Market Newsdesk

STAMFORD, Conn., Dec. 10, 2020 (GLOBE NEWSWIRE) — Delivering on its commitment to assist soldiers taking a significant academic step into their future by filling in voids left by the Post-9/11 GI Bill, the national nonprofit SoldierStrong announced the 2020 recipients of its scholarship initiative, SoldierScholar, today.

“SoldierStrong realized early on that higher education provides a crucial set of opportunities for veterans as they return home from service and begin to transition, and ultimately adjust, to civilian life,” said SoldierStrong co-founder and chairman Chris Meek. “Our organization and supporters recognize the value of the unique interaction that occurs between higher education institutions and veterans. Not only do veterans benefit greatly from higher education, but they serve as major assets to the schools they attend by bringing with them unparalleled experiences and leadership characteristics from their time in service.”

Meek continued, “Though the GI Bill has benefitted almost one million veterans in the past year, it has not historically relieved all of the costs associated with obtaining a degree. Textbooks, classroom fees, transportation, technology, tutoring and a number of other additional expenses that come with obtaining a degree are often not considered upfront when developing a general financial plan. SoldierScholar was created to fill in those gaps left by the bill and alleviate the additional costs associated with receiving a degree. It is an honor to support and assist soldiers in their academic endeavors.”

SoldierScholar scholarships are available to veterans who fought in the recent War on Terror. SoldierStrong, which primarily provides revolutionary medical technologies to Veterans Affairs medical centers across the country to help injured veterans lead full lives, launched SoldierScholar in 2012 and has since awarded more than $500,000. This year’s recipients include: 

Lucas Netti, Public Administration, Syracuse University 

Lucas Netti served in the U.S. Army with the 82nd Airborne Division as an infantryman and sniper team leader. This past August, Netti graduated from Syracuse University with a bachelor of arts in political science and is expected to graduate from the university with a master’s degree in public administration and a certificate of advanced studies in security studies in August 2021. Upon graduation Netti plans on pursuing a career in government in the national security sector. “Getting the SoldierScholarship means a lot to me because it gives me an opportunity to represent Syracuse University and its veteran community. It is a good way of showing my academic achievements as a veteran and is a testament to the outstanding education that the professors here at Syracuse have provided me,” Netti said. 

Kala Hagen, Foreign Service, Georgetown University 

Kala Hagen served in the U.S. Navy for nine years as a cryptologic language analyst  specializing in Arabic and Somali. While on active duty, Hagen earned a bachelor of arts in anthropology at the University of Florida and was selected for several prestigious language immersion programs, including Middlebury College’s summer language program in California. While receiving her master of science in foreign service at Georgetown University, Hagen will concentrate on international development in the Middle East and Africa and is especially interested in reducing factors that contribute to extremism and terrorism. Upon graduation, she aspires to serve with the State Department or U.S. Agency for International Development. “I feel incredibly honored and humbled to have been selected for a SoldierScholar scholarship,” Hagen said. “I really admire the work that SoldierStrong does to help veterans, so for them to choose to invest so significantly in my education means a great deal to me.”

Jessica Evans, Civil Engineer Technology, Old Dominion University 

Jessica Evans served in the U.S. Navy as a sonar technician while stationed in Hawaii and various other places around the world. In part due to financial considerations, Evans did not go to college directly after high school, and instead was inspired to join the military branch in which both of her grandfathers served. Evans sees her service as a way to honor their legacy. After finishing her bachelor’s degree in engineering, Evans plans to pursue her master’s degree. “Growing up I never dreamed about going to college let alone going as far as pursuing my master’s degree. So to have this opportunity to reach for my dreams is really special,” Evans said.

To learn more about the SoldierScholar initiative or to donate, please visit https://www.soldierstrong.org/scholarship.

