FOR IMMEDIATE RELEASE: 6/9/2016
Cincinnati, OH— Two of the nation’s leading Community Development Financial Institutions – Mercy Loan Fund (MLF) and Enterprise Community Loan Fund (Loan Fund) – have partnered to ensure that 466 homes at the Compton Groves Apartments will remain affordable for low-income and working families living in the Cincinnati suburb of Mt. Healthy, Ohio.
This joint investment comes as Ohioans increasingly struggle to afford housing. A person earning minimum wage would have to work 54 hours each week to afford a modest one-bedroom home, according to a report released by the National Low Income Housing Coalition. The same report found that in the most expensive counties (Madison, Pickaway, Delaware, Fairfield, and Franklin), a person would have to earn a minimum of $15.60 per hour in order to be able to afford a two-bedroom home.
“As the national affordable housing crisis becomes more apparent in the middle of the country, it’s important that we do everything we can to preserve affordable housing where it currently exists and ensure its continued affordability,” said Jason Battista, President of Mercy Loan Fund.
The $9.8 million loan provided by MLF and Loan Fund will support Partnership for Income Restricted Housing Leadership’s (PIRHL) acquisition of the 41 garden apartment buildings spread across 38 acres. Originally built in 1973, Compton Groves Apartments is in need of renovations that will improve the quality of life for residents. By purchasing the property, PIRHL will invest in the needed capital improvements, and will ensure the permanent long-term affordability of Compton Groves Apartments.
“The residents of Compton Groves Apartments are at risk of being priced out of their homes as rents continue to rise. We are providing stable, affordable housing so residents are not forced to make the choice between paying their rent and paying for life’s other necessities like groceries and health care,” said Lori Chatman, president of Enterprise Community Loan Fund.
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 www.mercyloanfund.org.
About Enterprise Community Loan Fund
For more than 20 years, Enterprise Community Loan Fund has strategically invested more than $1.4 billion in communities lacking access to traditional sources of capital. Enterprise Community Loan Fund is one of the nation’s largest U.S. Treasury-certified Community Development Financial Institutions (CDFIs). As part of the Enterprise Community Partners family, Enterprise Community Loan Fund works to deliver the critical financing needed to ensure that everyone has access to affordable homes connected to jobs, transit, quality schools, and health care.