Mercy Loan Fund (MLF), a leading Community Development Financial Institution (CDFI) today announced that it has provided a bridge loan to National Church Residences (NCR) for the refinance of McPherson Woods, an affordable, 50-home community for families in Mansfield, Ohio, a small town of approximately 45,000 people. The building, developed with Low Income Housing Tax Credits (LIHTC), has surpassed its 15-year initial compliance period.
The $1.2 million loan will help NCR refinance the property and make minor capital improvements to the property. The community provides two- and three-bedroom homes, a rarity in affordable housing.
“National Church Residences is dedicated to preserving affordable housing,” said Steve Bodkin, Senior Vice President for Housing at NCR. “The financing provided in partnership with Mercy Loan Fund supports our efforts to assure McPherson Woods remains a quality housing resource for the Mansfield community.”“We are delighted to once again partner with National Church Residences as they seek to preserve and maintain these family homes,” said Stefanie Joy, Lending Director at MLF. “As the affordable housing crisis continues, it’s more important than ever that we make efforts to preserve diverse types of affordable housing.”
The announcement comes as housing costs continue to rise in Ohio. In order to afford a modest one-bedroom apartment at Fair Market Rent (FMR), a person working minimum wage would have to work at least 55 hours per week, a report by the National Low Income Housing Coalition (NLIHC) found.
About Mercy Loan Fund
For more than three decades, Mercy Loan Fund (MLF), a leading Community Development Financial Institution (CDFI), 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, Colo. For more information, please visit www.mercyloanfund.org.