Community Ventures Corporation

Street Address:
1450 N. Broadway
Lexington, KY 40505-3162


Phone: 859-231-0054
Fax: 859-231-0261
Website: www.cvcky.org

Kevin Smith, President & CEO

Contact Name: Maria C Hendrichs
Phone: 859-231-0054x364
Fax:
Email: mhendrichs@cvcky.org


Staff Size: Full Time: 32    Part Time: 1

Background
Community Ventures Corporation (CVC) is a nonprofit community development corporation founded in 1982 to create economic opportunities for low-income residents in central and northern Kentucky. CVC programs emphasize business ownership, homeownership, job creation, and enhancing access to credit and savings. Community Ventures Corporation joined the NeighborWorks America network as a chartered member in August, 2000.

Mission
CVC's central mission is to foster neighborhood revitalization through wealth creation and asset accumulation for lower-income people. CVC's programs are designed to increase income through self-employment, create jobs through business start-up and expansion, and facilitate asset accumulation through business and home ownership for low-and-moderate income families and individuals.

Total Operating Expense (9/30/2007): $3,255,157

 Lines of Business
  • Asset and Property Management

  • Community Based Economic Development

  • Community Building and Organizing

  • Home Ownership Promotion Services

  • Lending and Loan Portfolio Management

  • Real Estate Development


    • National NeighborWorks ® Programs
  • NeighborWorks Campaign for Home Ownership
  • NeighborWorks Rural Initiative

    • Accomplishments in FY 2008
  • Provided 117 families with pre- and post- purchase housing counseling.
  • Rehabilitated or repaired 7 rental or owner occupied units (1-4 units).
  • Assisted 42 families in purchasing a home through homeownership counseling, downpayment, closing cost or financing assistance.
  • Owned or managed 13 rental units.
  • Invested $329,556 in the community through Community Ventures Corporation's revolving loan fund, which leveraged $4,174,795 from conventional lenders and other sources.
  • Total direct investment in the community is $4,504,351.

    • Additional Accomplishments
    Date Additional Accomplishment
    9/7/2004 Obtained state certification as an SBA Certified Development Corporation and became administrator of SBA 504 Program.
    9/7/2004 Opened three satellite offices - Campbellsville, Covington and Falmouth, Kentucky.
    9/7/2004 Was awarded $1.8 million from the Kentucky General Assembly to develop and implement Kentucky's first microenterprise incubator.
    6/28/2005 Continued growth and diversification in the loan portfolio. CVC's loan portfolio now exceeds $5 million.
    6/28/2005 Since 1997, CVC increased its asset base more than fifteen times. CVC's asset base grew from $1.0 million at year-end 1997 to over $15 million by year end 2004.
    6/28/2005 Received Microlender of the Year recognition from SBA for the past seven years for its production of microloans.
    6/28/2005 Became certified as a Community Development Entity (CDE) by the US Department of Treasury CDFI Fund and received its first New Markets Tax Credits allocation, at $12 million, in 2002. Received an additional $12 million allocation in 2005.
    6/28/2005 Became certified as a Community Housing Development Organization (CHDO) by Kentucky Housing Corporation in 2000. Has since expanded its CHDO service area from 13 counties to 26 counties.
    6/28/2005 Raised nearly $2.5 million to develop the region's second incubator to provide affordable office space, technical assistance and business support services to emerging professional services and retail micro-businesses.
    6/28/2005 Developed and began operation of the region's first NeighborWorks Homeownership Center in 2003.
    6/28/2005 Established partnerships with local and state PHA to begin implementation of the Voucher to Homeownership program in 2002.
    10/27/2006 Opened a third satellite office in Henderson, Kentucky to serve Northwest Kentucky; other satellite offices are located in Campbellsville in Southcentral Kentucky, and Falmouth in Northern Kentucky.
    11/20/2006 Obtained a $496,000 capital grant from the CDFI Fund's Financial Assistance program in 2006 to provide affordable mortgage loans to low-income and minority homebuyers.
    11/20/2006 Increased its service area from 31 counties to a total of 43 counties; the expanded service area includes Henderson County and surrounding counties and the state's largest urban center of Louisville/Jefferson County and its surrouding counties.
    7/3/2006 Opened its second microbusiness incubator in Lexington, Kentucky.
    1/25/2007 Received $525,000 in grant funds from the Commonwealth of Kentucky Cabinet for Economic Development to open a satellite office in Louisville, Kentucky for the delivery of microenterprise development programs.
    5/23/2007 Received $650,000 from the Commonwealth of Kentucky to revitalize a distressed inner city Lexington neighborhood via commercial and real estate development.
    10/1/2007 Added Foreclosure Prevention Counseling to its services.
    10/5/2007 Received a $45 million New Markets Tax Credit allocation.
    11/12/2007 Received $300,000 from HUD's Rural Housing Economic Development Program to provide small business expansion loans and create jobs in distressed rural Powell and Menifee Counties in Appalachia/Eastern Kentucky.
    5/13/2008 March 2008 - Received funding from NFMC to administer a foreclosure intervention program for families throughout the state.
    10/7/2008 Received a $1 million Financial Assistance grant from the CDFI Fund to capitalize CVC's Small Business Expansion Loan fund.
    11/17/2008 CVC received a $32 million New Markets Tax Credits allocation from the U.S. Department of the Treasury's CDFI Fund which will assist CVC in its work with revitalizing commercial corridors in distressed areas across Kentucky.
    12/1/2008 CVC opened its fifth satellite office in Frankfort - the Commonwealth's state capital to effectively deliver its microenterprise, business and housing development products and services throughout central Kentucky.
    12/1/2008 CVC combined its operations with that of Commonwealth Small Business Development Center and expanded its SBA 504 production throughout the commonwealth.
    4/15/2009 CVC received a commitment of $2.7 million in HUD Neighborhood Stabilization Program funding to purchase and rehabilitate 20 REO properties for resale to families to assist in revitalizing neighborhoods impacted by the foreclosure crisis.
    7/1/2009 CVC received $200,000 in Brownfield Clean-Up funds from EPA to conduct hazardous materials mitigation at a property it owns as part of its 3rd Street Corridor project, a project to revitalize a distressed inner city Lexington neighborhood. This Brownfield grant is the first for the city of Lexington.
    10/30/2009 CVC received $120,000 in CDBG funding from the KY Department for Local Government and the City of Bowling Green to establish a satellite office in Bowling Green to expand microenterprise, business and housing development to underserved southcentral Kentucky.
    10/30/2009 CVC received a $25 million NMTC allocation from the CDFI Fund.

