Summer 2024 Update

To stabilize our economy & workforce, encourage more immigrants to become citizens

On the heels of President Biden's announcement creating a path to citizenship for undocumented immigrants married to U.S. citizens, I wanted to call attention to the benefits of citizenship.

Naturalized citizens out-earn noncitizens by 50%-70%, experience lower unemployment rates, occupy more positions in highly skilled professions, and are only half as likely as noncitizens to live below the poverty line.

Employers, business owners, and community leaders have an opportunity—a mandate even—to invite our immigrant neighbors to grow their participation in local economies and benefit from those economies through increased naturalization.

Nationally, more than 9 million immigrants are eligible for naturalization, yet only 9% apply each year in large part because of the cost. At BlueHub Capital, we recognized this obstacle and started a nonprofit in 2021 called One Percent for America with the mission of making the naturalization process more accessible and affordable.

Onward,

Elyse D. Cherry
CEO, BlueHub Capital

BlueHub makes $32.5 million investment in Houston nonprofit to reduce food insecurity for thousands of children

BlueHub Capital's COO Brenda Loya announced a $32.5 million New Markets Tax Credit (NMTC) investment in Kids’ Meals at its groundbreaking on June 4 (pictured above). Kids' Meals is a Houston-based nonprofit delivering millions of free, healthy meals to the homes of hungry preschool-aged children who face debilitating hunger due to extreme poverty.

The investment will fund, in part, the construction of the Building Hope Campus, a new 50,000 square foot food distribution and social services center in Houston that will boost the number of meals served annually from 2.7 million to more than 7 million.

BlueHub Capital worked with Regions Bank, which served as the investor and purchased the NMTCs. This deal resulted in a $6.3 million subsidy to Kids’ Meals.

Green lending: Expanding EV charging infrastructure in low-income communities

Boston Globe Today covered BlueHub's innovative vehicle-to-grid pilot program in Boston's Dorchester neighborhood.

Kelvin Lopez, a resident of Girls Latin Academy Apartments, a 100% affordable housing complex in Codman Square, shared his experience with Boston Globe Today as the driver in the pilot program. With a subsidized Nissan LEAF, Kelvin has significantly reduced his monthly transportation costs from $150-$200 on gas to virtually zero.

BlueHub's long-term goal is to expand EV utilization despite barriers and enhance charging infrastructure in environmental justice communities.

"Instead of accepting these barriers and expecting low-income communities to be the last to catch up, we need to listen to our communities and find solutions that can deliver economic benefits beyond just a greener future," said Dewitt Jones, President of BlueHub Energy, and Gail Latimore, Executive Director of Codman Square Neighborhood Development Corp. in a recent op-ed on the pilot in the Boston Business Journal.

In the News

The Baltimore Banner: Solutions for Maryland Homeowners Facing Foreclosure

In Maryland, where the foreclosure rates rank among the highest in the nation, homeowners facing the threat of losing their homes can find significant support through various programs. Real estate broker and credit repair specialist Derrick Jason Smith, a BlueHub SUN client, stresses the importance of removing the stigma associated with foreclosure in this op-ed published in The Baltimore Banner.

Bisnow: Transforming Nubian Square

BlueHub Loan Fund is involved in many of the developments revitalizing Boston’s Nubian Square into a cultural and economic hub, known to many as the new "Black Wall Street". BlueHub's investment in its own neighborhood is more than financial—it's a commitment to sustainable, community-focused development, as reported in Bisnow.

Multifamily & Affordable Housing Business: Transforming Vacant Spaces into Affordable Housing

As cities across the U.S. face a growing housing shortage, adaptive reuse offers a sustainable and innovative solution, according to Multifamily & Affordable Housing Business. This trend is exemplified by the transformation of properties like Nashville's Kings Inn and Super 8 motels into affordable housing, with significant support from BlueHub Loan Fund.

Elyse Cherry on Java with Jimmy

BlueHub's CEO got to share our work and impact with Boston media mogul James "Jimmy" Hills on his online talk show. Elyse touched on BlueHub's lending in Boston's Nubian Square and One Percent for America's loan program for immigrants seeking citizenship. Check out the interview below.

We're Hiring

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Borrower Spotlight

Located in the heart of downtown Camden’s Pyne Point neighborhood, the Northgate One Apartments represent a major milestone in the revitalization of affordable housing in Camden, thanks in part to pivotal financing provided by BlueHub Loan Fund.

Hudson Valley Property Group (HVPG) purchased the aging apartment complex and plans to update the 321-unit, 21-story family affordable housing building. The property, previously known as Northgate Apartments and originally built in 1963, is undergoing a full-scale renovation to enhance living conditions and ensure long-term affordability for residents. The project is a testament to the collaborative effort to preserve and improve accessible housing options for New Jersey residents.

This endeavor, supported by innovative New Jersey Economic Development Authority (NJEDA) tax credits, is poised to transform Northgate One Apartments into a modern, sustainable and inclusive community hub, marking a significant leap forward in urban redevelopment and affordable living solutions in New Jersey.