Rapid-Response Financing Now Available From CDFIs

FOR IMMEDIATE RELEASE:

Contact: John Keaten
212.784.5701
jkeaten@groupgordon.com

WASHINGTON – Affordable housing providers and community facilities can now apply for rapid-response financing. The Fund for Rapid Recovery and Rebuilding helps organizations focus on communities that need support to continue their missions.

Three Community Development Financial Institutions (CDFIs): Enterprise Community Loan Fund (Enterprise), Mercy Loan Fund (MLF), and NeighborWorks Capital (NC) are offering $15 million to rebuild communities following natural disasters. The fund covers affordable housing and community facilities in need of immediate repair, rehabilitation, and new development.  Office relocation is funded as well, so that organizations return to work quickly.

Organizational Benefits:

  • Unsecured loans up to $500,000 without the requirement of collateral
  • Quick turnaround, with approval in half the standard time
  • Capital to bridge insurance and/or FEMA proceeds

Please see the Rapid Recovery and Rebuilding term sheet.

All CDFIs expand opportunity in low-income communities by providing access to financial products and services to residents and businesses. Combined—Enterprise, MLF, and NC have 80 years of experience serving communities across the nation.

Each partner is drawing on a distinct source of capital: Enterprise is funded by impact investors; MLF is through equity and investments; and NeighborWorks Capital commitments are from net assets (equity investments from NeighborWorks America/ U.S. Treasury’s CDFI Fund’s capital awards).

Enterprise, a nonprofit that improves communities through well-designed affordable homes. We gather nationwide know-how, partners, policy leadership and investments to multiply the impact of local affordable housing development. Over 35 years, Enterprise has created nearly 470,000 homes, invested $28.9 billion and touched millions of lives. www.EnterpriseCommunity.org

Mercy Loan Fund (MLF) has been a leading Community Development Financial Institution (CDFI) for three decades, and focuses on funding affordable housing and community infrastructure. By collaborating with socially-responsible developers, MLF has helped finance the development of single and multifamily homes. MLF is a subsidiary of the affordable housing nonprofit, Mercy Housing, Inc. (MHI), headquartered in Denver, CO. mercyloanfund.org

NeighborWorks Capital (NC), a national non-profit community development loan fund, serves NeighborWorks America’s member organizations (NWOs) in all 50 states, including the District of Columbia. NC is certified by the U.S. Department of the Treasury as a Community Development Financial Institution (CDFI) and rated by Aeris. The NWOs are a diverse array of 245 non-profit. neighborworkscapital.org

Contacts for Application Process:

  • Enterprise Community Loan Fund — Jon Clarke at jclarke@enterprisecommunity.org
  • Mercy Loan Fund — Stefanie Joy at sjoy@mercyhousing.org
  • NeighborWorks Capital — Steve Peelor at speelor@neighborworkscapital.org

 

 

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