Cleveland Development Advisors Community Reinvestment Fund

What Cleveland Development Advisors Community Reinvestment Fund does

Cleveland Development Advisors Community Reinvestment Fund (CDA) is a nonprofit community development financial institution founded in 1989/1990 and headquartered in Cleveland, Ohio. It is an affiliate of the Greater Cleveland Partnership and operates as a catalytic capital provider, deploying subordinate, gap, and bridge financing combined with New Markets Tax Credits, Historic Tax Credits, and CDFI lending to real estate and small-business projects in Cleveland and Northeast Ohio. CDA structures complex multi-source financing packages that make place-based, equitable, neighborhood-revitalization projects viable where conventional capital alone cannot close the gap.

CDA manages multiple investment vehicles, including the Community Reinvestment Fund, Cleveland New Markets Investment Fund I & II, Cleveland Development Partnership II, Opportunity CLE Loan Fund, Advance Cleveland Development Fund, and Civic Vision Housing Fund. It also operates the CDFI Financial Assistance Program focused on emerging and underserved developers. Across multiple funds, CDA has capitalized approximately $502 million cumulatively, deploying capital into projects such as the West Side Market transformation ($28 million, the largest single deal in CDA history), Charter Steel expansion ($153 million project), Cleveland Kitchen, Dave's Supermarket, CentroVilla25, Northern Ohio Blanket Mills, and various affordable and workforce housing developments. In 2025 alone, CDA deployed $60 million across six projects, supporting 541 direct jobs, 1,293 construction jobs, and 348,000+ square feet of new or revitalized space.

The revenue model is a nonprofit capital deployment and fund management structure rather than a product-sales model. CDA earns management fees on administered funds, interest income on subordinate and bridge loans, and development-related fees tied to structuring tax credit allocations. The organization's investor base spans more than 60 corporate, civic, and foundation partners (including PNC, JPMorgan Chase, KeyBank, Cleveland Foundation, Cleveland Clinic, University Hospitals, and Lincoln Electric), and it applies a $1-to-$10 leverage ratio for every dollar of CDA capital deployed into Cleveland neighborhoods.

Name

Cleveland Development Advisors Community Reinvestment Fund

Legal name

Cleveland Development Advisors

Website

https://clevelanddevelopmentadvisors.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

1–10 employees

Short description

Cleveland Development Advisors is a nonprofit community development financial institution founded in 1989/1990 and affiliated with the Greater Cleveland Partnership. It provides subordinate, gap, and bridge financing, New Markets Tax Credits, Historic Tax Credits, and CDFI lending to catalytic real estate and small-business projects in Cleveland and Northeast Ohio, having deployed over $500M cumulatively across neighborhoods.

Ownership category

akta.pro rank

Headquarters

HQ city

Cleveland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Financing Services: CDA operates as a community development entity that provides subordinate, gap, and bridge financing to real estate and business development projects. Revenue is generated through deployment of New Markets Tax Credits, loan interest, and management of investment funds. The organization has capitalized $502 million through five funds ($162 million) and New Market Tax Credit funds ($340 million).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

CDA provides subordinate, gap, and bridge financing to catalytic real estate and business development projects in the City of Cleveland. The organization structures complex financing packages combining New Market Tax Credits, Historic Tax Credits, and CDFI lending across multiple investment funds. It also offers technical assistance to project sponsors throughout the underwriting and closing process.

Product overview

Cleveland Development Advisors Community Reinvestment Fund operates as a single unified financing platform centered on community development investment funds. The organization manages multiple distinct investment vehicles including the Community Reinvestment Fund (primary financing vehicle), Cleveland New Markets Investment Funds I & II (tax credit programs), Cleveland Development Partnership II, Opportunity CLE Loan Fund, Advance Cleveland Development Fund, and Civic Vision Housing Fund. These funds provide subordinate gap and bridge financing, New Markets Tax Credits, and technical assistance to catalytic real estate and business development projects in Cleveland neighborhoods. The organization also operates the CDFI Financial Assistance Program supporting emerging and underserved developers.

