A $9.9 million loan to the Cesar Chavez Foundation (CCF) from Mercy Loan Fund, in partnership with the Low Income Investment Fund (LIIF), enabled CCF to acquire 280 apartments allowing 505 low-income residents to continue to have quality, affordable housing at The Park at Cliff Creek in Dallas, Texas. The Park at Cliff Creek provides affordable rental housing to working families at or below 60 percent of the Area Median Income.
“Mercy Loan Fund is proud to help the Cesar Chavez Foundation keep The Park at Cliff Creek affordable for the 505 residents who call it home,” said Julie Gould, Mercy Loan Fund president. “We are grateful for our partnership with the Cesar Chavez Foundation for the work they do to benefit low-income people.”
Mercy Loan Fund 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 452 loans in 38 states totaling $242 million. Loans are made for both new development and preservation of housing for low-income people.
“The Low Income Investment Fund is thrilled to partner with two exceptional, mission-driven organizations in Mercy Loan Fund and the Cesar Chavez Foundation on The Park at Cliff Creek project,” said Judi Kende, Senior Vice President, Eastern and Central Regions, for LIIF. “LIIF believes integrated approaches like The Park at Cliff Creek, which links quality, affordable housing with an onsite learning center to support youth, are particularly important in increasing opportunity for low-income families.”
The Cesar Chavez Foundation is a non-profit organization that helps preserve, promote and apply the legacy of civil rights leader Cesar Chavez by, among other endeavors, developing affordable housing for low- and very low-income people. The Cesar Chavez Foundation has built or renovated and manages over 4,000 units of high-quality affordable housing in four states.
“I applaud Mercy Loan Fund for their creativity and flexibility in working with us. It is partners like Mercy Loan Fund that help us achieve our mission of assisting in the provision of decent and affordable housing to low- and moderate- income persons,” said Alfredo Izmajtovich, Executive Vice President of the Cesar Chavez Foundation.
The loan from Mercy Loan Fund and LIIF will allow the Cesar Chavez Foundation to secure long-term financing for the development. CCF plans to resyndicate the property using four percent Low Income Housing Tax Credits and obtain tax-exempt bond financing.