Mercy Housing takes over 11 affordable housing properties from Franciscans

Mercy Housing Inc. announced Monday it will accept the transfer of 11 affordable housing properties in Illinois, including those in Aurora, Batavia, Carol Stream, Gurnee and Wheaton, from Franciscan Ministries Inc. in Wheaton.

Once the transfer is complete, Mercy Housing's holdings in Illinois will increase from 25 to 36 properties.

The properties include Batavia Apartments in Batavia; Constitution House in Aurora; Assisi Homes of Gurnee in Gurnee; Colony Park in Carol Stream; LaSalle Manor in LaSalle; Colonnade Apartments in Effingham; Highland Manor and Sanders Apartments in Moline; as well as Assisi Homes of Illinois, Canticle Place and Marian Park in Wheaton.

"The Franciscan sisters are becoming fewer in number and they wanted to find a like-minded organization that will carry on their mission," said Mark Angelini, president of Mercy Housing Lakefront in Chicago, which is going to manage the 11 properties.

Each property will be transferred following the approval of the U.S. Department of Housing and Urban Development.

All properties are expected to be transferred within the next six months. There is no cash value to the deal, as in regular real estate acquisitions, because the properties will directly transfer and Mercy Housing is expected to continue managing the properties and providing the same services to about 3,600 residents, said Angelini.

Mercy Housing, which is headquartered in Denver, is one of the nation's largest affordable housing nonprofits. Founded by the Sisters of Mercy in 1981, the organization is dedicated to the development, preservation, management and financing of affordable housing and serves tens of thousands of people with low incomes nationwide, including families, seniors, veterans and people with special needs.

The Wheaton sisters said the transfer of the properties came after a "long deliberation," said Sister Pat Norton, chairwoman of the Sponsor Member Board for Wheaton Franciscan Healthcare.

"As the sisters age and our numbers decrease, we wanted to transfer our corporate ministries while they are healthy, fiscally sound, and have a strong sense of mission and values," Norton said in a statement. "We chose Mercy Housing to assume stewardship of our housing ministry to ensure the continued health of these communities."