The Catalytic Fund, a Community Development Financial Institution dedicated to revitalizing Northern Kentucky communities through strategic real estate investments, is undergoing its first board leadership transition since the Company’s formation in 2008.
Effective July 1, Bernie McKay, President and CEO of The Carol Ann and Ralph V. Haile, Jr. Foundation, will become the Catalytic Fund’s Chairman of the Board succeeding Chuck Scheper who has been Board Chairman since the Company’s inception. Scheper, who is currently the CEO of Bexion Pharmaceuticals and was recently honored as a “Great Living Cincinnatian,” will remain an active member of the Board of Directors.
Scheper has overseen the Catalytic Fund’s growth from a startup organization with zero assets to a $30M+ company that has executed over 100 projects having a $500M+ investment impact in Northern Kentucky.
Jeanne Schroer, President and CEO of the Catalytic Fund said, “Chuck Scheper has truly been the visionary behind the Catalytic Fund as an entity and some of its most notable projects. When presented with a good but difficult to execute development opportunity, Chuck’s first response is typically not “why?”, but rather “why not?” That attitude is what motivates staff to persist in finding solutions that help developers execute challenging but transformational projects, examples being Hotel Covington and the Boone Block Lofts in Covington, Kentucky, the Kent Lofts in Bellevue, Kentucky, and the Burton Building in Dayton, Kentucky.”
“The Catalytic Fund has built an excellent staff of real estate experts and has solid organizational infrastructure,” said Scheper. “It is now well positioned to expand its impact in Northern Kentucky by growing its Investment Fund and establishing a new Northern Kentucky Housing Fund. With his background in accounting, law, and now community development though his position with the Haile Foundation, Bernie McKay is an excellent choice to lead the Catalytic Fund into its next chapter.”
Although the Haile Foundation only recently announced its office move to Covington, McKay is well acquainted with Northern Kentucky and the River Cities as a 30-year resident of Newport.
“The River Cities’ urban renaissance has been remarkable to witness. I look forward to being a part of the Catalytic Fund’s continuing growth as it expands its impact throughout Northern Kentucky, “said McKay.
The Catalytic Fund is a not-for-profit Community Development Financial Institution that provides non-traditional financing products and related property development advisory services. The company serves private sector and not for profit developers, property owners, and municipal and public entities with interest in pursuing quality residential and commercial real estate projects in Northern Kentucky. The company’s purpose is to attract and execute quality place-based investments that result in regional economic development (job and talent attraction) and local community development (improving quality of life and place).
The Catalytic Fund executes high impact real estate development projects via its $32M investment fund capitalized through loans and grants provided by banks, foundations, private corporations, and the US Department of Treasury Community Development Financial Institution Fund. Staff expertise in real estate finance, urban planning, historic preservation, economic development, and real estate law allows the company to convert vacant, blighted, and underutilized properties into lasting and tangible assets benefiting Northern Kentucky communities.