Jun 09Mercy Loan Fund Reaches $2B Mark in Development Costs Leveraged
FOR IMMEDIATE RELEASE: 6/9/2016
Denver, CO—Mercy Loan Fund (MLF), a leading Community Development Financial Institution (CDFI) based in Denver, Colo., announced that it has reached a historic milestone: $2 billion leveraged in development costs.
Since its establishment in 1983, Mercy Loan Fund has closed 490 loans totaling $289 million in 39 states. These loans have helped to create or preserve 22,583 affordable homes for more than 58,000 people nationwide.
In 2015 alone, the eight-person team closed 17 transactions in the amount of $17.3 million, leveraging nearly $200 million in total development costs.
“We are elated to have reached this consequential milestone,” said Jason Battista, President of MLF. “It demonstrates the total dollars we have been able to leverage into affordable real estate projects benefiting underserved and disadvantaged people, and encourages us as we continue our work of revitalizing communities nationwide.”
MLF future plans include improving financial results by increasing cash flow from operations, pure cash operating margin, and net asset and self-sufficiency ratios. The organization also plans on increasing lending targets in order to reach their five-year goal of $100 million in total lending by 2019.
About Mercy Loan Fund
For three decades, Mercy Loan Fund has focused exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing. By collaborating with socially-responsible developers, Mercy Loan Fund has helped finance the development of single and multifamily homes for rental and homeownership. These developments help a variety of people including low-income families, the working poor, seniors, farm works, people who have experienced homelessness, and people with special needs. Mercy Loan Fund is a subsidiary of the affordable housing nonprofit, Mercy Housing. For more information, please visit www.mercyloanfund.org.
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