DENVER, CO - Mercy Loan Fund, a subsidiary of Mercy Housing Inc., announced today that it has received $20 million in federal New Markets Tax Credit (NMTC) funds. The funds will provide financing to projects that support economic development in low-income communities.
Mercy Loan Fund was one of 99 organizations selected from a pool of 249 applicants to receive allocations totaling $5 billion by the Community Development Financial Institution (CDFI).
“This marks Mercy Loan Fund’s foray into the New Markets Tax Credit program and we are pleased that our plans to enhance four Mercy Housing regions will be supported by the CDFI Fund. As we further our mission to finance the development of single- and multi-family homes for rental and homeownership, this allocation enables us to also revitalize our communities with a breadth of commercial properties from daycare centers to neighborhood grocery stores,” stated Mark Korell, Mercy Loan Fund’s Chairman.
Mercy Loan Fund will apply its NMTC credits by financing mixed-use projects currently in various stages of development in California, Washington, Illinois and Georgia.
“We are enormously grateful to the CDFI Fund for allowing us the opportunity to broaden our mission and help create healthy, livable communities. New Markets Tax Credits are essential to generating ancillary economic investment opportunities ultimately stimulating job creation and community development,” said Warren Horvath, Mercy Loan Fund President.
The NMTC program strives to stimulate private investment in low-income communities by providing tax credits to investors who make qualified equity investments in privately managed community development entities (CDE). By making an equity investment in an eligible CDE, investors can receive tax credits worth more than 30 percent of the amount invested.
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. To date, Mercy Loan Fund has made 410 loans in 33 states totaling $172 million. Loans are made for both new development and preservation of housing for low-income people. These loans have leveraged over $1.34 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 more information about Mercy Loan Fund, please visit www.mercyloanfund.org.
Mercy Loan Fund was one of 99 organizations selected from a pool of 249 applicants to receive allocations totaling $5 billion by the Community Development Financial Institution (CDFI).
“This marks Mercy Loan Fund’s foray into the New Markets Tax Credit program and we are pleased that our plans to enhance four Mercy Housing regions will be supported by the CDFI Fund. As we further our mission to finance the development of single- and multi-family homes for rental and homeownership, this allocation enables us to also revitalize our communities with a breadth of commercial properties from daycare centers to neighborhood grocery stores,” stated Mark Korell, Mercy Loan Fund’s Chairman.
Mercy Loan Fund will apply its NMTC credits by financing mixed-use projects currently in various stages of development in California, Washington, Illinois and Georgia.
“We are enormously grateful to the CDFI Fund for allowing us the opportunity to broaden our mission and help create healthy, livable communities. New Markets Tax Credits are essential to generating ancillary economic investment opportunities ultimately stimulating job creation and community development,” said Warren Horvath, Mercy Loan Fund President.
The NMTC program strives to stimulate private investment in low-income communities by providing tax credits to investors who make qualified equity investments in privately managed community development entities (CDE). By making an equity investment in an eligible CDE, investors can receive tax credits worth more than 30 percent of the amount invested.
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. To date, Mercy Loan Fund has made 410 loans in 33 states totaling $172 million. Loans are made for both new development and preservation of housing for low-income people. These loans have leveraged over $1.34 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 more information about Mercy Loan Fund, please visit www.mercyloanfund.org.