world.
The MITF is an excellent example of this kind of organization. The work of MITF helps create communities that promote a more equitable society built on dignity and a healthy viable world. This kind of organization is deserving of broad support from the religious and secular society." –Joe and Luella Bassett
The Bassett's kind words will appear in the Michigan Interfaith Trust Fund's forthcoming Annual Report, which will be available in print and online by the end of July.
We're all accustomed to thinking about our responsibility to give a portion of what we have to those in need. We give to the congregation that we attend, to charities, and to other programs which benefit our communities. However, we don’t often think about the ways we can invest our resources to help those in need. Investment dollars make our affordable housing and economic development loan programs possible.
Any individual or corporation can become an investor in the Michigan Interfaith Trust Fund. For more information about how you can become an MITF investor, please view the investing page on the website, or contact Jane Carpenter, our Director of Investor Relations, to request an offering circular.
Request an Offering Circular
Our Offering Circular is finally available for
distribution, for those who are interested in
investing with Michigan Interfaith Trust Fund.
You can call our Director of Investor Relations, Jane Carpenter, in our Detroit office at 313.964.7300 to request an Offering Circular, or submit a request online by using this form to have one mailed to you within five business days. We look forward to hearing from you!
You can call our Director of Investor Relations, Jane Carpenter, in our Detroit office at 313.964.7300 to request an Offering Circular, or submit a request online by using this form to have one mailed to you within five business days. We look forward to hearing from you!
Rumors of our move have been greatly exaggerated
There's been a rumor floating around lately that the Michigan Interfaith Trust Fund is going to re-locate its Lansing Headquarters. Well, this is certainly not the case. Our President and CEO Christine Coady has personally confirmed that we're not moving now, or planning to move anytime in the near future. So hang onto those bookmarks and business cards, because the Interfaith Trust Fund isn't going anywhere.
Gene Kuthy Duvernay Award Photos
Thanks to the photographic skills of Racheal Sanford
at CEDAM, we would like to share some pictures from
Gene Kuthy's Duvernay Award Ceremony at the 2006
Michigan Conference on Affordable Housing. You can
view the short picture series here.
Keep an eye out for our President/CEO's article about Mr. Kuthy's award in the upcoming newsletter.
Keep an eye out for our President/CEO's article about Mr. Kuthy's award in the upcoming newsletter.
New loan closed on June 27, 2006
Kim Thompson closed another loan last week with the Detroit Catholic Pastoral Alliance:
- Detroit Catholic Pastoral
Alliance
Amount of Loan: $114,719
City: Detroit
Number of units: 2
Activity type: Construction Loan