Why did the Home Funders decide to use intermediaries and why were CEDAC and MHP selected?
The fund chose to utilize existing capacity in the housing system rather than creating a new entity or layering more bureaucracy. After extensive interviews to determine the best intermediaries for the Fund, Home Funders choose CEDAC and MHP. Both organizations have an excellent track record in underwriting and portfolio management and complement one another. CEDAC provides technical assistance and early project financing and are able to encourage developers to incorporate extremely low-income housing at a project’s conceptual stage while MHP provides long term permanent financing. They are experienced in managing investor or other funds and possess the judgment, flexibility and innovation to manage such a multi-purpose fund as Home Funders. Both have been in the affordable housing lending business for over 20 years and have impressively low loss rates.
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- Why did the Home Funders decide to use intermediaries and why were CEDAC and MHP selected?