About SoldierStrong


SoldierStrong, previously known as SoldierSocks, helps American patriots literally take their next steps forward through the donation of revolutionary medical technologies. Through educational scholarships and by harnessing the most innovative technology in advanced rehabilitation, we help our returning service men and women to continue moving in the only direction they should know – forward. Nearly every dollar SoldierStrong receives goes towards direct support of American patriots so that they can re-acclimate to civilian life. Our organization works to remind those men and women who sacrificed so much that we are forever thankful. For more information, visit: https://www.soldierstrong.org/

CONTACT: ERIC WOOLSON
(515) 681-3967

ATLANTA, Dec. 10, 2020 (GLOBE NEWSWIRE) — Chart Industries, Inc. (NASDAQ: GTLS) is proud to announce that CEO and President Jill Evanko has been awarded the 2020 Chief Trailblazer Award by S&P Global Platts. The S&P Global Platts Global Energy Awards is an annual program that recognizes exemplary corporate and individual innovation, leadership and superior performance. Established in 1999 and often coined “the Oscars” of the energy industry, the S&P Global Platts Global Energy Awards highlight achievement in 21 categories spanning the entire energy complex. This year, there were over 300 nominated entries from over three dozen countries.

The Chief Trailblazer Award is awarded to an individual (or to a CEO of a small-mid cap company) who has consistently demonstrated clarity of vision, judgment and motivational skills that transform and empower their organization. This individual must also be a leader who is highly respected by both peers and competitors, admired and followed by employees, trusted by investors and welcomed by the community. This award recognizes courage, perseverance, dedication, ethics and the ability to advance their company in the face of adversity, sustain their sector amid universal headwinds and undeniably support the employees who propel their organization into the future.

In determining a recipient, judges considered a leader’s entire track record, with particular attention focused on that individual’s accomplishments since January 2019.

“We congratulate Jill for her win of the 2020 Chief Trailblazer Award,” stated Martin Fraenkel, president of S&P Global Platts. “In a year that was so tumultuous, it was particularly impressive and heartening to see how this year’s group of winners re-organized around obstacles, forged ahead on ground-breaking technology, completed transformative deals and maintained focus on long-term energy sustainability. Tonight’s winners, and finalists, alike, are to be congratulated for their individual and collective accomplishments.”

“In a year like no other, Jill has shown her resilience and commitment to the company by bringing Chart to the forefront of the clean energy transition. To be recognized by an esteemed organization like S&P further validates the work she has done to make Chart a leader in the industry. Jill’s strong leadership qualities are critical components to the success Chart has experienced over the past year, and we know she will continue to encourage innovation and break barriers in the industry. We’re lucky to have Jill, who inspires us every day to become better people and better professionals,” shared Chart Industries Board member, Singleton McAllister.

About Chart Industries, Inc.

Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Our unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture amongst other applications. We are committed to excellence in environmental, social and corporate governance (ESG) issues both for our company as well as our customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, we maintain accountability and transparency to our team members, suppliers, customers and communities. To learn more, visit www.Chartindustries.com.

Investor Relations Contact:

Wade Suki, CFA
Director of Investor Relations
832-524-7489
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56b45ea7-8277-490b-ab9e-6119b9d6d525

EMERYVILLE, Calif., Dec. 10, 2020 (GLOBE NEWSWIRE) — XOMA Corporation (Nasdaq: XOMA) (“XOMA” or the “Company”) today announced the pricing of its underwritten registered public offering of 880,000 shares of 8.625% Series A Cumulative Perpetual Preferred Stock, with liquidation preference of $25.00 per share (the “Preferred Stock”) at an initial public offering price of $25.00 per share, raising gross proceeds of $22.0 million before deducting underwriting discounts, the structuring fee and other estimated offering expenses.

In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to an additional 104,000 shares of Preferred Stock. The offering is expected to close on or about December 15, 2020, subject to customary closing conditions.

The Company’s shares of Preferred Stock are expected to begin trading on NASDAQ under the symbol “XOMAP” within 30 business days of the closing date of this offering, if approved.

Net proceeds of this offering will be used to fund the segregated dividend account and the remaining net proceeds for general corporate purposes, including funding future acquisitions of milestone and royalty rights associated with drug development programs with third-party funding.

