Wespath’s $2 Billion PSP Lending Program—A Quarter Century of Investing for Impact
From the April 2018 issue of Hark!
Wespath’s Positive Social Purpose (PSP) Lending Program has over 25 years of experience making investments that help provide returns and retirement security to the clergy and lay employees that we serve, while demonstrating positive social impact. Through this program, Wespath has invested more than $2 billion in loans that support affordable housing and community development across all 50 states, and entrepreneurship among underserved populations worldwide.
Last year alone, Wespath invested nearly $87 million to create or preserve over 3,100 affordable housing units across 19 states. These include properties like Santa Fe Community Living in Santa Fe, New Mexico. Wespath invested $2.7 million in 2017 to support this affordable housing development, which is available to tenants who earn up to 60% of median income for the area, and includes a special allowance for individuals with special needs. The property is partially powered by 792 solar panels, which generate enough energy to power 46 homes per year.
Wespath is using the funds entrusted to us by our participants to support the development of affordable housing across the United States. For over 25 years, investors have benefited from positive financial returns, while families and underserved communities benefit from access to quality, affordable housing.