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MERCY LOAN FUND PRESERVES AFFORDABLE HOUSING FOR 151 RESIDENTS IN TENNESSEE
Thanks to a $1,550,000 bridge loan from Mercy Loan Fund to Trinity-TN, LP, 151 low-income residents will not only have their quality affordable housing preserved, but will also benefit from a new Community Center that will enhance the provision of services at Algood Manor Apartments in Algood, Tenn.
“Mercy Loan Fund is proud to help Trinity-TN, LP preserve Algood Manor Apartments for the 151 residents who call it home,” said Erika Lindholm, Senior Loan Officer for Mercy Loan Fund. “We are grateful for our partnership with Trinity-TN, LP and Chesapeake Community Advisors and for the work they do to benefit low-income people and the community.”
Algood Manor Apartments consists of 59 units restricted for families at or below 60 percent of the area median income, but in reality serves families well below the poverty line. The loan opportunity was brought to Mercy Loan Fund by Chesapeake Community Advisors, Inc. (“CCA”), a community development firm located in Baltimore, MD, and a long-term partner of the Mercy Loan Fund. This is the sixth loan that CCA and its partners have closed with the Mercy Loan Fund.
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 434 loans in 37 states totaling $212 million. Loans are made for both new development and preservation of housing for low-income people.
“Mercy Loan Fund has demonstrated tremendous creativity and flexibility with its loan products to meet our evolving needs,” said Ben Etheridge, Vice-President of Chesapeake Community Advisors, Inc. “We are very excited about the opportunity to add a new community center for the residents as a result of this re-financing. Mercy Loan Fund’s ability to adapt to our different needs, while maintaining their strong underwriting principles, has helped us to grow and achieve our mission to preserve and build healthy communities across the country.”