B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc., National Securities Corporation, and William Blair & Company are acting as joint book-runners for this offering. Aegis Capital Corp., Boenning & Scattergood, Inc., and Northland Capital Markets are acting as co-managers. The offering of these securities is being made pursuant to an effective shelf registration statement on Form S-3, which was initially filed with the Securities and Exchange Commission (the “SEC”) on March 7, 2018, and declared effective by the SEC on April 5, 2018. The offering will be made only by means of a prospectus and prospectus supplement. A copy of the prospectus and prospectus supplement relating to these securities may be obtained, when available, from the website of the SEC at http://www.sec.gov or by contacting: B. Riley Securities, Inc., 1300 17th Street North, Suite 1300, Arlington, Virginia 22209, Attn: Prospectus Department, Email: [email protected], Telephone: (703) 312-9580.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About XOMA Corporation

XOMA has built a significant portfolio of products that are licensed to and being developed by other biotech and pharmaceutical companies. The Company’s portfolio of partner-funded programs spans multiple stages of the drug development process and across various therapeutic areas. Many of these licenses are the result of XOMA’s pioneering efforts in the discovery and development of antibody therapeutics. The Company’s royalty-aggregator business model includes acquiring additional milestone and royalty rights associated with drug development programs with third-party funding.

Safe Harbor Statement / Explanatory Notes

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “anticipates,” “expect,” “may,” “plan” or “will”. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact, including statements regarding the terms and conditions and timing of the preferred stock offering, the intended use of proceeds and the expected closing date of the offering.   You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the availability of, and participation in, financing opportunities. These and other risks are identified in our filings with the Commission, including without limitation our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and in other filings subsequently made by the Company with the Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

EXPLANATORY NOTE: Any references to “portfolio” in this press release refer strictly to milestone and/or royalty rights associated with a basket of drug products in development.  Any references to “assets” in this press release refer strictly to milestone and/or royalty rights associated with individual drug products in development. References to royalties or royalty rates strictly refer to future potential payment streams regardless of whether or not they are technically defined as royalties in the underlying contractual agreement; further, any rates referenced herein are subject to potential future contractual adjustments.

Investor contact:

Juliane Snowden
Oratorium Group, LLC
+1 646-438-9754
[email protected]

Media contact:

Kathy Vincent
KV Consulting & Management
+1 310-403-8951
[email protected]

New York, NY, Dec. 10, 2020 (GLOBE NEWSWIRE) — Mudrick Capital Acquisition Corporation II (the “Company”), a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, announced today that it closed its upsized initial public offering of 27,500,000 units at $10.00 per unit. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on post-restructured and distressed companies.  The Company is led by Chief Executive Officer and Chairman of the Board of Directors, Jason Mudrick, Chief Financial Officer, Glenn Springer, Vice President, Victor Danh and Vice President, David Kirsch.

The units are listed on the Nasdaq Capital Market (“Nasdaq”) and commenced trading under the ticker symbol “MUDSU” on December 8, 2020. Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “MUDS” and “MUDSW”, respectively.

Jefferies LLC acted as the sole book-running manager for the offering.  The Company has granted the underwriters a 45-day option to purchase up to an additional 4,125,000 units at the initial public offering price to cover over-allotments, if any.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, a total of $279,125,000, comprised of $269,500,000 of the proceeds from the initial public offering (which amount includes $9,625,000 of the underwriters’ deferred discount) and $9,625,000 of the proceeds of the sale of private placement warrants to Mudrick Capital Acquisition Holdings II LLC, the Company’s sponsor, and Jefferies LLC,  was placed in the Company’s trust account. An audited balance sheet of the Company as of December 10, 2020 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).

The offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at 877-821-7388 or by email at [email protected].

