Alexandria, Va. — Housing for Hope, Inc., a wholly owned subsidiary of Catholic Charities Community Services, Inc., in Phoenix, has received a $750,000 loan through Catholic Charities USA’s (CCUSA) Affordable Housing Gap Loan Pilot Program. The funds will be used as a bridge loan to pay for predevelopment expenses on new affordable housing in the Uptown area of Phoenix.
“We are in unprecedented times in the market right now with inflation, labor shortages and supply chain issues driving up our costs,” said Steve Capobres, Executive Director of Housing for Hope. “Nonprofit developers like us can’t keep up with affordable housing demand without additional sources of capital, so CCUSA’s Gap Loan Program has been a godsend.”
Acacia Heights III is a 68-unit, family-oriented housing development that marks the third and final phase of Housing for Hope’s Acacia Heights project, which includes 212 units overall in the Uptown area of Phoenix. Catholic Charities Community Services, Inc., will provide case management and support services at no cost to residents, who will also have access to other resources, such as computer training, financial literacy, life skill development, job training and health and wellness services.
Part of a collaboration with Northern Trust, CCUSA’s three-year pilot program aims to narrow the gap in capital that Catholic Charities agencies need to complete an affordable housing development and better meet the needs of residents in the communities they serve.
For more information, visit https://housingforhopeaz.org/.