To our Partners
To Our
Partners
To our Partners
To Our
Partners
To our Partners
To Our
Partners
To our Partners
One of my favorite mantras is “she who frames, wins.” As I reflect on recent history, I would add: “she who evolves, moves ahead.”
Evolution is how a longstanding nonprofit like BlueHub stays relevant. Effective organizations evolve to meet the changing needs of the communities they serve — a core value that’s guided our organization since its founding in 1985. In an ever-changing and complex world, innovation and evolution are critical to BlueHub’s success.
As financial markets, interest rates, and economic pressures shift, our flexible capital provides steadfast support for our borrowers. For the past nearly 40 years, we have developed new solutions — new ways to deploy community finance to build healthier neighborhoods where everyone has equal access to vital necessities like housing, healthcare and education.
When the economy crashed and home values dropped during the 2008 financial crisis, our neighbors lost their homes to foreclosure. Our solution: BlueHub SUN, a new way to use mortgage finance to maintain and retain homeownership for those on the brink of eviction.
When affordable housing and nonprofit developers were unable to tap into the cost savings and green benefits of solar power because of the cost, we figured out how to structure transactions that made solar energy available.
Now, immigrants face mounting pressure as the fees to apply for US citizenship increase, and hateful rhetoric fills our newsfeeds. Once again, we are figuring out a solution. Through One Percent for America (OPA), we offer an affordable solution for an entire family to apply for green cards or US citizenship. We’re on a mission to empower immigrants to unlock the many benefits of citizenship.
The bedrock of our nonprofit has always been BlueHub Loan Fund. Founded in 1985, the Loan Fund has grown from a $3,500 revolving fund to a $1 billion+ community development financial institution lending to projects in 23 states across the country. We keep evolving and we keep developing solutions because with every loan we originate, we support community revitalization. For example:
Windale Developers, a Boston-based Asian and Black-led firm, and Nuestra Comunidad Development Corporation, a local nonprofit, share a commitment to creating affordable housing and homeownership opportunities in Boston’s Roxbury neighborhood. We’ve worked with them to transform a former bus yard around the corner from our office into a healthy, bustling neighborhood — Bartlett Place. Since 2010, BlueHub Loan Fund has provided critical and flexible predevelopment loans, acquisition loans and construction loans to fuel Bartlett Place’s progress — $9.5 million over 14 years. Now, almost complete, Bartlett Place’s new ground floor retail shops in Nubian Square (including a locally owned market frequented by BlueHub staff) and more than 320 units of housing provide affordable housing for neighborhood residents and contribute to economic growth.
And just as our loan products evolve to meet changing times, so do our operations and personnel. In 2023, we welcomed two new members to our executive management team — Brenda Loya, Chief Operating Officer, and Karen Kelleher, President of BlueHub Loan Fund. Each brings a wealth of knowledge and a unique perspective that contributes to our culture of innovation and learning.
Next year, we will celebrate two other longtime team members for their contributions to BlueHub Capital as they retire — Lisa Zappala, Chief Financial Officer, and Dewitt Jones, President of BlueHub Energy and BlueHub’s first employee. While we can never replace what they bring, we do have comprehensive plans in place to ensure a smooth transition.
Nearly 40 years ago, we began with the idea that if we could develop innovative financial solutions to address the changing needs of our communities, we could harness investment for underserved areas. That, in turn, would make all of our communities more stable, more connected, and more ready to tackle future challenges together. We are proud of the impact we’ve had thus far, and we remain excited about the work ahead.
Thank you for being on this journey with us.
Elyse D. Cherry
CEO, BlueHub Capital
We welcomed two new members to our executive management team in 2023.
Karen Kelleher has spent her career working to improve outcomes for underserved communities through lending and community development. She joined BlueHub in July 2023 and now oversees more than $100 million in annual lending and manages a $1 billion+ portfolio of community development loans. She is responsible for new business development, loan originations, credit quality, portfolio management, impact measurement, financial self-sufficiency, innovative loan products and programs, partnerships and capitalization. Prior to BlueHub, Karen served as LISC Boston’s executive director, and as deputy director and chief business officer at MassHousing.
