The Worcester Community Loan Fund
Launched over twenty years ago with the leadership of WAMS, the Worcester Community Loan Fund is more important today than ever as a catalyst for housing development and neighborhood renewal. How does it work? Congregations and other social investors lend a portion of their endowment or reserves to the Fund for a modest rate of return. The Fund uses this capital to provide acquisition and construction financing for carefully targeted properties in distressed neighborhoods and for other projects. The Fund is known as a tugboat lender because it pulls new capital into areas where conventional credit has been shallow with a significant multiplier effect.
To download a Fund prospectus, click here...
United Church of Christ congregations and their individual members, as well as the Massachusetts Conference and WAMS, are longtime leading investors in the Fund and have been joined by many others from the wider church and civic communities.
Investments range from $1000. to $100,000. The minimum investment accepted is $1000. Five year notes are preferred, but shorter maturities are available. All investors have been repaid fully and on schedule throughout the Fund’s history.
The Fund is professionally managed by its parent company, Worcester Community Housing Resources, Inc. located at 11 Pleasant Street in Worcester. It has been designated by the U.S. Treasury Department as a certified Community Development Financial Institution.
WAMS and the Worcester Community Loan Fund |
WAMS’ Minister and President serves as Clerk of the Board of the parent company of the Loan Fund, and was the first President of the company. WAMS and the Loan Fund have enjoyed a close working relationship since its beginning. Joint initiatives have included revitalization of the Elm Park neighborhood in the heart of Worcester, development of a home improvement loan product for inner city residents, and creation of a soft second mortgage product for first time homebuyers in the MetroWest area.
For More Information About Community Investment Program |
Contact Bob Bachelder at wamsucc@bigplanet.com or 508-832-3937. To download a Fund prospectus, click here… (need to locate this)
To learn more about Worcester Community Housing Resources, click here: www.wchr.org
For national perspectives on community investing, click www.opportunityfinance.net (Opportunity Finance Network) or www.communityinvest.org (Community Investing Center).
For More Information About WAMS, UCC |
Minister for Mission and Service
The Rev. Robert Bachelder, Minister & President
128 Central Street
Auburn, Massachusetts 01501
Telephone: 508-832-3937
Email: minister@wamsucc.org
