Apr 19Mercy Community Capital Receives $5MM Capital Magnet Fund Award
For Immediate Release: April 19, 2020
DENVER—Mercy Community Capital (MCC) was selected to receive the highly sought-after Capital Magnet Fund (CMF) award in 2016, 2018, and most recently in 2020 to fund affordable housing communities. This public-private partnership will allow MCC to leverage capital at both the investment- and project-level by at least 10:1.
The CMF program was competitive with only one third of applicants receiving an award. MCC’s focus is to fully develop a high Loan-To-Value (LTV) product, which can be used for both land and operating properties, that will help socially responsible developers maximize their balance sheets. MCC will use the award to fill gaps in funding needed to preserve or construct affordable housing in our nation’s most vulnerable communities.
“This is an incredible opportunity for MCC, and we are honored to receive this CMF award as it will have a multiplicative, positive effect on our impact. Too many communities lack an adequate supply of affordable housing, and CMF is helping us to grow the affordable housing supply. This highly effective public-private partnership will amplify our ability to serve even more families, seniors, veterans, and people with special needs with affordable, program-enriched housing.”—Jason Battista, Mercy Community Capital President
MCC will use these funds for developments that:
- Provide quality, affordable, low-income housing, targeting Areas of Economic Distress, including rural communities
- Serve people living with extremely- and very-low incomes, especially families or individuals with special needs
- Strengthen families and build healthy communities
- Increase self-reliance
This year, 48 organizations received $175.35M in FY 2020 CMF awards. These awards are expected to leverage around $5.3 billion in private and public investment with 81% of the leverage projected to come from private investment.
Contact: Kate Peterson | 303.830.3443 | email@example.com
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 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.
About the Capital Magnet Fund: The Capital Magnet Fund (CMF), which is allocated by an entity that rolls up to the U.S. Treasury, helps to create and preserve affordable housing for low-income families and economically distressed communities by attracting private capital. The CMF awards competitive grants to CDFIs and qualified nonprofit housing organizations. These organizations use the grants to develop, rehabilitate, reserve, and purchase affordable housing, particularly housing targeted to low-, very low-, and extremely low-Income families.
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