The Sisters of Mercy and other congregations of women religious for years have met the demand for affordable and supporting housing by investing in Community Development Financial Institutions (CDFIs) created to get such projects off the ground. The federal government is currently delaying the release of two significant funding programs:

• Capital Magnet Fund (CMF) awards, administered by the U.S. Department of the Treasury’s CDFI Fund, which are essential for financing housing for very- and extremely low-income families and individuals (including seniors) who are chronically homeless, victims of domestic violence or struggling with persistent mental illness or substance use disorder.
• Financial Assistance-Housing Production (FA-HP) awards, also administered by the CDFI Fund, which will support the rapid creation of much needed new affordable housing for lower-income families.

Please contact your U.S. Senators and Representatives to demand that the Administration and the CDFI Fund release funds for these programs as soon as possible, using the box at the right (or below on your mobile devices). Adding your personal concerns and experiences with housing issues or CDFIs will strengthen your message.

BACKGROUND

Forty-three years ago, 27 congregations of women religious created the Leviticus 25:23 Alternative Fund to address the gaps in financing for affordable housing in their communities. Mercy Sister Pat Wolf was among the founders, and Mercy Investment Services is still a major investor.

There are now more than 1,000 CDFIs throughout the United States. Federal programs, administered through the CDFI Fund, are essential to making this work possible. They allow the Leviticus Fund and others to rovide low-cost, flexible loans and to reach communities and populations that other institutions cannot serve, and when the loans are repaid the money is re-lent to new projects.

 “The gaps, which are not filled by conventional financing sources, still exist, while our federal government and current administration delays the release of available federal funds needed by the Leviticus Fund and other organizations to support projects providing safe, supportive and affordable housing to vulnerable populations throughout our country,” says Mercy Sister Rosemary Jeffries, who chairs the Leviticus Fund board.

The Leviticus Fund has $100 million of loans in its pipeline waiting to move forward, and CMF and FA-HF award dollars, plus the private dollars they would help us borrow, would allow these loans to be funded. The fund simply does not have enough resources on its own to meet this demand.