Plus a big award from the CDFI Fund, our work in the news, and more.
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Fall 2024 Update
Welcome new senior leaders to BlueHub
BlueHub Capital is hitting two major milestones: this summer, we surpassed $3 billion in lending since our founding in 1985. And next year, we will celebrate BlueHub's 40th anniversary.
To help propel us into an increasingly successful future, we welcomed two new team members to our staff this fall.
Jackie Barry Hamilton is BlueHub's new Chief Financial Officer (CFO). Jackie has served as CFO at several organizations over her career, ranging from start-ups to large public companies, and has ample experience managing investor relations and raising capital. Lisa Zappala has transitioned from CFO to the position of Executive Vice President of Finance until her planned retirement in early 2025. Jackie will work alongside Lisa for the next several months to ensure a successful transition.
Monica Sevy is BlueHub's first Chief Information Officer (CIO). Monica has spent her career working to drive technology transformation within nonprofit and advocacy organizations. Her extensive experience in developing and implementing tactical IT and security leadership strategies across intricate organizational structures positions her well to lead BlueHub's technology strategy.
I can't say enough how pleased I am to be working alongside Jackie and Monica, and our entire BlueHub team, as we strive for a future where equity is a given, not a goal.
Onward,
Elyse D. Cherry
CEO, BlueHub Capital
BlueHub CEO Elyse Cherry named to "Power 50" list by Boston Business Journal
BlueHub Capital CEO Elyse Cherry has been named to the Boston Business Journal's Power 50 list for 2024.
The list represents “The Movement Makers” – the individuals in the Greater Boston business community who are taking a stand, creating change, and taking actionable steps to work together to make Boston continue to grow as a place for equity, inclusion and diverse points of view.
The impact of the organization under Elyse’s leadership is clear—healthier neighborhoods with more affordable and stable housing, quality schools, grocery stores, cultural facilities, health centers and more. Congrats, Elyse!
BlueHub Loan Fund Receives $3.8 Million from CDFI Fund
BlueHub Loan Fund received $3.8 million in Financial Assistance awards from the US Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).
BlueHub is one of only two organizations to receive funding in all four funding categories from a pool of 357. This grant will help BlueHub Loan Fund continue expanding access to affordable housing and other critical assets in under-resourced communities.
In the News
Boston Business Journal: BlueHub Capital looks to expand 'climate lending' with new hire
With billions of dollars in federal money now available for so-called 'green" lending, one of the state's top community development financial institutions has added a new position to expand its efforts to fund projects that support climate resiliency. Elizabeth Glynn was named senior vice president of climate lending for the BlueHub Loan Fund, one of the four distinct programs under BlueHub Capital, reports the Boston Business Journal.
Barron's: As Impact Investors Home in on Affordable Housing, One Expert in the Field Is Expanding Its Reach
Currently, there are several firms offering private debt and equity funds to support housing, including vehicles offered through community development financial institutions such as BlueHub Capital in Roxbury, Mass., and the Local Enterprise Assistance Fund in Boston. It’s the kind of investing that can inject life into underserved communities, according to Barron's.
SUN Blog: 2024 Foreclosure Rate Update
As of August 2024, foreclosure activity in the US showed a decline in both foreclosure starts and completed foreclosures, with filings still well below pre-pandemic levels. Despite the historic lows in foreclosure activity, some states continue to see elevated foreclosure rates, driven by economic factors like rising interest rates and housing affordability challenges. Read more on BlueHub SUN's blog.
Borrower Spotlight: Casa Celina
In 2019, BlueHub Loan Fund provided a $2 million predevelopment loan with Hudson Housing to construct Casa Celina, an affordable senior housing complex in the Soundview neighborhood of the Bronx in New York City. The project is now complete!
Casa Celina was constructed by real estate development firms Xenolith Partners, The Kretchmer Companies and ELH Management, with supportive services by Jewish Association Serving the Aging (JASA). The building offers over 200 units of affordable apartments for seniors, including 61 units for seniors experiencing homelessness.
Casa Celina, named for Celina Báez (mother of Supreme Court Justice Sonia Sotomayor), is LEED Gold certified and features senior-friendly amenities. Justice Sotomayor, the first Latina Supreme Court Justice in US history, was raised in a NYC Housing Authority property next door to Casa Celina.
Giving back: Community Servings
BlueHubbers had the opportunity to join Community Servings, a long-standing borrower, for an incredible day of service in Boston this fall.
Community Servings provides over 20,000 medically tailored, scratch-made meals each week to individuals and families facing chronic and critical illnesses across Massachusetts. We helped chop chicken, package the sides and pack meal bags for those in need.
It was an inspiring day filled with teamwork, connection and the shared purpose of giving back. Learn more about Community Servings.
