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Spring 2022 Update
Inflation's impact on the communities we serve
Insight from Elyse D. Cherry, CEO of BlueHub Capital
Bread, a used car, energy, and raw lumber. What do those things have in common? Rising prices.
COVID-19 had already strained the supply chain over the past two years, partly triggering the inflation we’re seeing today. Now, Russia’s atrocities in Ukraine, China’s lockdown of more than 50 million people, sanctions on Russia, labor shortages and climbing oil prices are pushing the prices of goods and services even higher. High-wage earners will reconsider large purchases and examine investments to cope with rising prices.
But how will the communities we serve be impacted by inflation?
Read more on just how unequal the impacts of rising prices are for people with lower incomes and already tight budgets.
Be well,
Elyse D. Cherry
Take back the torch
BlueHub Capital's CEO Elyse Cherry penned an op-Ed in Northeastern School of Law Magazine on BlueHub's newest nonprofit initiative, One Percent for America. Cherry writes:
"In our long struggle for marriage equality for same-sex couples, LGBTQ advocacy groups first led with messaging about rights and benefits. Not until we put ourselves into the shoes of the people who were indifferent or hostile to our cause did we find a message that spoke more broadly --'love is love'. While Black Lives Matter, Stop Asian Hate, the ADL, GLAD and similar advocacy groups have highlighted the critical issues of injustice, inequity, and intolerance, I believe we need to band together with a new unifying message for today’s challenges. I propose we 'Take Back the Torch.'"
Congrats to BlueHub staff on new roles and promotions
As the needs of our organization change, we’re thrilled to be able to fill the gaps with our talented team and offer new opportunities to staff members. Join us in celebrating our colleagues!
- Justin DeAngelis, Negotiations Manager & Staff Attorney, BlueHub SUN (formerly Negotiations Manager)
- Catherine Dun Rappaport, SVP of Learning & Impact Management (formerly VP of Learning & Impact Management)
- Michele Eldridge, HR Coordinator (formerly Senior Administrative Assistant)
- Marlene Honore, Administrative Assistant (formerly Administrative Assistant & Customer Relations Liaison)
- Galina Kim, Construction Loan Manager, BlueHub Loan Fund (formerly Construction Loan Specialist)
- Autumn McLaughlin, VP of Communications and External Relations (formerly Manager of Communications)
We're hiring! Check out these open positions with BlueHub Loan Fund and One Percent for America.
In the News
CBS 46: BlueHub makes $13 million investment in Atlanta Community Food Bank
CBS 46, the local CBS affiliate in Atlanta, detailed BlueHub Capital's $13 million New Markets Tax Credit investment in the Atlanta Community Food Bank.
“During the pandemic, we increased our food distribution by 65 percent,” said Kyle Waide, president and CEO of the Food Bank. “In a typical year, we spend $5.5 million on purchasing food. Last year we spent $20 million. This investment has helped us not only offset expenses but really restore working capital so we can continue to be aggressive in responding to food insecurity in our community.” Read more.
BlueHub sells solar project to Sunwealth to ensure continued access to solar energy and cost savings to nonprofits
BlueHub Energy sold its Mill Street Solar Project in Gardner, MA to Sunwealth, a clean energy investment firm. The purchase ensures long-term benefits to the City of Gardner and the solar field’s customers—all local nonprofits.
BlueHub transformed what was a barren brownfield site into a solar field sporting a 3,287-panel, one-megawatt ground-mounted solar array in 2014. The system generates 1.2 million kilowatt hours per year, enough to serve 165 homes.
GBH News: BlueHub helps nonprofit buy building to avert tenants' displacement
GBH News covered BlueHub borrower Asian Community Development Corporation's purchase of 64-68 Beach St., a six-story building in Boston's Chinatown with a ground-floor restaurant and 14 residential units. This is the first time a nonprofit has bought an occupied building in Chinatown. Read the story.
Borrower Spotlight
There will be new affordable housing geared towards artists and a new Haley House café in Boston’s Nubian Square. BlueHub provided New Atlantic Development and Dream Development with a $1.3 million predevelopment loan, alongside additional funding from The Life Initiative and the City of Boston.
The design embodies a concept that the city promotes—development without displacement—meaning development that benefits the people who are already in the neighborhood.
“We have gone to BlueHub first with every project we’ve ever done. They are a rare resource; they provide the upfront acquisition and predevelopment money that is very hard to come by. It takes a sophisticated and willing partner to buy into the vision—and they do," said Bill Madsen Hardy of New Atlantic Development.
