Mercy Housing California to develop new housing model for seniors, homeless
WASHINGTON, D.C. – May 22, 2013 – (RealEstateRama) — Mercy Housing California is accelerating its efforts to improve the standard of living of low-to-moderate income affordable housing residents by creating new financial models for the funding of additional services.
With a $160,000 grant from the Citi Foundation, Mercy Housing California (MHC) will work to advance new development models that will allow money saved through service-enriched affordable housing to be used as working capital for participating organizations. Working with social service and health care partners around the State, Mercy Housing has already demonstrated the tremendous health and financial benefits of service-enriched senior housing. Now, MHC is working to put these lessons to work at scale.
The need for financial innovation in this area stems from dramatic reductions in funding for affordable housing nationally and from the recent dissolution of California’s Redevelopment Agencies. Before 2012, redevelopment agencies in California contributed over $1 billion annually for affordable housing. By housing high-need populations, reducing health care costs, improving access to health services and tapping into a sustainable source of revenue, Mercy Housing is hoping to create a replicable “win-win” partnership with health plans and medical providers.
“We are immensely appreciative of this financial support from the Citi Foundation,” said Doug Shoemaker, President of Mercy Housing California. “We believe that this significant gift will advance not only Mercy Housing’s work, but that of the entire community development field.”
“Mercy Housing has always been a leader in providing affordable housing,” said Mona Masri, California Statewide Director of Citi Community Development. “This grant will help Mercy Housing identify innovative ways to continue to be a leader in affordable housing, especially for those who are most vulnerable, such as seniors and the chronically homeless. It will also address the critical financing gap created by California’s recent budget challenges.”
About Mercy Housing California
Mercy Housing California (MHC), with offices in San Francisco, Sacramento and Los Angeles, houses over 22,000 very low- and very low-income residents. Since its inception MHC has developed 125 multifamily properties consisting of 7,652 apartments in 36 counties state-wide; MHC currently has 5,000 additional affordable homes under construction, in pre-development or in the concept phase. A regional division of Mercy Housing Inc, a national affordable housing organization, MHC provides high-quality service-enriched housing to families, seniors and persons with special needs. For more information, please visit mercyhousingcalifornia.org
About the Citi Foundation
The Citi Foundation is committed to the economic empowerment and financial inclusion of individuals and families, particularly those in need, in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving to priority focus areas: Microfinance, Enterprise Development, Youth Education and Livelihoods, and Financial Capability and Asset Building. The Citi Foundation works with its partners in Microfinance and Enterprise Development to support environmental programs and innovations. Additional information can be found at www.citifoundation.com.