A registration statement relating to these securities was declared effective by SEC on December 7, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering, search for an initial business combination and the anticipated use of the net proceeds thereof. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Jason Mudrick
Chief Executive Officer
Mudrick Capital Acquisition Corporation II
(646) 747-9500
[email protected]

NEW YORK, Dec. 10, 2020 (GLOBE NEWSWIRE) — Brookfield Public Securities Group LLC (“Brookfield”) announced that, at the Special Meeting of Stockholders (the “Special Meeting”) held earlier today, stockholders of Brookfield Real Assets Income Fund Inc. (NYSE: RA) (the “Fund”) approved the proposal to ratify the selection of Deloitte & Touche LLP as the Fund’s independent registered public accounting firm for the fiscal year ending December 31, 2020. In addition, Brookfield announced that the Special Meeting was adjourned with respect to the proposal to approve a new sub-advisory agreement (the “New Sub-Advisory Agreement”) among Brookfield, Oaktree Capital Management, L.P. and the Fund until 8:30 a.m., Eastern Time, on Friday, December 18, 2020. The Special Meeting has been adjourned to allow for further solicitation of stockholders to meet the requirement that the New Sub-Advisory Agreement is approved by the affirmative vote of a “majority of the outstanding voting securities” of the Fund.¹   As of the Special Meeting date, the Fund needs approximately an additional 3.2% of its outstanding shares to vote in favor of the proposal in order to approve the New Sub-Advisory Agreement.   Additionally, in light of public health concerns regarding the COVID-19 pandemic, the rescheduled Special Meeting will be held in a virtual meeting format only.

As noted in the proxy materials previously distributed for the Special Meeting, the Board of Directors of the Fund had fixed the close of business on November 2, 2020 as the record date for the determination of stockholders of the Fund entitled to notice of, and to vote at, the Special Meeting or any postponement or adjournment thereof.   To attend the rescheduled Special Meeting virtually, stockholders must email the Fund’s proxy solicitor, American Stock Transfer & Trust Company, LLC (“AST”), at [email protected] and provide their full name, address and control number located on the proxy card previously received.   AST will then email the stockholder meeting credentials and instructions for voting during the Special Meeting.

If you held Fund shares through an intermediary (such as a broker-dealer) as of November 2, 2020, in order to participate in and vote at the Special Meeting, you must first obtain a legal proxy from your intermediary reflecting the Fund’s name, the number of Fund shares you held, and your name and email address.   You may forward an email from your intermediary containing the legal proxy or an image of the legal proxy to AST at [email protected] and write “Legal Proxy” in the subject line.   Requests for registration must be received by AST no later than 5:00 p.m. Eastern Time on December 17, 2020.   You will then receive confirmation of your registration and a control number by email from AST.   AST will also email your stockholder meeting credentials and instructions for voting during the Special Meeting.

Stockholders are not required to attend the Special Meeting to vote their shares.   Whether or not stockholders plan to attend the Special Meeting, the Fund urges stockholders to authorize a proxy to vote the stockholder’s shares in advance of the Special Meeting by one of the methods described in the proxy materials for the Special Meeting.   In connection with the Special Meeting, the Fund has filed a definitive proxy statement with the Securities and Exchange Commission (“SEC”). Stockholders are advised to read the Fund’s proxy statement because it contains important information. This communication is not a solicitation of a proxy from any Fund stockholder. The Fund and its directors and officers, and Brookfield, and its shareholders, officers and employees and other persons may be deemed under the rules of the SEC to be participants in the solicitation of proxies from stockholders in connection with the proposals to be voted on at the Special Meeting.   Information about Brookfield, and directors and officers of the Fund may be found in the Fund’s annual and semi-annual reports, and its annual shareholder meeting proxy statements previously filed with the SEC.

___________________________

¹ Under the Investment Company Act of 1940, as amended, the vote of a “majority of the outstanding voting securities” of the Fund means the vote of the lesser of: (a) 67% or more of the voting securities present at the Special Meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy; or (b) more than 50% of the outstanding voting securities of the Fund.