    Community Services
  • Community Building

  •  Community Outreach and Organizing

  •  Small Business Development

  • Financial Planning and Assistance

  •  Down-payment Assistance

  •  Financial Education

  •  Foreclosure Prevention Training

  •  Interest Subsidy Program

  • Green Building and Home Improvement

  •  Home Maintenance Training

  • Housing Programs and Home Ownership Counseling

  •  Home Ownership Center

  •  Home Ownership Counseling


    • Board of Directors
    NameBoard Role/TitleSectorCompany/OrganizationJob Title
    Mary BledsoeBoard MemberResidentCommunity Member 
    John ChowningBoard MemberOtherCampbellsville UniversityVP for Church and External Relations and Executive Assistant to the President
    Jesse CrenshawBoard MemberState GovernmentJesse Crenshaw Law OfficesAttorney-at-Law
    Rochelle DavisBoard MemberResidentPositive LinkChair
    Dennis DortonBoard MemberFinancial InstitutionCitizens National BankPresident/CEO
    Ella FryeBoard MemberLocal GovernmentCiy of Covington - Community and Housing Development DepartmentDirector
    Arnold GaitherBoard MemberCounty GovernmentCentral Kentucky Job CenterDirector
    David HallBoard TreasurerFinancial InstitutionFirst Independence Bank 
    Jerry JohnstonBoard MemberBusinessNational City BankExecutive Vice President
    Nick KatkoBoard MemberBusinessStrategic Financial Solutions 
    Fred MitchellBoard SecretaryResidentRussell Cave Community Church of ChristSenior Minister
    Marilyn PaysonBoard Vice ChairNon-Profit InstitutionThe Appalachian ProjectAsstant Director
    Arthur SalomonBoard MemberBusinessSalomon & Co. 
    John WatzBoard ChairBusinessHenry, Watz, Gardner & SellarsAttorney

    About the NeighborWorks ® Network
    The NeighborWorks® network is a nationwide network of more than 240 community development organizations working in nearly 4358 urban, suburban and rural communities across America. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years alone, NeighborWorks® organizations have generated more than $8.5 billion in reinvestment and helped more than 500,000 families of modest means purchase or improve their homes or secure safe, decent rental or mutual housing.

    NeighborWorks ® America Contact Information
    District:  Great Lakes
    Name:  Karen Whedon
    Phone:  513-221-4260
    Toll-Free:  877-316-8880
    Fax:  513-221-4425
    Email:  kwhedon@nw.org