WASHINGTON – (RealEstateRama) — Affordable housing providers and community facilities in communities damaged by recent disasters can now apply for rapid-response financing available at favorable terms.
Three community development financial institutions (CDFIs) — Enterprise Community Loan Fund (Enterprise), Mercy Loan Fund and NeighborWorks Capital — are partnering to offer $15 million in capital to help communities recover and rebuild quickly following natural disasters such as hurricanes Harvey, Irma and Maria and fires in both northern and southern California.
Funding for Rapid Recovery and Rebuilding will help organizations focused on helping communities and community members, as many of these groups now need support to continue their missions. Eligible uses for the financing will include affordable housing and community facilities in need of immediate repair, as well as costs associated with the planning of rehabilitation and new development.
Recipients can use their financing for projects such as repairing, designing, planning and redeveloping existing and future affordable housing developments; repairing existing or planned real estate developments of other kinds; relocating offices so the organization can return to its work; and rehabilitating and/or revitalizing affected properties and businesses
Organizations will benefit from:
- Unsecured loans up to $500,000, to meet organizational needs without the requirement of collateral
- Quick turnaround, with approval in approximately half the normal time
- Capital to bridge insurance and/or FEMA proceeds
More details are available from the Funding for Rapid Recovery and Rebuilding term sheet (hyperlink).
All three partners are Community Development Financial Institutions, which expand opportunity in low-income communities by providing access to financial products and services to residents and local businesses. Together, Enterprise Community Loan Fund, Mercy Loan Fund, and NeighborWorks Capital have 80 years of experience serving communities across the nation.
Each partner is drawing on a distinct source of capital. Enterprise’s commitment is funded through investments made by impact investors, including through its Enterprise Community Impact Note. Mercy Loan Fund’s commitment is funded through its equity and investments made by impact investors, such as religious communities, banks, foundations, and nonprofits. NeighborWorks Capital’s commitment is funded through its net assets, equity investments from NeighborWorks America, and capital awards from the U.S. Treasury’s CDFI Fund.
To apply for financing, contact:
- Enterprise Community Loan Fund — Jon Clarke at ">
- Mercy Loan Fund — Stefanie Joy at ">
- NeighborWorks Capital — Steve Peelor at ">
Enterprise is a proven and powerful nonprofit that improves communities and people’s lives by making well-designed homes affordable. We bring together the nationwide know-how, partners, policy leadership and investments to multiply the impact of local affordable housing development. Over 35 years, Enterprise has created nearly 470,000 homes, invested $28.9 billion and touched millions of lives. Join us at www.EnterpriseCommunity.org.
For more than three decades, Mercy Loan Fund (MLF), a leading Community Development Financial Institution (CDFI), has focused exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing. By collaborating with socially-responsible developers, MLF has helped finance the development of single and multifamily homes for rental and homeownership. These developments help
underserved communities, including people with low-incomes, seniors, farm workers, people who have experienced homelessness, and people with disabilities. MLF is a subsidiary of the affordable housing nonprofit, Mercy Housing, Inc. (MHI), headquartered in Denver, Colo. For more information, please visit mercyloanfund.org.
NeighborWorks Capital (NC) is a national non-profit community development loan fund serving NeighborWorks America’s member organizations (NWOs) in all 50 states and the District of Columbia. NC is certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI) and rated by Aeris. The NWOs are a diverse array of 245 non-profit, mission-driven organizations engaged in affordable housing development, economic development, neighborhood revitalization, and community services in urban, suburban and rural communities. For more information please visit neighborworkscapital.org.
Contact: John Keaten