February 2000

Direct Community Investments Made in Four More Organizations

Catholic Health Initiatives has approved four additional investments through the Direct Community Investment Program, which provides loans to institutions and projects that promote access to jobs, housing, food, education or health care for low income and/or minority populations. With these new investments, Catholic Health Initiatives has committed a total of $13.2 million in loans to community-based organizations, a significant step toward the program goal of lending $32 million, or two percent of Catholic Health Initiatives’ operating investment program assets. The following organizations have recently received direct community investments: Catholic Medical Mission Board Serves international health care missions Loan amount: $1 million The Catholic Medical Mission Board is a charitable, non-profit organization that makes health care available to victims of poverty in developing and transitional countries. To support this mission, a group of Catholic health care systems, including Catholic Health Initiatives, has formed the Catholic Consortium for International Health Services. The consortium will work on projects such as:
  • Establishing partnerships between U.S. Catholic health care organizations and hospitals and clinics in developing countries.
  • Recruiting U.S. health care workers to develop and implement programs to train indigenous health care workers, educate communities and treat persons afflicted with communicable diseases, injuries or other illnesses.
  • Fund a warehouse operation to collect medical supplies for transport to international locations.
The investment made by Catholic Health Initiatives will be used to establish a fund that will be invested to generate income to support these projects. Mercy Loan Fund Serves communities nationwide (this loan will be used for projects in communities served by Catholic Health Initiatives) Loan amount: $500,000 Mercy Housing, Inc., based in Denver, Colo., and founded by the Sisters of Mercy in Omaha, Neb., is a system of non-profit organizations that share the mission of providing quality, service-enriched and affordable housing for the poor. Mercy Loan Fund, a division of Mercy Housing, has established a loan pool to support these affordable housing projects. The investment by Catholic Health Initiatives will be used to fund projects located in communities jointly served by Mercy Housing and Catholic Health Initiatives. These include communities in California, Colorado, Idaho, Iowa, Kansas, Missouri, Nebraska, New Mexico, Ohio, Oregon, South Dakota and Washington. Mercy Loan Fund - Valley Crisis Center Serves Nampa, Idaho Loan Amount: $150,000 Valley Crisis Center is a shelter and transitional housing facility for women and children who are victims of domestic violence. Located in Nampa, it serves six predominantly rural counties in southwestern Idaho. Valley Crisis Center provides a full service program, offering shelter, counseling, education and job training to help victims of domestic violence lead happy, healthy and productive lives. Through a collaboration with Mercy Housing Idaho, Inc., Valley Crisis Center has built a new facility, and the investment by Catholic Health Initiatives will serve as gap financing that will enable the project to be finished. National Community Capital Serves communities nationwide (this loan will be used for projects in communities served by Catholic Health Initiatives) Loan Amount: $750,000 National Community Capital provides capital and expertise to community development financial institutions (CDFIs). Since 1990, National Community Capital has provided more than $15 million in financing to CDFIs. The funds loaned by National Community Capital are re-loaned by the CDFIs to economically disadvantaged institutions or individuals in their communities. The utilization of these loan funds has created more than 86,000 units of housing and 66,000 jobs. The investment by Catholic Health Initiatives will be used to support National Community Capital’s lending to CDFIs located in communities served by Catholic Health Initiatives.