Brenda Loya joined BlueHub in January 2023. As COO, she works closely with each business line to increase collaboration and efficiency and enable growth. Brenda partners with our senior management team to build on the strength of BlueHub’s existing programs, while developing new strategies and products consistent with our mission. Previously, Brenda was the national director of community development finance and commercial banking at Amalgamated Bank. She has also worked as a community development practitioner at Nonprofit Finance Fund and Citi Community Capital.
Karen Kelleher has spent her career working to improve outcomes for underserved communities through lending and community development. She joined BlueHub in July 2023 and now oversees more than $100 million in annual lending and manages a $1 billion+ portfolio of community development loans. She is responsible for new business development, loan originations, credit quality, portfolio management, impact measurement, financial self-sufficiency, innovative loan products and programs, partnerships and capitalization. Prior to BlueHub, Karen served as LISC Boston’s executive director, and as deputy director and chief business officer at MassHousing.
Brenda Loya joined BlueHub in January 2023. As COO, she works closely with each business line to increase collaboration and efficiency and enable growth. Brenda partners with our senior management team to build on the strength of BlueHub’s existing programs, while developing new strategies and products consistent with our mission. Previously, Brenda was the national director of community development finance and commercial banking at Amalgamated Bank. She has also worked as a community development practitioner at Nonprofit Finance Fund and Citi Community Capital.
Karen Kelleher has spent her career working to improve outcomes for underserved communities through lending and community development. She joined BlueHub in July 2023 and now oversees more than $100 million in annual lending and manages a $1 billion+ portfolio of community development loans. She is responsible for new business development, loan originations, credit quality, portfolio management, impact measurement, financial self-sufficiency, innovative loan products and programs, partnerships and capitalization. Prior to BlueHub, Karen served as LISC Boston’s executive director, and as deputy director and chief business officer at MassHousing.
Brenda Loya joined BlueHub in January 2023. As COO, she works closely with each business line to increase collaboration and efficiency and enable growth. Brenda partners with our senior management team to build on the strength of BlueHub’s existing programs, while developing new strategies and products consistent with our mission. Previously, Brenda was the national director of community development finance and commercial banking at Amalgamated Bank. She has also worked as a community development practitioner at Nonprofit Finance Fund and Citi Community Capital.
Karen Kelleher has spent her career working to improve outcomes for underserved communities through lending and community development. She joined BlueHub in July 2023 and now oversees more than $100 million in annual lending and manages a $1 billion+ portfolio of community development loans. She is responsible for new business development, loan originations, credit quality, portfolio management, impact measurement, financial self-sufficiency, innovative loan products and programs, partnerships and capitalization. Prior to BlueHub, Karen served as LISC Boston’s executive director, and as deputy director and chief business officer at MassHousing.
Brenda Loya joined BlueHub in January 2023. As COO, she works closely with each business line to increase collaboration and efficiency and enable growth. Brenda partners with our senior management team to build on the strength of BlueHub’s existing programs, while developing new strategies and products consistent with our mission. Previously, Brenda was the national director of community development finance and commercial banking at Amalgamated Bank. She has also worked as a community development practitioner at Nonprofit Finance Fund and Citi Community Capital.
Karen Kelleher has spent her career working to improve outcomes for underserved communities through lending and community development. She joined BlueHub in July 2023 and now oversees more than $100 million in annual lending and manages a $1 billion+ portfolio of community development loans. She is responsible for new business development, loan originations, credit quality, portfolio management, impact measurement, financial self-sufficiency, innovative loan products and programs, partnerships and capitalization. Prior to BlueHub, Karen served as LISC Boston’s executive director, and as deputy director and chief business officer at MassHousing.
Brenda Loya joined BlueHub in January 2023. As COO, she works closely with each business line to increase collaboration and efficiency and enable growth. Brenda partners with our senior management team to build on the strength of BlueHub’s existing programs, while developing new strategies and products consistent with our mission. Previously, Brenda was the national director of community development finance and commercial banking at Amalgamated Bank. She has also worked as a community development practitioner at Nonprofit Finance Fund and Citi Community Capital.