Oct 26Mercy Housing Inc. Receives $12 Million Capital Magnet Fund Award
Contact: Kate Peterson | 303.830.3443 | firstname.lastname@example.org
October 26 – DENVER— Mercy Housing, Inc. (MHI) was selected for a highly competitive Capital Magnet Fund (CMF) award to help provide gap funding for several affordable housing communities currently in our development pipeline. MHI received the maximum award amount of $12 million.
The Capital Magnet Fund grant will allow MHI to fill the financial gaps on affordable housing developments while leveraging millions of dollars of public and private capital to produce needed housing.
“We are honored to receive the CMF award,” said Adam Kopp, Mercy Housing’s Director of Real Estate Practices. “We plan to prioritize using the funds toward projects located in high-need, high-cost markets and offer affordability to extremely low-income and very low-income households.”
The CMF program was highly competitive with only a third of applicants receiving an award. MHI’s focus is to provide gap financing for projects in several of the states where Mercy Housing works, achieving far-reaching impact. MHI plans to prioritize using the funds towards well-designed, livable communities that will provide good homes for the residents that call Mercy Housing home.
This year, 52 organizations received $321.2 million in CMF awards. These awards are expected to leverage nearly $11.1 billion in public and private investment with 77% of the leverage project to come from private investment. This award is the first for Mercy Housing, Inc., however, Mercy Community Capital, MHI’s subsidiary Community Development Financial Institution that finances affordable homes for low-income communities has previously been awarded CMF grants in 2016, 2018, and 2020.
About Mercy Housing Inc.
Mercy Housing, Inc. (MHI) is a leading national affordable housing nonprofit headquartered in Denver, CO. Established by the Sisters of Mercy in 1981, and in operation in 21 states, we have over 40 years’ experience developing, preserving, managing, and financing affordable housing. MHI supplements much of its housing with Resident Services programs that help residents build stable lives. MHI’s subsidiaries further the organization’s mission: Mercy Housing Management Group (MHMG) offers professional property management and Mercy Community Capital (MCC) finances nonprofit and mission-based organizations.
MHI serves tens of thousands of people with low incomes, including families, seniors, veterans, people who have experienced homelessness, and people with disabilities. Mercy Housing is committed to creating affordable homes and inspiring dreams as we work with residents and partners to establish engaged, strong, and inclusive communities. To learn more about MHI and the services it provides, visit mercyhousing.org.
Mercy Housing Inc, 1600 Broadway Suite 2000, Denver, CO 80202 United States
You may also like:
- Mercy Housing Selected to Provide Denver Metro Area’s First Affordable Housing and Health Clinic Focused on Serving the American Indian and Alaska Native Community Contact: Kate Peterson, Mercy Housing 303.830.3443 KPeterson@mercyhousing.org Allison Trembly, Denver Housing Authority 303.932.3107 email@example.com DENVER...
- Mercy Community Capital Announces New President Contact: Kate Peterson / 303.830.3443 KPeterson@mercyhousing.org DENVER, CO – Mercy Community Capital is excited to...
- Mercy Housing Southeast and PCCI Celebrate Thrive Sweet Auburn Grand Opening April 26 Contact: Beth Haynes |404 543-7849 | firstname.lastname@example.org Affordable, multi-use community center to serve as a...
- Congrats to Sonia and Saeid — President’s Volunteer Service Award winners Last year, Sonia and Saeid, two Mercy Housing residents in Northern California, received some news...
Stay Up To Date
Get news on Mercy Housing and inspiring stories of change delivered to your inbox.