Mercy Community Capital has received a 2024 Capital Magnet Fund award. The award is being used to create a new permanent loan product available for projects in Arizona, California, Colorado, Florida, Georgia, Ohio, Texas, Wyoming, or rural census tracts in any state. To qualify, the project must have at least 50% of units at 60% AMI or below, and pre-existing affordability covenants must expire before December 20th, 2029.

The loan is intended as long-term debt, with terms ranging from five to 20 years, and can come in during construction or at permanent conversion. Loans using this product can be in first or second position, and the interest rate is five to 20 basis points below MCC’s typical rates. Other restrictions apply.

Please reach out to Sam.Disman-Eager@mercyhousing.org if you have any questions or project inquiries.