FOR IMMEDIATE RELEASE: 12/17/2015
Ogallala, NE—Mercy Loan Fund (MLF), a leading Community Development Financial Institution (CDFI) based in Denver, Colo., announced that it has provided Fair Housing Partners (FHP) a loan of $540,000 to acquire Ogallala Village Apartments in Ogallala, Neb.
Ogallala Village Apartments is a project-based Section 8 property that serves predominantly senior residents, all of whom have an income 50 percent of the area median income (AMI) or less. The building’s Section 8 Housing Assistance Payment Program was recently renewed, ensuring that the property will remain affordable through 2034. MLF has also lent an additional $50,000 to be used for property improvements.
This loan is the first from MLF to FHP, signifying what both organizations hope to be the beginning of a long and fruitful partnership.
Their announcement comes as 23 million Americans over the age of 60 live at or below 250 percent of the federal poverty rate (FPL), according to the National Council on Aging (NCOA). The NCOA also notes that, “these older adults struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, diminished savings, and job loss.”
“Seniors are one of the most vulnerable segments of the population, and often find it very difficult to weather rising housing costs,” said Simmie Cooper, President of Fair Housing Partners, LLC. “We are proud to partner with Mercy Loan Fund for our first acquisition in Nebraska, and hope that this will be the first of many partnerships with MLF.”
“As the affordable housing crisis continues, and in some places worsens, seniors face considerable challenges finding safe, decent homes they can afford,” added Jason Battista, President of Mercy Loan Fund. “We are honored to partner with Fair Housing Partners in order to improve the quality of lives of seniors with low incomes.”
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 http://www.mercyhousing.org/mercyloanfund.
About Fair Housing Partners
Fair Housing Partners purchases assets that bring a high level of social impact to communities. The company’s mission is to maintain and improve housing units that low-income families can afford, often in challenging markets.