Denver, CO (RealEstateRama) — Mercy Housing, Inc. announced today that it has begun the transfer of 3,666 affordable homes from Franciscan Ministries, Inc.
The transfer of the ownership and management of these 33 properties will increase Mercy Housing’s portfolio by 20 percent, and will strengthen Mercy Housing’s mission and footprint. The properties are located in Arizona, Colorado, Florida, Kentucky, Iowa, Illinois, Indiana, South Carolina, Texas, and Wisconsin, many states in which the nonprofit already operates.
Properties will be transferred individually, following the approval of the United States Department of Housing and Urban Development (HUD), which is expected within the next six months.
Based in Denver, Colo., Mercy Housing is one of the nation’s largest affordable housing nonprofits. Founded by the Sisters of Mercy in 1981 and sponsored by eight communities of Catholic Sisters from across the United States, the organization is dedicated to the development, preservation, management, and financing of affordable, program-enriched housing and serves tens of thousands of people with low incomes nationwide, including families, seniors, veterans, and people with special needs.
“We are deeply honored by the Wheaton Franciscan Sisters’ decision to entrust us with the stewardship of their housing ministry, and are committed to carrying on their legacy,” said Jane Graf, President and CEO of Mercy Housing. “Like Franciscan Ministries, Mercy Housing is dedicated to serving the communities in which we operate with the vision of our founding Sisters, and we look forward to more communities joining the Mercy Housing family.”
“The decision came after a long deliberation process,” said Sister Pat Norton, Chair of the Sponsor Member Board for Wheaton Franciscan Healthcare. “As the Sisters age and our numbers decrease, we wanted to transfer our corporate ministries while they are healthy, fiscally sound, and have a strong sense of mission and values. We chose Mercy Housing to assume stewardship of our housing ministry to ensure the continued health of these communities.”
“Mercy Housing is a national leader in affordable housing, and we know we are leaving our communities in extremely capable hands,” added Susan Dillberg, President and CEO of Franciscan Ministries. “They have an excellent reputation as a provider of quality affordable homes, and their mission aligns well with that of Franciscan Ministries; they are committed to serving communities with compassion, and strongly believe in the power of affordable housing to enrich lives.”
The transition of Franciscan Ministries’ properties to Mercy Housing occurred in conjunction with the Wheaton Franciscan Sisters’ transfer of their healthcare ministries: the Iowan entities to Mercy Health Network; the Southeast Wisconsin entities to Ascension; and Marionjoy Rehabilitation Hospital in Illinois to Northwestern Medicine.
About Mercy Housing, Inc.
Mercy Housing is one of the nation’s largest affordable housing nonprofits. Established by the Sisters of Mercy in 1981, Mercy Housing has more than 30 years’ experience developing, preserving, managing, and financing affordable, program-enriched housing. The Founding Communities of Mercy Housing include eight congregations of Catholic Women Religious across the country. Mercy Housing’s subsidiaries further the organization’s mission: Mercy Housing Management Group offers professional property management and Mercy Loan Fund finances nonprofit organizations.
Serving tens of thousands of people with low incomes in 41 states, Mercy Housing works with families, seniors, veterans, and people with special needs in order to build a more humane world where poverty is alleviated, communities are healthy, and all people can develop their full potential. To learn more about Mercy Housing and the services it provides, visit www.mercyhousing.org.
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