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New York City Acquisition Fund
Project type
Building Projects
Location
New York City, New York
Description: This fund offers flexible bridge loans for vacant sites or occupied buildings, predevelopment and moderate rehabilitation to developers committed to increasing affordable and/or supportive rental housing in the five boroughs of New York City. A total of $533 million has been invested there, with 14,236 units created or preserved in 86 projects. Currently, the investment has capitalized with $210 million of lendable proceeds. This fund is overseen by Enterprise Community Partners Inc. and Local Initiatives Support Corporation New York City. It is funded by a variety of senior lenders, including the Bank of America and JP Morgan Chase; philanthropic funders, such as the Robin Hood Foundation; and the City of New York (see their full list of partners/investors on their website).
What makes it different: Loan proceeds may be used for costs associated with acquisition and predevelopment and can grant up to $20 million for a project.
Resource: https://www.nycacquisitionfund.com
Contact: Karuna Mehta (Corporation for Supportive Housing) 914.325.8960, Katia Izyumova (Enterprise) 212.284.7113, Molly Anderson (LIIF) 212.502.7649, Arturo Suarez (LISC NYC) 212.455.9800