Featured Profile: Abbey Church Village
Provider: National Church Residences
Location: Dublin, OH
Property Type: Family Housing
Description: In 2010, Mercy Loan Fund provided a $2.9 million loan to National Church Residences (NCR) for the preservation of Abbey Church Village in Dublin, Ohio. NCR is a non-profit organization with over $75 million in total assets and over $1 billion in assets under management. NCR supports the housing needs of low and moderate income seniors, families and adults, the homelesss and persons with disabilities throughout the United States and Puerto Rico. NCR owns or manages a total of 316 properties throughout the U.S. and has constructed several of these developments. This is the first loan Mercy Loan Fund has made to National Church Residences.
Abbey Church Village was constructed in 1996 as a multifamily tax credit project. The development consists of 160 units of affordable rental housing for families at or below 50 percent of the Area Median Income. The $2.9 million loan will be used to refinance the first mortgage on the property and fund minor captial repairs which will help 428 low-income residents continue to have quality, affordable housing.
“It is partners like Mercy Loan Fund that help us achieve our mission to provide quality housing and care at affordable prices in communities of caring persons,” said Mark Ricketts, Senior Vice President and Chief Operating Officer of NCR.