USBank Invests in Mercy Loan Fund

Mercy Loan Fund of Denver, a nonprofit subsidiary of Mercy Housing, has received $2 million in equity-equivalent investment from U.S. Bank.The fund will allow MLF to provide affordable housing loans in the 24 states where U.S. Bank operates. It is part of a four-year cooperative effort between the bank and the community development financial institution during which U.S. Bank has ensured $60 million in construction and permanent financing to create or rehabilitate affordable housing for low-income families. "We are particularly interested in Mercy Housing's plans to increase its lending in our existing markets, its new initiative using product innovations, as well as more coaching and technical assistance," said U.S. Bank market president Mark Smith.