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Mercy Loan Fund
Provider: Mercy Housing Mountain Plains
Location: Denver, Colorado
Property Type: Single Family Homes
Description: With a line of credit loan from Mercy Loan Fund, Mercy Housing Mountain Plains (MHMP) developed an affordable home purchase program acquiring and reselling U.S. Department of Housing and Urban Development (HUD) foreclosed homes in the Denver metro area. The properties are made available at a discount to HUD certified nonprofits which can sell the homes at HUD restricted prices to income qualified buyers, targeting households at or below 80 percent of area median income. Through the HUD program, MHMP offered homeownership opportunities to low and moderate income families who were priced out of the Denver, Colorado market.
For many, it is an opportunity to be a homeowner for the first time in their lives. This was the case for Thomas Vargas, Natalie Tapia and their three daughters who purchased their first home in Commerce City, Colorado. “We’ve always lived in apartments or condos and the kids couldn’t play in the yard by themselves. We’ve never had a permanent place to stay and really call home” explained Ms. Vargas. “All we can say is ‘WOW’ – we’re so happy to have a place of our own now where our kids can have their own backyard and each of them gets their own room. We’re so happy to have worked with Mercy Housing Mountain Plains to buy our first home together.”
Since 2004, MHMP has purchased 130 homes from HUD across the Denver-metro area, fixed them up and put them back on the market at surprisingly affordable prices. This program has made the dream of homeownership possible for many families including the Vargas family.