Oct 22Leverage Milestone Reached
Mercy Community Capital (MCC) (FKA Mercy Loan Fund) has reached an historic milestone: $3 billion leveraged in development costs on affordable housing properties financed. Historically over the past 34 years, every dollar lent by MCC helped to create or preserve $9 of affordable housing. Over the past several years, MCC has purposely increased its participation lending with peer Community Development Financial Institutions (CDFIs) to fill the affordable housing financing gap. Rather than competing with other CDFIs, MCC emphasizes collaborative marketing and co-lending to leverage market-specific expertise and scarce capital resources, especially when a developer’s financing needs exceed a single CDFI’s loan limits. This has resulted in MCC’s participation in larger developments, with every dollar lent in 2018 leveraging $18 of affordable housing!
“This is a consequential milestone,” said Jason Battista, President of MCC. “It demonstrates the total dollars we have been able to leverage into affordable real estate projects, and this capital has created 28,900 affordable homes for over 71,500 disadvantaged people throughout the United States.”
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