Newbridge Place’s supportive housing specifically targets low-income, mentally ill veterans who do not receive benefits from the U.S. Veterans Administration. The nonprofit is expanding its presence from 21 beds at three locations to 29 beds at four locations with the help of IFF financing, which enabled it to purchase and rehab a new facility. It is the only organization in Medina County, OH, that offers 24-hour care and long-term housing for these veterans.
“Because of lack of funds, they are not able to receive quality care and end up rotating between homeless shelters, psychiatric hospitals, transitional living, and jail,” said Erzsebet Mikita, Executive Director. “These veterans are some of the most overlooked and under-served people in any community.”
Residents typically suffer from severe and persistent mental illnesses, such as paranoid schizophrenia, bipolar disorders, major affective disorders, and PTSD. Many of the individuals are dual diagnosed with drug and alcohol dependence and/or suffer from physical limitations, many of which are service-related. According to Mikita, the unusual 24-hour staffing and home-like atmosphere help many residents to maintain more independent living and lessen the risk of hospitalization or homelessness.
This is Newbridge’s second IFF loan. The first enabled it to purchase its core facility in 2014, when IFF was first expanding into the Ohio market. According to Mikita, “I searched for organizations that would help us with the financing for over a year, and I was not successful either because our budget was too small or the loan amount was under a million dollars. I was so pleased that IFF was coming to Ohio and that our project would fit their framework. They were the first lender who completely understood our nonprofit and our difficulties accessing capital.”
Tags: : Capital Solutions, Housing