Jul 03ROC USA Capital receives $1,159,055 loan from Mercy Loan Fund
Thanks to a $1,159,055 loan from Mercy Loan Fund to ROC USA® Capital (ROC USA), 384 low-income residents at Champion Mobile Home Park in Elbridge, New York will continue to have quality, affordable housing. Champion consists of 170 mobile homes owned by seniors and working families, the majority at or below 80 percent of the Area Median Income.
“Mercy Loan Fund is proud to help ROC USA preserve resident ownership of the Champion Mobile Home Park for the 384 residents who call it home,” said Erika Lindholm, Senior Loan Officer for Mercy Loan Fund. “We are grateful for the opportunity to partner with ROC USA and for the work they do to provide home-ownership opportunities for low-income people.”
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 435 loans in 37 states totaling $213 million. Loans are made for both new development and preservation of housing for low-income people.
ROC USA was founded to make quality resident ownership possible nationwide. When a manufactured home community or “mobile home park” is for sale, ROC USA seeks to provide homeowners who are working together as a democratic organization with the opportunity to purchase their community. ROC USA also provides groups with ongoing technical, training and networking support to help them build value and be successful over time. ROS USA’s goals are to: preserve and improve affordable communities; build assets for low- and moderate-income families and individuals; and, support mutually supportive communities and leaders.
“I applaud Mercy Loan Fund for its creativity and flexibility in working with us. It is partners like Mercy Loan Fund that help us achieve our mission of making quality resident ownership possible nationwide,” said Paul Bradley, president of ROC USA.
About Mercy Loan Fund
Mercy Loan Fund, a subsidiary of the national affordable housing organization Mercy Housing, provides financing to hundreds of local nonprofit organizations, enabling them to build or preserve affordable housing in their communities. Since 1985, the organization has made 435 loans in 37 states totaling $213 million, resulting in 18,000 affordable homes for nearly 49,900 residents. These loans have leveraged more than $1.5 billion in total development funding. Mercy Loan Fund is certified by the U.S. Treasury Department as a Community Development Financial Institution (CDFI). Mercy Loan Fund was formed with the goal of supporting the mission of Mercy Housing by making loans for affordable housing developments when conventional financing is not possible or affordable. For information about Mercy Loan Fund, please visit www.mercyloanfund.org
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