Enterprise Community Loan Fund, Mercy Loan Fund and NeighborWorks Capital have partnered to create a “rapid recovery” loan fund to restore affordable housing and community facilities in areas hit by Hurricanes Maria, Irma and Harvey as well as the recent California fires.
Loans of up to $1 million, which can be approved and disbursed in a few as 20 days, will be available to community organizations to repair and redevelop affordable housing projects and businesses.
The capital is meant as a bridge for organizations waiting for insurance payments and other funding. Enterprise Community Loan Fund’s Noni Ramos told ImpactAlpha the hope is that rebuilding will include long-term “resilient principles, so if disasters appear in the future, facilities and lives are better protected.” In September, Enterprise Community Partners launched a $10 million loan fund specifically for Hurricane Harvey recovery.
Community Capital Management, LiftFund and others have also launched disaster recovery funds.