Jun 03Mercy Community Capital Helps LA Seniors with Affordable Housing
For Immediate Release: May 18, 2020
Contact: Kate Peterson | 303.830.3443 | firstname.lastname@example.org
With two loans, one in Sherman and the other in Long Beach, seniors with low incomes will receive stable housing with essential services at a crucial time for the city.
LOS ANGELES—Mercy Community Capital’s (MCC) loans in LA will provide stable affordable housing and supportive services for seniors and seniors that formerly experienced homelessness. One is in Long Beach and the other in Sherman, totaling 123 units of affordable housing. Mercy Housing California is the recipient of these loans. MCC always strives to provide funding to projects that serve the most vulnerable populations and extremely low-income residents. Both properties will make a big impact within these communities:
The Sherman Oaks Senior Community will offer 55 permanent supportive homes for seniors that were formerly homeless. This community is fulfilling local requests for housing diversification while construction will create job opportunities.
PCH Long Beach
The PCH Long Beach development will be 68 homes for seniors 62 and older. This development is in a storied neighborhood, just across the street from the former VIP Records store, an iconic hip hop and R&B destination that hosted the launch parties of prominent musicians throughout the 80s and 90s.
Affordable housing is desperately needed throughout the state of California and especially so in LA. The California Housing Partnership and the Southern California Association of Nonprofit Housing estimate that LA County needs roughly half a million more affordable homes to meet the need, while the Los Angeles Homeless Service Authority calculated that there were around 58,936 people experiencing homelessness in LA county alone in 2019.
About Mercy Community Capital
For more than three decades, Mercy Community Capital (MCC), a leading Community Development Financial Institution (CDFI), has provided financing to support affordable housing and community development across the nation. MCC has focused exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing. By collaborating with socially responsible developers, MCC has helped finance the development of single and multifamily homes for rental and homeownership. These developments help underserved communities, including people with low incomes, veterans, seniors, farmworkers, people who have experienced homelessness, and people with disabilities. MCC is a subsidiary of the affordable housing nonprofit Mercy Housing, Inc. (MHI), headquartered in Denver, CO. For more information, please visit mercycommunitycapital.org.
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