WASHINGTON, D.C. – May 9, 2014 – (RealEstateRama) — Mercy Loan Fund, a subsidiary of national nonprofit Mercy Housing, announced their commitment to the “Youth Opportunity Pledge” created by Opportunity Finance Network, a national network of community development financial institutions (CDFIs) investing in opportunities that benefit low-income, low-wealth and other disadvantaged communities across America. The “Youth Opportunity Pledge” was inspired by President Obama’s “My Brother’s Keeper” initiative that takes a collaborative approach to create opportunities for young minority men in disadvantaged communities.
“Mercy Loan Fund is proud to sign on to the Youth Opportunity Pledge,” said Mercy Loan Fund President Julie Gould. “As a leading CDFI, Mercy Loan Fund has a long history of providing funding for communities that aid a variety of people, particularly families with low incomes. Through the pledge, we want to invest in children like eight-year-old Carlos who is currently living at a Mercy Housing property in Durango and wants to be a doctor when he grows up.”
Mercy Loan Fund pledges to participate in OFN’s initiative to originate $1 billion annually in new financing that benefits young people of color across the U.S., including $300 million in financing to create opportunities specifically for black and Latino male youth.
Mercy Loan Fund provides financing to hundreds of local nonprofit organizations, enabling them to build or preserve affordable housing in their communities. To date, Mercy Loan Fund has made 452 loans in 38 states totaling $242 million. Loans are made for both new development and preservation of housing for low-income people. Gould notes that stable, safe and affordable housing is often the first step to successfully overcoming economic, health and educational challenges.
As part of the pledge, Mercy Loan Fund commits to tracking, reporting and sharing stories of our CDFI’s financing that benefits black and Latino youth and other youth of color in the nation.