With ten months into the year, Mercy Loan Fund has already hit a record high for annual loan closings since it began 29 years ago. To date, Mercy Loan Fund has closed 13 loans, over $23 million lent to organizations in 8 states that turned to us for dollars otherwise unavailable.
These funds have helped provide more than 940 homes to over 1,800 people. Thirty-eight percent of the residents are very low income (50% or less of Area Median Income) and 59% are low income (80% or less of Area Median Income). Because these residents live in affordable housing, they have saved a total of $1,393,568 in rent and $3,201,076 in housing costs. With over $7 million in the pipeline scheduled to close by year end, Mercy Loan Fund continues to support its borrowers as they develop affordable housing in their communities, striving to meet our nation’s housing needs for the poor.