Mercy Loan Fund, Community Housing Capital and Mile High Community Loan Fund recently partnered to close a $3.3 million loan to Thistle Communities to create 1000 Rosewood, a mixed-income, for-sale, single family home development located in North Boulder, Colo. Mercy Loan Fund’s portion the loan was $1 million. This strategic partnership allowed Mercy Loan Fund to leverage its capital and create 18 units of housing, including both market-rate and affordable single family homes. Seven of the units at the Rosewood project will be affordable to families with incomes at or below 80 percent of Boulder County’s area median income. Eight of the units are already under contract.
“This financing represents an important collaboration between three non-profits,” said Julie Gould, president of Mercy Loan Fund. “Sound business opportunities do not always fit established molds. That’s why Mercy Loan Fund is so proud to be able to provide flexible financing to organizations for projects like this. Doing so enables us to fulfill our commitment to supporting and improving communities and helping to provide much-needed housing.”
The Rosewood is part of a public/private partnership between Thistle Communities and Allison Management LLC. It is modeled after Thistle’s successful Toby’s Lane (completed in 2010) and Yarmouth Way (completed in 2012) projects. These and the Rosewood project provide for-sale, single family homes (both attached and detached) to low- and moderate-income families who are entirely priced out of Boulder’s ownership market.
This project also received critical support from the City of Boulder through their Homeworks program. The Boulder Division of Housing handled qualifications and processed applications for all the deed-restricted homes.
About 1000 Rosewood LLC
1000 Rosewood LLC is a public/private partnership between Thistle Communities and Allison Management LLC. This partnership has created community benefit and ownership opportunities across the income spectrum. 1000 Rosewood LLC is the fourth partnership project between the two companies, having previously completed 33 homes in two successful homeownership developments. Another 18 homes in North Boulder are currently under construction. The Thistle/Allison Management team has also launched an initiative in partnership with the Boulder Chamber of Commerce and Housing Helpers called InVESTin Boulder.
About Community Housing Capital
Community Housing Capital (CHC) is a Community Development Financial Institution (CDFI) and a national intermediary offering interim and permanent financing for the development and preservation of affordable housing. CHC’s borrowers often require early-stage financing, making CHC’s underwriting expertise especially important in attracting other sources of capital and subsides. CHC’s ability to structure and finance transactions has established CHC as the premier lender to the NeighborWorks network. More information is available at www.communityhousingcapital.org.
About Mile High Community Loan Fund
Now in its thirteenth year of business, Mile High Community Loan Fund (MHCLF) is a $12 million loan fund that invests in affordable housing and other community assets that create economic opportunity for low-income people and communities. MHCLF is a certified Community Development Financial Institution (CDFI). MHCLF is capitalized with investments from U.S. Bank, Wells Fargo Bank, Key Bank, Bank of the West, Mile High Banks, First National Nebraska CDC, Citywide Bank, the Colorado Housing and Finance Authority, and the cities of Denver, Arvada, Boulder, Englewood and Lakewood. To date MHCLF has made 120 loans totaling more than $45 million and has helped finance more than 4,900 units of affordable housing and more than 181,000 square feet of nonprofit community facilities space in the metro area.
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. Since 1985, the organization has made 439 loans in 37 states totaling $221 million, resulting in 18,200 affordable homes for over 50,100 residents. These loans have leveraged more than $1.5 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 information about Mercy Loan Fund, please visit www.mercyloanfund.org or www.mercyhousing.org.