CCUSA loan program funds affordable housing in Phoenix

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/.

Affordable Housing

Catholic Charities works to prevent homelessness by providing financial assistance and long-term support and strives to resolve issues that may lead to homelessness.

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MEDIA CONTACT

Patricia Cole, Vice President of External Relations
pcole@catholiccharitiesusa.org
703-236-6218

ABOUT CATHOLIC CHARITIES

A member of Caritas Internationalis, Catholic Charities USA (CCUSA) is the national office for Catholic Charities agencies nationwide. Catholic Charities USA’s members provide help and create hope to more than 15 million people a year regardless of religious, social or economic backgrounds. To learn more about CCUSA, please visit our website at www.catholiccharitiesusa.org.