Capstone Fund
Manna's success would not be possible without the availability of the Capstone Fund. The Capstone Fund is Manna's revolving loan fund that provides working capital for Manna's many projects. The Fund largely consists of low interest loans (0-3%) from socially responsible investors, individuals, churches, religious orders and foundations. The Fund currently totals more than $2.4 million and continues to grow every day.
Capstone monies are used solely on Manna's projects for acquisition, pre-development, construction or interim financing. The availability of the Capstone Fund helps Manna to leverage a significant amount of institutional financing, allows flexibility in the development process and keeps the costs of Manna-built housing affordable to low-income buyers.
Interest rates vary from 0% to 3%, simple interest computed quarterly. Interest payments are made in the first week of each new quarter (January, April, July and October) for the previous quarter. Manna has never missed an interest payment, and has repaid all matured loans immediately.
Download the latest Capstone Fund information sheet (PDF) or for more information or to make a loan, please contact:
Jennifer McAllister
Director of Corporate Development
Manna, Inc.
828 Evarts Street, NE
Washington, DC 20018
Phone: 202-832-1845 ext. 223
Fax: 202-832-1884
e-mail: jmcallister@mannadc.org
