WASHINGTON, D.C. – October 4, 2013 – (RealEstateRama) — Mercy Loan Fund, a subsidiary of Mercy Housing Inc., announced that it has received a $1,347,000 financial assistance award from the United States Treasury’s Community Development Financial Institutions (CDFI) Fund. The funds will provide financing to affordable housing projects in low-income and distressed communities.
Mercy Loan Fund was one of 191 organizations selected from a pool of 400 applicants to receive allocations totaling $150 million by the CDFI Fund.
“We are grateful to the CDFI Fund for allowing us the opportunity to broaden our mission and help create healthy, livable communities,” said Julie Gould, Mercy Loan Fund President. “CDFI assistance is essential to generating affordable housing lending opportunities and promoting community development investments for underserved populations.”
Mercy Loan Fund will apply its CDFI funding to some of the most distressed areas of the United States targeting affordable housing developers who serve these communities in need.
Since its creation, the CDFI Fund has awarded over $1.8 billion to community development organizations and financial institutions.
About Mercy Loan Fund
Mercy Loan Fund was formed with the goal of supporting the mission of Mercy Housing by working nationally with socially responsible affordable housing and community developers, providing innovative financing arrangements for credit-worthy projects for which conventional financing is not available or affordable. To date, Mercy Loan Fund has made 447 loans in 38 states totaling $235 million. Loans are made for both new development and preservation of housing for low-income people. These loans have leveraged over $1.5 billion in total development funding. Mercy Loan Fund is certified by the CDFI Fund. For more information about Mercy Loan Fund, please visit www.mercyloanfund.org.