(Alexandria, Va.) — Catholic Charities USA (CCUSA) announced today the initiation of a three-year Gap Loan Pilot Program to assist in funding the construction of affordable housing units built by Catholic Charities agencies across the country. Through a collaboration with Northern Trust, CCUSA will loan a total of $10 million at low-interest to qualifying agencies.
“I am thrilled that we can make it a bit easier for Catholic Charities agencies to develop desperately needed housing units,” said Sister Donna Markham, President and CEO of CCUSA. “Stable housing is essential for the wellbeing of families and the resilience of our communities. Everyone has the right to a place to call home.”
Priority will be given to affordable housing projects that are likely to make a measurable social impact, contribute to building stable communities and have the potential to be replicated. Catholic Charities is among the country’s largest social services and housing providers.
“Northern Trust deploys community investment capital in partnership with mission-driven lenders and developers to support the needs for affordable rental housing and home ownership,” said Kimberly Evans, Northern Trust’s head of Corporate Sustainability, Inclusion and Social Impact. “Catholic Charities USA is a prime example of organizations that seek to make a positive and sustainable community impact, and we are pleased to provide financial backing to the Gap Loan Pilot Program.”
This program aims to narrow the gap in capital that agencies need to complete a housing project and better meet the needs of residents in the communities they serve. To be eligible, projects must be owned or controlled by a Catholic Charities agency.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2021, Northern Trust had assets under custody/administration of US$16.2 trillion, and assets under management of US$1.6 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
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