Aug 02Mercy Loan Fund Partners with National Church Residences to Provide Senior Homes
Mercy Loan Fund (MLF) provided the National Church Residences (NCR) with a loan to purchase Eden Cross, an affordable housing community with 50 homes in 13 single-story buildings for people 62 years of age and older in Seguin, Texas.
“MLF is excited to partner with NCR for the seventh time. NCR and MLF share a like-minded mission for providing affordable housing to low-income seniors. MLF and NCR look forward to continuing their relationship, preserving additional affordable housing, and helping alleviate the affordable housing crisis across the county.” — MLF’s Lending Director Stefanie Joy
Eden Home, Inc. had developed the property over 30 years ago and NCR has managed it since 2002 for Eden Hill Communities. It was a natural transition for NCR to take over ownership of this wonderful property since they were already managing it for so long. This is an exciting opportunity to preserve affordable housing in Texas.
The Seguin Gazette recently highlighted the purchase of Eden Cross. “The property is staffed with a service coordinator who provides an array of services for the residents. NCR is the leading provider of service coordinators in the country,” said Director of Senior Housing Acquisitions, Daniel Patrick (referenced from Seguin Gazette’s story: Senior Living Community Changes Hands).
NCR serves more than 42,000 seniors in 340 communities in 26 states and Puerto Rico. With 1,696 homes in 28 communities, NCR is one of the largest nonprofit organizations of affordable, senior housing and the largest manager of service coordinators.
- 305 senior housing communities / 19,980 units
- 10 Permanent Supportive Housing Communities / 785 units
- 1 student housing community / 60 units
- 12 residential health care communities / 1,749 units and beds
- 3 Home and Community Services Agencies / serving 3,400 clients
- 5 adult day service centers / serving 855 clients
MLF is a leading Community Development Financial Institution (CDFI), and 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, Colorado.
- Families 47,720
- Formerly Homeless 9,689
- Seniors 2,325
- Native American 1,730
- Farmworkers 1,286
- Special Needs 567
To learn more about MLF’s work, we encourage you to explore their 2017 Impact Report.
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