About Brookfield Public Securities Group LLC

Brookfield Public Securities Group LLC (“PSG”) is an SEC-registered investment adviser that represents the Public Securities platform of Brookfield Asset Management Inc., providing global listed real assets strategies including real estate equities, infrastructure equities, energy infrastructure equities, multi-strategy real asset solutions and real asset debt.   With over $15 billion of assets under management as of September 30, 2020, PSG manages separate accounts, registered funds and opportunistic strategies for financial institutions, public and private pension plans, insurance companies, endowments and foundations, sovereign wealth funds and individual investors.   PSG is a wholly owned subsidiary of Brookfield Asset Management Inc., a leading global alternative asset manager with approximately $575 billion of assets under management as of September 30, 2020.   For more information, go to https://publicsecurities.brookfield.com/.

Brookfield Real Assets Income Fund Inc. is managed by Brookfield Public Securities Group LLC.   The Fund uses its website as a channel of distribution of material information about the Fund.   Financial and other material information regarding the Fund is routinely posted on and accessible at https://publicsecurities.brookfield.com/.

Forward-Looking Statements

Certain statements made in this news release that are not historical facts are referred to as “forward-looking statements” under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors.   Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature.   Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the historical experience of PSG, and the Fund managed by PSG, and its present expectations or projections.   You should not place undue reliance on forward-looking statements, which speak only as of the date they are made.   PSG and the Fund managed by PSG undertake no responsibility to update publicly or revise any forward-looking statements.

COMPANY CONTACT

Brookfield Real Assets Income Fund Inc.

Brookfield Place
250 Vesey Street, 15th Floor
New York, NY 10281-1023
(855) 777-8001
[email protected]

Investing involves risk; principal loss is possible.   Past performance is not a guarantee of future results.

Quasar Distributors, LLC, provides filing administration for Brookfield Real Assets Income Fund Inc.

11 December, 2020, 00:10 CET

ArcelorMittal announces that it has signed a binding agreement (the ‘Investment Agreement’) with Invitalia, an Italian state-owned company, forming a public-private partnership between the parties. The Investment Agreement will result in a recapitalization of AM InvestCo, ArcelorMittal’s subsidiary which signed the lease and obligation to purchase agreement for Ilva’s business. Invitalia will invest in AM InvestCo in two tranches:

• The first investment of €400 million will be made by 31 January 2021 (subject to EU antitrust authorization), providing Invitalia with joint control over AM InvestCo;
• The second tranche of up to €680 million is payable on closing of AM InvestCo’s purchase of Ilva’s business, which is subject to the satisfaction of various conditions precedent* by May 2022, at which point Invitalia’s shareholding in AM InvestCo would reach 60%. ArcelorMittal will also invest up to €70 million, to the extent necessary to retain a 40% shareholding and joint control over the company.

The updated industrial plan agreed between AM InvestCo and Invitalia involves investment in lower-carbon steelmaking technologies, including the construction of a 2.5 million tonne Electric Arc Furnace. The industrial plan, which targets reaching 8 million tonnes of production in 2025, involves a series of public support measures including ongoing government funded employment support.

AM InvestCo’s governance would be based on the principle of joint control starting from Invitalia’s first investment.

*The conditions precedent to closing include: the amendment of the existing environmental plan to account for changes in the new industrial plan; the lifting of all criminal seizures on the Taranto plant; and the absence of restrictive measures – in the context of criminal proceedings where Ilva is a defendant – being imposed against AM InvestCo.

ENDS

About ArcelorMittal

ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 18 countries. In 2019, ArcelorMittal had revenues of U.S.$70.6 billion and crude steel production of 89.8 million metric tonnes, while iron ore production reached 57.1 million metric tonnes.

Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).



For more information about ArcelorMittal please visit:


http://corporate.arcelormittal.com/

Denver, Colo., Dec. 10, 2020 (GLOBE NEWSWIRE) — Recently, the Colorado Housing and Finance Authority (CHFA) announced the recipients of state and federal housing tax credits awarded in its second competitive allocation round of the year. The Montbello FreshLo Initiative, a program of the Montbello Organizing Committee (MOC) that will include a grocery-anchored, cultural hub with affordable housing received an award of  $1,267,504 in federal housing tax credits and  $1,000,000 in state housing tax credits.  

