Aug 19Meet Mercy Loan Fund!
Providing stable affordable homes to families in need is not easy, but it is a rewarding challenge! It takes teams of experts, a lot of collaboration, strong partnerships, and capital. Many people know that Mercy Housing provides affordable homes with services, but it’s not always common knowledge that we have our own loan fund—Mercy Loan Fund (MLF).
What do they do?
MLF is a Community Development Financial Institution (CDFI). CDFIs are the quiet powerhouses of affordable housing development and preservation. As triple bottom line organizations, they’re driven by a duty to serve the greater good, and MLF does that through socially-conscious lending. MLF focuses exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing.
Through collaboration, MLF works with socially responsible developers to finance the development of single and multifamily homes for rental and homeownership. This helps underserved communities, including people with low incomes, seniors, farm workers, people who have experienced homelessness, and people with disabilities.
“Peace like charity, begins at home.” —Franklin D. Roosevelt
Not one state has an adequate supply of affordable housing, and The National Low Income Housing Coalition estimates that there’s a shortage of 3.6 million affordable rental homes. There’s substantial need for MLF’s work.
Who are they?
MLF has an all-star team. They know the ins and outs of the affordable housing lending world and hail from all over the country while offering a wealth of knowledge and experience. MLF is a subsidiary of Mercy Housing, Inc.
“MLF is embarking on its ‘BHAG’ – i.e., Big Hairy Audacious Goal – of growing into a $100MM loan fund in order to increase its impact and provide innovative financing to affordable project across the country. As we embark on this next decade and pursue this goal, we look forward to thinking broader about catalytic capital in order to help those most in need.” Jason Battista, President, Mercy Loan Fund
Mercy Housing has a presence in 41 states, this can be in the form of communities, property management, and sometimes loans.
Want to Learn More?
If you want more info about their wonderful work, here’s the Mercy Loan Fund Impact Report 2018 and some helpful links: