A Denver-based Community Development Financial Institution (CDFI) preserves Grace Apartments, affordable homes for refugee families in need.
DENVER, CO – (RealEstateRama) – As Colorado’s capital continues struggling to keep up with the need for affordable housing, Mercy Loan Fund (MLF) is working toward a solution—providing a $2MM loan to Mercy Housing Mountain Plains (MHMP) to preserve greatly-needed affordable homes at 1255 Yosemite Street, just blocks from the famed Colfax Avenue.
Located in east Denver, Grace Apartments, is home to refugees, hailing from Afghanistan, Sierra Leone, Somalia, Burma, Bhutan, and the Democratic Republic of Congo. MHMP is a firm believer in the mantra that ‘residents should thrive, not just survive,’ and to make that happen, they offer robust services to these residents who are so eager to prosper in America.
“The resources Grace Apartments have for us, have helped us. You can discuss problems openly, and they take care of them. We need these people, and they are taking care of us.”—Khatira, Grace Apartment Resident from Afghanistan
Resident Services Offered at Grace Apartments:
- After school programming
- English as a Second Language (ESL)
- Financial education classes
- Health and wellness classes
- Life skills coaching
- Resident computer lab and computer classes
This loan strengthens an already-strong relationship between MLF and MHMP at a time when the Mountain West is experiencing a historic shortage of affordable homes for low-income families. MLF received yet another Capital Magnet Fund award in 2018 and is planning to use these funds toward the Grace Apartments property.
“This loan is really special for all parties. It’s great to see Denver’s refugees get the housing and services they need. What made this possible is simple—strong relationships—this strengthens MLF’s relationships and will continue a long history of successful lending.”—Adam Kopp, Mercy Loan Fund, Lending Manager
About Mercy Loan Fund
For three decades, Mercy Loan Fund has focused exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing. By collaborating with socially-responsible developers, Mercy Loan Fund has helped finance the development of single and multifamily homes for rental and homeownership. These developments help a variety of people including low-income families, the working poor, seniors, farm works, people who have experienced homelessness, and people with special needs. Mercy Loan Fund is a subsidiary of the affordable housing nonprofit, Mercy Housing. For more information, please visit mercyloanfund.org.
About Mercy Housing Mountain Plains
Mercy Housing Mountain Plains (MHMP) serves Arizona, Colorado, Missouri, Nebraska, Iowa, South Dakota, and Utah with affordable homes with resident services. With 40 properties, MHMP serves over 6,000 residents. MHMP is a regional office of Mercy Housing, Inc., a leading national affordable housing nonprofit that serves tens of thousands of people with low incomes every day. With operations in 41 states, MHI has 37 years’ experience developing, preserving, managing, and financing affordable housing.
Their mission is to create stable, vibrant, and healthy communities by developing, financing, and operating affordable program-enriched housing for families, seniors, and people with special needs who lack the economic resources to access quality, safe, housing opportunities. mercyhousing.org/mountain-plains/