Jan 13“To work for the common good is the greatest creed.”
Mercy Community Capital (MCC) is grateful for a stellar and impactful 2022 fiscal year. MCC’s talented staff, thoughtful board of directors, and engaged committees worked diligently — and achieved excellent results — for the common good in 2022.
2022 MCC Highlights include:
- Impact: Our financing activities created and/or preserved 4,060 units of affordable housing and served 9,319 residents (half were people of color). Nearly 86% of our capital went to those at or below 60% of the Area Median Income (AMI), and overall, we saved households nearly $23 million.
- Closings: With more than 32 high-impact transactions in 2022, we leveraged $1.3 billion in total development costs, which is a record for a single year. This represents a leverage factor of 30x!
- Capital: We exceeded our goal for capital raised, which substantially enhanced our balance sheet. Additionally, we ended the year with an actual renewal rate above 100% for existing investors.
- Portfolio Quality: Our portfolio remains strong and healthy with an inconsequential watch list and nearly 0% delinquency/nonaccrual ratios.
- Carbon Neutrality: For the very first time in our history, we can officially say MCC is a carbon-neutral organization! In 2022, we conducted detailed carbon audits, which showed that we paid for carbon offsets, which included: energy upgrades for families with low incomes, tree plantings, composting, and soil regeneration.
- Credit Rating: After three credit rating increases in the last several years, we maintained our strong ‘AA+’ rating based on the traditional Wall Street scale, and that keeps us in the top 17% of rated CDFIs nationally.
As an organization, we head into 2023 with optimism. We understand that economic uncertainty, the dramatic change in the interest rate environment, inflation, and geopolitical issues all represent headwinds; however, we are positioned well to respond to these challenges and achieve all the goals in our most recent business plan one year ahead of schedule.
Here’s to more wisdom, joy, and service in 2023 and beyond!
With gratitude for your continued partnership and support,
President, Mercy Community Capital
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