For Developers

For Developers and Potential Borrowers:

The MMF Reinvestment Fund is focused on real estate and renovation projects in the low-to-moderate income areas that are suited for significant commercial, industrial, or mixed-use development in the City of Middletown. With these criteria, the geographic target areas for the Fund are the census tracts for downtown Middletown and the Middletown Regional Airport area.


MMF will consider transaction sizes ranging from $50,000-750,000 depending on the fund’s capitalization. The Fund’s loans and investments are patient capital for real estate development; however, the repayment of the loan is expected.

Projects must meet strict criteria of financial feasibility, quality, and need. The Fund will follow a highly disciplined process in selecting and underwriting projects for investment.  Investment criteria are:

  • Feasibility: Real estate development projects demonstrating financial viability given reasonable assumptions about market potential.  Project must demonstrate the ability to repay the Fund capital through underwriting procedures or acquire appropriate subsidies.
  • Quality: Real estate development projects must have quality design and materials in line with the character of the community and neighborhood.
  • Need: Projects must not be able to be financed entirely through conventional lending methods.

How to Apply

  1. Developers are to submit a letter of interest to the MMF executive director, Calista Smith at The executive director will review the information to determine if they meet the criteria to submit a full application for financing. The letter of interest should be 1-2 pages and include:
    1. Developer’s organization name
    2. Developer’s contact name, address, phone, and email
    3. Property address for which reinvestment is sought. This may include a parcel map.
    4. Brief description of the developer
    5. Brief description of real estate project and redevelopment objectives
    6. Amount of request
  2. For projects that meet the criteria to continue in the review process, a full application will be required that includes real estate project description, market analysis, financial data, and developer information. The application will be evaluated thoroughly including an underwriting process before making a final determination on the financing for the project.