The MacArthur Foundation has announced a commitment to provide $50 million to help large nonprofit housing organizations purchase and maintain 100,000 units of affordable rental housing.The charitable foundation is providing $35 million in grants and low-cost loans to nonprofits to acquire, refinance, and renovate affordable rental housing. Another $10 million in low-cost loans will be provided to specialized lending intermediaries to finance transactions by nonprofits. The foundation has already allocated $6.5 million in lending commitments to three specialized lenders -- Housing Partnership Finance in Boston, Neighborhood Capital Corp. in Cleveland, and Prudential Mortgage Capital Co. in McLean, Va.
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