CSH is a proud partner of the Open Access Fellowship program. The Open Access Fellowship was launched in 2021 by advocates in the New Markets Tax Credit (NMTC) industry to increase diverse representation in community development finance. Participating fellows engage in virtual training sessions and are placed at community development financial institutions (CDFIs) and tax credit financing agencies for mentoring and career growth opportunities. This summer, CSH was ecstatic to host Bria Francisco as an Open Access summer Fellow!
Learn more about Bria and her time with CSH through an interview with Bria and her CSH fellowship supervisor, Karuna Mehta, CSH Senior Community Investment Officer, NY Market Lead.
Q: Bria, can you share more about your background and what about community development interests you?
Bria: I graduated from Cornell University and have 10 years of experience in affordable housing development. I’m also a military brat, my mom was in the Army, and I moved to a new community every three years. I became aware at a very young age the monumental effort that my mother placed in moving to the best school districts to provide my sister and I the best education possible. My mother’s career eliminated financial barriers to housing but my mother’s long commutes led to my initial interest in urban planning and community development. I was curious to learn more about the policies that led to the suburban sprawl and the disparity in educational outcomes between school districts.
Q: Why did you choose to participate in the Open Access Fellowship program?
Bria: The Open Access Fellowship offered the opportunity to expand my underwriting skills and gain firsthand experience with New Markets Tax Credits. I have worked primarily in the affordable housing field for nonprofits, housing authorities, and local municipalities. Many of the projects that I have worked on benefit from additional investments paired with affordable housing. I viewed Open Access as an opportunity to expand my education on all the tools that can be applied to successfully advance community development outcomes.
Q: Can you share insights about your fellowship placement at CSH? What projects were you a part of?
Bria: I had the opportunity to work with the New York Community Investment Team with Karuna Mehta as my mentor. I worked with Emily Dorfman and presented a NMTC deal to the CSH Board of Directors for approval. I also supported the RACE Initiative under the guidance of Alexis Butler.
Q: What aspects of your fellowship placement did you enjoy the most?
Bria: The opportunity to underwrite active projects, present to the CSH credit committee and work directly with prospective borrowers who were applying for loans. Working directly on active projects was a fantastic way to learn the balance between advancing supportive housing goals and assessing development obstacles. Joining CSH has been a challenge with balancing my other professional responsibilities, but I have also found a renewed energy during my fellowship this summer. Joining this team and working with teams that are passionate about their work has expanded my perspective of the roles that exist in supportive housing and community development.
Q: Why should other professionals who are interested in community development finance consider participating in the Open Access Fellowship Program?
Bria: Open Access offered a wide range of resources and trainings. Pairing Open Access’ resources with a placement at a successful CDFI, offers professionals the opportunity to immediately implement what they have learned and dive deeper into all of the possibilities that the fellowship offers.
Q: Is there anything else you would like to share?
Bria: I would like to thank CSH for this opportunity. (Before joining CSH) I didn’t fully understand the nuances between supportive housing and affordable housing, I’m excited to take the various tools that I learned here into my next role.
Q&A with Karuna Mehta, Senior Community Investment Officer, NY Market Lead
Q: What motivated CSH to participate in the Open Access Fellowship program?
Karuna: There’s a strong mission alignment between the Open Access Fellowship and CSH. We recognize the value of diversifying the community development industry, and the Open Access Fellowship is a great opportunity for CSH to build strong relationships and bolster up and coming leaders.
Q: What excites you about the Open Access Fellowship program?
Karuna: While we’re providing a pathway for the Fellows to learn more about community development finance, we learn so much from their perspective and curiosity. They’re inquisitive, and bring their unique professional and personal backgrounds, they push us to think outside of the box. I’ve been so inspired by Bria’s energy, and the excitement she brought during her time at CSH.
Q: What resources or insights were you able to share with Bria as her fellowship supervisor?
Karuna: Bria was very interested in learning more about how we underwrite organizations and projects. In addition to underwriting, Bria jumped right into some difficult lending opportunities, where we needed to find unique ways to balance the risk of lending with our mission of supporting strong service providers as they develop real estate projects. Bria also learned about the affordable housing development process, new market tax credits, and how to structure technical assistance and training to support new developers. I really hope Bria will be able to use these tools to support developers and partners she works with in the future.
Q: Why should other CDFI’s consider participating as a Host in the Open Access Fellowship program?
Karuna: Every CDFI and bank has a responsibility to help diversify the community development field. So much of our work is focused on supporting BIPOC (Black, Indigenous, and people of color) communities through lending and investment. However, BIPOC are commonly underrepresented in our board rooms and offices. This fellowship is a unique opportunity for interested BIPOC professionals to meaningfully connect with community development leaders and learn through hands-on experience and training.
Q: Anything else you would like to share?
Karuna: CSH is excited to participate in the Open Access Fellowship program again next year! The Open Access Program has done a great job of curating training and host organizations. It’s inspiring to see how they’re creating pathways like the Open Access Fellowship and changing the industry.
Please join us in congratulating Bria on the significant impact she has made at CSH this summer!
To learn more about the Open Access Fellowship program, visit: www.open-access.us