The lending subsidiary of the affordable housing developer Mercy Housing is helping one of the nonprofit's complexes in Denver continue supporting refugees.
The Mercy Loan Fund is providing a $2 million loan to allow Mercy Housing Mountain Plains to cover operating costs and pay for some renovations without raising rents at the Grace Apartments. The 53-unit complex in East Colfax is home to refugees from Afghanistan, Sierra Leone, Somalia, Burma, Bhutan, and the Democratic Republic of Congo.
The bridge funding announced Wednesday will allow Mercy to seek new investors to continue keeping rents below market rates at the Grace, whose original affordability period of 30 years is expiring.
