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The Loan Fund's financing model was created shortly after our incorporation. In 1984, the Sisters of Mercy loaned us $43,000 at a low interest rate so we could loan that amount to 13 families who lived in Meredith Trailer Park and wanted to buy the park from its elderly owners. The successful purchase meant that, for the first time, the park residents owned the land beneath their homes. As shareholders in the renamed 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, child care
centers, other
critical nonprofit facilities, and entrepreneurs who think long-term and who invest in their employees. 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 13 families formed the Meredith Center
Cooperative. Click
here to hear their story. |