Differentiator

Problem solved

Functional benefit

Products and services

• Community Reinvestment Fund Primary investment vehicle providing subordinate, gap, and bridge financing for catalytic real estate and business development projects in the City of Cleveland. The fund targets neighborhood revitalization and inclusive development, and has deployed financing to projects including Ninety-Four Ten Hough, 6400 Herman Avenue, and the Carriage Co. mixed-use redevelopment.
• Cleveland New Markets Investment Fund I & II Federal New Markets Tax Credit (NMTC) investment funds that attract private capital into low-income communities by providing tax credits to investors in exchange for equity investments in Community Development Entities. CDA was awarded $50 million in federal NMTC in 2021 and $35 million in 2022 as part of $80 million awarded to Cleveland-based groups.
• Cleveland Development Partnership II Development financing fund providing loan support for real estate redevelopment projects in Cleveland neighborhoods, including the $1.5 million loan to 6400 Herman Avenue in Detroit Shoreway.
• Opportunity CLE Loan Fund Forty million dollar loan fund commitment targeting projects expanding Cleveland's role as an epicenter of community, culture, and commerce, with the Cleveland Foundation committing $40 million to this fund and JPMorgan Chase awarding $5 million through the Opportunity CLE initiative.
• Advance Cleveland Development Fund Development fund supporting Cleveland neighborhood revitalization initiatives as part of CDA's pooled community development financing structure.
• Civic Vision Housing Fund Housing-focused investment fund supporting residential development in Cleveland communities, including workforce and affordable housing projects such as TREO and Ninety-Four Ten Hough.
• CDFI Financial Assistance Program Low-interest loan program intended to help low-income areas; part of the Access to Capital Predevelopment and Acquisition Loan Pool targeted to emerging and underserved developers. The program supported predevelopment costs at African Town Plaza with a $300,000 loan.

Quantifiable outcome

• $60 million deployed across 6 projects in 2025, creating 541 jobs and 1,293 construction jobs
• +1 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core partner and parent organization.

• Cleveland Public Market Corporationcore partnerStrategic or Co-development Partner · 15 April 2025CPMC is the nonprofit that operates West Side Market; partnered with CDA to close on the landmark $28 million investment package for the Market's transformation.
• Greater Cleveland Partnershipparent organizationStrategic or Co-development PartnerCDA is an affiliate of the Greater Cleveland Partnership, the region's largest chamber of commerce and economic development organization.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Reinvestment Fund: Reinvestment Fund is a CDFI providing flexible financing for housing, education, healthcare, and community economic development. Its lending model and impact-investing focus directly align with CDA's subordinate gap financing approach and use of NMTC allocations for catalytic projects.
• Capital Impact Partners: Capital Impact Partners is a CDFI that finances community development in under-resourced markets with structured capital including NMTC and tax-exempt debt. Its national lending platform, fund structure, and mission-driven capital deployment closely parallel CDA's product set.
• Nonprofit Finance Fund: Nonprofit Finance Fund is a CDFI and capacity-builder providing loans, asset-building support, and consulting to mission-driven organizations in low-income communities. Its comparable focus on the intersection of finance and community impact mirrors CDA's catalytic lending model.
• National Development Council: NDC is a nonprofit economic development organization financing small businesses, housing, and community facilities. Its CDFI lending and NMTC focus directly parallels CDA's product set, mission, and approach to catalytic real estate and business development finance.
• IFF: IFF is a CDFI providing loans and real estate services to nonprofits serving low-income communities, particularly child care, education, and health facilities. It shares CDA's mission-driven lending orientation and structured use of NMTC and catalytic capital for community facility development.
• Low Income Investment Fund (LIIF): LIIF is a CDFI focused on financing child care, housing, education, and health care facilities for low-income communities. Its community lending approach is structurally similar to CDA's catalytic real estate development finance model and mission of using tax-credit-driven capital for under-resourced neighborhoods.

Broad incumbents

• Local Initiatives Support Corporation (LISC): LISC is one of the largest CDFIs in the U.S., deploying catalytic capital across real estate development, housing, and economic development in underserved communities. It shares CDA's CDFI financing model, NMTC expertise, and mission of providing subordinate capital to community development projects—operationally similar but at materially larger scale.
• Opportunity Finance Network (OFN): OFN is the leading national membership association of CDFIs, including CDA. While not a direct deal competitor, OFN represents the broader CDFI industry within which CDA operates and serves as a relevant peer for industry positioning, federal advocacy, and capital aggregation.
• Enterprise Community Partners: Enterprise is a major national CDFI/impact investor creating affordable housing and community development opportunities. It shares CDA's real estate development focus, NMTC structuring capability, and mission of using catalytic capital for neighborhood revitalization, but operates at significantly larger national scale.

Regional players

• Coastal Enterprises Inc (CEI): CEI is a Maine-based CDFI providing capital and advisory services to startups, small businesses, and community development projects. It operates a comparable subordinate gap financing model to CDA but serves a different regional geography in New England.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CleDevAdvisors

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cleveland Development Advisors Community Reinvestment Fund