Hope for Louisville Families

Sisters of Charity of Nazareth recently presented a low-interest social impact loan to a Louisville, Kentucky nonprofit that is empowering people in the city's underserved communities to become homeowners and small business owners.

It is an organization known as LHOME, and the loan is part of the Sisters’ commitment to partner with others working to empower families, including individuals and families in underserved areas.

LHOME which stands for The Louisville Housing Opportunities and MicroEnterprise is a community development loan fund located in Louisville. LHOME was formed by two nonprofit organizations that were concerned about how under-invested Louisville was, and continues to be, in CDFI’s – Community Development Financial Institutions. The nonprofits Jewish Family and Career Services and Metropolitan Housing Coalition formed LHOME in late 2011.

LHOME is committed to providing accessible, affordable loan products and financial coaching services to clients, most of whom are African American and African Refugees, living and/or working in West and South Louisville neighborhoods. The community institution offers small business, home repair and energy efficiency lowinterest loans to people who have little to no access to capital.

The only restriction for the loan from the Sisters to LHOME is that the funds must go toward clients in the nine neighborhoods of West Louisville: Hallmark, Park Duvalle, Parkland, Russell, Beecher Terrace, Chickasaw, Shawnee, Algonquin and Portland. While the majority of the money LHOME received will go toward promoting Black-owned businesses, Amy Shir, president and CEO of LHOME, says some of the funds may also go toward timely matters like eviction prevention.

The Sisters of Charity of Nazareth strive to bring about systemic change through their Community Economic Development Investments (CEDIs). These socially responsible grants are focused on the priority areas, including protection of human rights, fair treatment, equal access to loans, equal access to health care benefits, inclusion of minorities on corporate boards, preservation of the planet’s ecological heritage, energy conservation and development of alternative renewable energy resources.

The Sisters collaborate with community organizations that align with the SCN mission statement. These organizations include development banks, credit unions, housing cooperatives, and financial institutions that make loans to those who may not qualify for a commercial bank loan. Collaborating with such organizations builds affordable homes, finances small and micro businesses, and funds community development facilities. In this manner, the Congregation is able to minister to the current needs of many communities by providing opportunities for employment, home ownership, integration, and revitalization.

Amy Shir, pictured right, President and CEO of LHOME, shares a smile in celebration of the success of the Louisville, Kentucky program. The SCN Congregation is collaborating with LHOME.