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After incorporating in 1983, we made our first loan in 1984 with money loaned to us, providing a model of financing at the Loan Fund. The Sisters of Mercy loaned us $43,000 at a low interest rate so that we could make our first loan of $43,000 to the 13 families in the then-Meredith Trailer Park to buy it from the elderly owners. For the first time, the residents owned the land underneath their homes in the park. As shareholders in the Meredith Center Cooperative, they controlled when and if they would move, stabilized their rents, improved environmental conditions like septic systems and wells, and built more equity in their homes.
Since our first deal, the Loan Fund has loaned more than
$100 million to more than 1,400 community initiatives for
residents in manufactured
housing parks, small business owners and micro-entrepreneurs, nonprofit
housing developers, individuals
with disabilities who want to buy homes, childcare
centers, other
critical nonprofit facilities, and entrepreneurs with
long-term thinking and who invest in their employees (Vested
for Growth). All of these services are possible because
of loans and donations from
individuals, families, religious communities, foundations,
trusts, municipalities, businesses, banks and others.
You can learn more about our activities since 1983, by looking at our timeline (PDF).
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Find out how thirteen families formed the Meredith Center
Cooperative. Click
here to hear their story. |