The credit allocation will allow MOC to leverage approximately $34 million in funds to build out the Montbello FreshLo Hub, a mixed-use development that will include 97 affordable housing units, from one to three bedrooms, for residents making 30 to 70 percent of the Area Median Income (AMI) which in 2020 is $24,000 to $56,000 in annual gross income for a two-person household in Denver County. The Hub will also include a cultural arts wing with a black box theater, grocery store, nutrition education center and office and retail spaces. Located near two bus stops, the Montbello FreshLo Hub is a community-led initiative that will be a hub for the Montbello neighborhood.

The federal tax credit was awarded as part of the Low Income Housing Tax Credits (LIHTC)  introduced with the Tax Reform Act of 1986 to help communities offset the high costs of developing affordable housing.  The application for LIHTC is extremely competitive and complicated and most applicants receive the award only after two or more tries. The fact that the Montbello FreshLo project received these funds is a testament to the critical need for this Hub and the tireless collaboration of community leaders. Says Christopher Martinez, MOC Board Chair and long-time Montbello resident, “All we needed was for someone to take a chance on our community. That CHFA acknowledged our commitment and willingness to learn the ropes and tap experts to help us complete this development is a testimony. This outcome is the result of teamwork and community engagement and wouldn’t have happened without everyone’s involvement.”

Taking a chance is a theme that runs through the narrative of MOC’s progression. The organization launched with grants from The Denver Foundation and expanded its efforts when selected by the Kresge Foundation as one of 26 out 520 applicants nationwide to receive a FreshLo planning grant in 2016. The Montbello FreshLo Initiative has grown into a project that includes the $55 million Hub, as well as a community food access project and 5-mile walkable loop that connects gardens, parks and schools. Several other funders including The Colorado Health Foundation, Colorado Trust and Mile High Connects have also come to the table supporting the organization’s collaborative work in the community.

“MOC and the FreshLo Hub are powerful examples of what even small groups can do when they anchor their work in community and bring together funders, investors, and residents to make real change at a community level,” said Patrick Horvath, Director of Economic Development for The Denver Foundation. “We also recognize the critical need for this project in a location that is currently a food, cultural, employment and transportation desert.”

Thousands of community members have been engaged in the development’s planning throughout the process and are eagerly awaiting the launch. “We are excited about the FreshLo project because it represents our community’s self-determination and commitment to eliminate the inequities that have prevented total wellness for our neighbors,” says Rev. Vernon Jones, who grew up in Montbello and continues to live and work in the Far Northeast region of Denver.

The FreshLo Hub is projected to break ground in the fall of 2021 with a targeted opening date in 2022.

###

About Montbello Organizing Committee (MOC)

MOC’s mission is to galvanize Montbello residents and provide them with the tools and resources necessary to develop their leadership skills to proactively address the issues affecting their community and quality of life. To learn more, visit www.montbelloorganizing.org.

About Montbello FreshLo Initiative

Created with multi-year funding from the Kresge Foundation and supported by The Colorado Health Foundation, The Denver Foundation, Colorado Trust, and Denver Economic Development & Opportunity, and dozens of community partners, Montbello FreshLo is MOC’s comprehensive community economic development program designed to create places in the community that promotes cultural heritage, rejuvenates physical spaces, improves health outcomes, and bring diverse peoples together. To learn more and to see project team members, visit www.montbelloorganizing.org/FreshLo.

About CHFA

Created in 1973, CHFA invests in loans to low- and moderate-income homebuyers through our network of participating lenders and makes loans to affordable multifamily rental housing developers and small and medium-sized businesses. CHFA also provides education and technical assistance about affordable housing and economic development. For more information about CHFA please visit www.chfainfo.com.

Attachment

• Montbello FreshLo Hub rendition