Waterloo, Iowa – (RealEstateRama) — Mercy Loan Fund (MLF), a leading Community Development Financial Institution (CDFI) today announced that it has provided a loan to Chesapeake Community Advisors (CCA) and Trinity Village Non Profit Housing Corp. (Trinity) for the acquisition of Cedar River Tower, an 85-home community for seniors with low incomes in Waterloo, Iowa.
Cedar River Tower is an older Section 202 deal built in 1985 and developed with Low Income Housing Tax Credits (LIHTC). CCA has completed the process of an Option Two Renewal, happy which means that the community is now required to remain affordable until at least 2036.
The deal will strengthen already-solid relationships; the loan is MLF’s eighth to CCA, and CCA has worked with Trinity on seven previous projects.
“As the affordable housing crisis continues, it’s more important than ever that we make sure there are homes for the people who need it most, especially seniors with low incomes,” said Stefanie Joy, Lending Director at MLF. “In partnership with Chesapeake Community Advisors and Trinity, we are happy to contribute to the preservation of this much-needed housing.”
“CCA is thrilled to partner with Mercy Loan Fund and Trinity Village Non-Profit Housing Corporation on our seventh affordable housing development,” said David Prout, President of Chesapeake Community Advisors. “With housing costs on the rise, more low-income households struggle to find affordable housing. The financing provided in partnership with MLF supports our efforts to provide a safe, decent housing resource for the elderly residents of Waterloo, Iowa.”
“Trinity Village Non Profit Housing Corp. is very excited to be a partner in the Cedar River Towers project,” said Judith Transue, Executive Director of Trinity. “We are concerned with combining good, affordable housing with a services program to address the services needs identified by the elderly residents in this housing development. We feel that housing combined with services has the best chance of creating a secure, long-term living environment for seniors.”
The announcement comes as housing costs continue to rise nationwide, affecting even historically affordable states like Iowa. In order to afford a modest two-bedroom apartment at Fair Market Rent (FMR) in Iowa, a person making minimum wage would have to work at least 77 hours per week, a report by the National Low Income Housing Coalition (NLIHC) found.
About Mercy Loan Fund
For more than three decades, Mercy Loan Fund (MLF), a leading Community Development Financial Institution (CDFI), has focused exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing. By collaborating with socially-responsible developers, MLF has helped finance the development of single and multifamily homes for rental and homeownership. These developments help underserved communities, including people with low-incomes, seniors, farm workers, people who have experienced homelessness, and people with disabilities. MLF is a subsidiary of the affordable housing nonprofit, Mercy Housing, Inc. (MHI), headquartered in Denver, Colo. For more information, please visit mercyloanfund.org.
About Chesapeake Community Advisors
Established in 2001, Chesapeake Community Advisors (CCA) is one of the nation’s leading community development consulting firms, having served as a development consultant for more than 75 developments in 15 states. In that time, their development work has included affordable multifamily and market rate rental, historic renovations, affordable homeownership and multi-use developments. Being a transaction-based firm, CCA specializes in structuring and developing low-income, historic, new market tax credit and federally financed projects. In their role as developers and owners of affordable residential properties, they bring a unique understanding to the development process for both new construction and preservation. Learn more at ccadev.com.
About Trinity Village Non Profit Housing Corp.
Formed in 1990, Trinity Village and Community Non Profit Housing Corp. (Trinity) collaborates with the Church of God in Christ congregations and community organizations throughout the United States to develop high quality, affordable housing and rebated support services in targeted urban areas. Learn more here.
alaing (at) mercyhousing (dot) org