CharterMac finances Doe Fund's mission.

CharterMac Mortgage Capital, a subsidiary of CharterMac, provided $2.9 million in mortgage financing to The Doe Fund, Inc. for a new affordable housing complex in the Highbridge section of the Bronx. CharterMac Mortgage then teamed with Freddie Mac on the financing under Freddie Mac's shared-risk program in which CharterMac shares the underwriting and loan risk, allowing The Doe Fund to achieve expedited financing.

The Doe Fund is a New York City non-profit that provides supportive services primarily to formerly homeless residents so they can achieve lives of self-sufficiency. One of the services that The Doe Fund provides is transitional and permanent affordable housing, such as the new 60-unit complex being financed, Stadium Court Apartments.

"Working with The Doe Fund has been extremely rewarding, knowing that we are helping an organization that has a profound impact on the lives of residents of New York City," said James Spound, managing director of CharterMac Mortgage's affordable housing group. "By also teaming with Freddie Mac, we could ensure that the stability of housing for many Doe Fund residents was quickly assured."

The new Stadium Court Apartments, completed late last year, added much-needed affordable apartment stock to the area. All of the Stadium Court units are designated for residents earning 60% or less of the area median income and are currently fully leased.

The Stadium Court Apartments property is located in the Bronx's Highbridge community, north of 161st Street at 1079-1085 Gerard Ave. The area has a vacancy rate of less than one percent.