September 30, 2005

Adrian Dominican Sisters to Invest in Fund

The Adrian Dominican Sisters have approved a $35,000 loan to the Housing Trust Fund.

"We look forward to partnering with the Adrian Dominican Sisters," states HTF executive director Jerry Rioux. 

The Adrian Dominican loan moves the HTF closer to its goal of raising $3 million in lending capital by the end of 2005. The loan has a 2% interest rate and a three year term.  The loan proceeds will be used to provide financing for affordable rental and ownership housing in San Luis Obispo County.

"The Adrian Dominicans are pioneers in the social investment field," Rioux adds, "and working with them will give us national exposure within that field."

The Michigan-based religious community's Alternative Investment Fund has provided nearly 300 social investments since 1978.  These loans and equity investments have supported nonprofit loan funds, affordable housing, economic development and social equity throughout the United States and abroad. 

The Sisters note that while these investments may provide a smaller financial return than conventional investments, they offer a greater social return.

The Housing Trust Fund is a nonprofit corporation that was created to increase the supply of affordable housing throughout San Luis Obispo County.  Rather than develop, own or manage housing, the Fund provides financing and technical assistance to help private developers, nonprofit agencies and local governments produce homes that working families, seniors on fixed incomes and persons with disabilities can afford to rent or buy.

Additional information on the Adrian Dominican Sisters' Alternative Investment Fund is available online at www.adriandominicans.org/mission_and_vision/alt_invest.cfm.