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Minneapolis hosts first 20/20 Community Development ExpoAmid a bumpy economy, the first-ever 20/20 Community Development Expo drew more than 400 attendees last week to the Hyatt Regency Minneapolis hotel.
The 20/20 Expo was co-hosted by the Minneapolis-based Metropolitan Consortium of Community Developers (MCCD) and the Twin Cities office of New York-based LISC (Local Initiatives Support Corporation). The name of the conference referenced both the 20th anniversary of the local LISC office this year, and the 20th anniversary of MCCD next year.
At a luncheon program last Thursday, Michael Rubinger, president and CEO of the national LISC organization, reminded attendees that his own organization came into being during tough times.
“The situation seemed impossible in 1980 when LISC first started,” Rubinger said.
“Community development” is a catch-all term for primarily nonprofit developers who focus on neighborhood-level housing and small-scale commercial projects.
Much affordable housing is developed by nonprofits, rather than for-profit developers. But financing such projects is complex as developers must pull together myriad sources of government, nonprofit foundation and tax credit financing to develop projects.
The 20/20 Expo was a chance for community developers from across the region to come together, tout past successes and weigh the many challenges posed by the current economy.
“I think just the energy was overwhelming. It was so clear how hard everyone works in this industry,” said Andriana Abariotes, executive director of Twin Cities LISC.
LISC provides grants, loans and consulting to local community developers. MCCD is an association of 43 local nonprofit associations; its members include large nonprofit developers such as Aeon and Project for Pride in Living (both based in Minneapolis) and St. Paul-based CommonBond Communities.
“When we look at these challenges in front of us, we’re starting from a place of strength,” Abariotes said. “When you look at our industry of players, we have a very healthy set of organizations. We also have fairly strong neighborhood partners.”
In contrast to other metro areas, Abariotes noted, “We haven’t had large-scale implosions of nonprofit developers.”
Alan Arthur, president and CEO of Minneapolis-based Aeon (formerly Central Community Housing Trust), views the current landscape with a mix of short-term pragmatism and long-term optimism for community developers.
Financing projects has gotten trickier. Arthur notes that low-income housing tax credits, a standard financing tool for affordable housing projects, are currently devalued 20 to 25 percent.
“Some people predict that it will continue to devalue. That’s making investors hesitate,” Arthur said.
He sees a long road ahead for the current housing mess.
“In general, I think the country is still underestimating the depths to which we will fall,” Arthur said. “I think it’s impossible to get out of it in 18 months. I think we’re talking about years.”
But at the same time, Arthur said that community developers are used to rolling up their sleeves and tackling uphill battles.
Lately he has been prone to quoting a Japanese aphorism: “Fall down seven times, stand up eight.”
And one message that emerged from the conference was the need for continued collaboration.
“You can only whine so long. We’re usually a can-do kind of group,” Arthur said. “Let’s all keep working together, because we’re going to need to.”
During a kickoff event Wednesday evening at the Hyatt Regency Minneapolis Hotel, 16 local individuals, projects, organizations and programs were inducted into the newly created Community Development Hall of Fame.
The honorees were:
- Alan Arthur, president and CEO of Minneapolis-based Aeon (formerly Central Community Housing Trust).
- Dick Brustad of Minneapolis-based Brighton Development Corp., founder of the Community Housing Development Corp.
- Caren Dewar, executive director of the Urban Land Institute Minnesota
- Beverly Oliver Hawkins, CEO of St. Paul-based Model Cities.
- The late Chuck Krusell, who died in 2006, founder of the Greater Metropolitan Housing Corp.
- Mary Pickard of the Opus Philanthropy Group.
- Joe Selvaggio, retired head of Minneapolis-based Project for Pride in Living (PPL).
- Mihailo Temali, head of the St. Paul-based Neighborhood Development Center.
- Cooperativa Mercado Central, a south Minneapolis retail center, cooperatively owned by its member businesses.
- East Village, a 180-unit apartment project in the Elliot Park neighborhood of Minneapolis that opened in 2001 and was developed by Aeon.
- Kingsley Commons, a 25-unit project in north Minneapolis that was specifically designed and built for people with multiple sclerosis.
- Brighton Development Corporation, a Minneapolis-based, for-profit developer that has partnered with many community organizations on affordable housing.
- Hope Community, a community development corporation (CDC) that manages 175 units of housing in south Minneapolis.
- The McKnight Foundation, recognized for its long-term commitment to funding programs to build stronger neighborhoods across the Twin Cities.
- Changing the Face of Housing in Minnesota, a collaboration between Twin Cities LISC, the Family Housing Fund and the Corporation for Supportive Housing to strengthen diversity among community development professionals.
- Islamically Acceptable Small Business Financing, a financing model created by Wafiq Fannoun, now used by many agencies, to provide financing for business owners whose faith prohibits paying or receiving interest.
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