Article Archives: New York
New Affordable Supportive Housing in Brooklyn
Brooklyn, N.Y., is gaining more than 200 new supportive housing units and creating new jobs in the process. CAMBA Gardens, a new affordable housing complex, is under construction on the grounds of Kings County Hospital. The complex will provide affordable housing, health care, and social services for tenants. CAMBA Gardens is a partnership of the public hospital, a nonprofit developer, service providers, and various government agencies. The developer, CAMBA Housing Ventures, is a community-based social service agency.
CAMBA Gardens will have 149 units for families with special needs and 63 units for low-income families. Construction began in 2011 and is expected to generate 280 construction jobs and 25 permanent jobs.
The $68 million project relies on a variety of financing. New York State Homes and Community Renewal approved $37.5 million in bonds for the project through the state’s New Issue Bond Program. In addition, the New York City Department of Housing Preservation and Development Supportive Housing Loan Program provided $26 million, the New York State Homeless Housing Assistance Program funded $5.2 million, and the Federal Home Loan Bank of New York committed $1.4 million through its Affordable Housing Program. The project also relies on $25.6 million in Low-Income Housing Tax Credits.
For more information, visit CAMBA’s Web site at www.camba.org.
Help for Cooperatively Owned Businesses
The Cooperative Fund of New England is a Community Development Financial Institution focused on providing financial and technical assistance to community-based, cooperatively owned businesses and nonprofits serving low-income communities throughout New England and parts of eastern New York state.
Founded in 1975 to support food cooperative development, the Cooperative Fund has recently expanded its focus to include other types of cooperatives involved in affordable housing development and job creation. Loans made by the Cooperative Fund can cover such needs as working capital, predevelopment costs, business expansion, and equipment and real estate purchases.
In 2010, the Cooperative Fund made loans that resulted in the creation or retention of 616 jobs and 545 units of affordable housing throughout its service area, Connecticut, Massachusetts, Maine, New Hampshire, New York, and Vermont. Recent loans originated by the Cooperative Fund have supported a variety of activities, including local retail food cooperatives, energy-efficiency service providers, youth services, affordable housing development, and rural and urban food production.
Loans provided to the Cooperative Fund are used exclusively as capital for its revolving loan program. Contributions and grants help the fund to provide technical and educational services that support its lending activities.
To learn more about the Cooperative Fund, including potential investment and lending opportunities, please contact Executive Director Rebecca Dunn at (800) 818-7833, or e-mail firstname.lastname@example.org.
New Upstate New York Housing Tax Credit Fund
The fund specifically targets affordable housing development in the upstate New York region and will accept investments as low as $250,000.
Great Lakes Capital Fund is a nonprofit LIHTC syndicator supporting affordable housing development in Illinois, Indiana, Michigan, Wisconsin, and now New York through the creation of this new fund.
Since its inception, the company and its affiliates have invested more than $1.5 billion in housing and community development activities supporting 450 developments, 25,000 housing units, and 1 million square feet of commercial and community space.
You can also visit the Great Lakes Capital Fund Web site.
Grameen America Reaches the Microenterprises and Unbanked in New York City
In November 2007, Grameen America opened the first pilot office in the United States in Queens, New York. There are plans to open additional New York locations over the next few years. The types of businesses funded through the Queens location include cosmetology, pet grooming, day care, clothing, jewelry, and food sales.
In the Grameen group model, prospective borrowers form groups comprised of five individuals. To build financial resources, all borrowers are required to save money when they receive loans. The group meets periodically to help educate borrowers on financial issues. This borrower education, combined with the savings requirement, encourages loan repayment.
In 2008, Grameen America provided 380 borrowers with more than $1 million in loans. Loans range from $500 to $3,000 for a term of 6 to 12 months. The interest rate charged is 15 percent, which is less than some alternative financing options that these borrowers previously used because of their lack of credit history.
Initially, Grameen America was funded by grants, private contributions, and loans. Its goal is to become a self-sustaining entity.
For further information, visit Grameen America's Web site.
Small Loans, Big Returns
Headquartered in Milwaukee, WtW makes its loans from 43 offices in 21 states: California, Delaware, Florida, Hawaii, Illinois, Indiana, Louisiana, Maryland, Michigan, Minnesota, Missouri, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Dakota, Texas, Virginia, Washington, and Wisconsin.
WtW offices are located in social service agencies affiliated with the Alliance of Children and Families (ACF). ACF agencies screen and provide financial education to borrowers and service the loans. WtW local offices provide financial education to more than three persons for every individual who receives a loan. Investors in WtW include several national foundations, the Community Development Financial Institution Fund of the U.S. Treasury Department, local United Way offices, and financial institutions. Banks can be involved by investing in the national WtW loan fund, by referring to local WtW offices prospective borrowers who do not meet conventional credit criteria, by participating in local WtW loan committees, and by providing grants and in-kind donations to WtW.
New Incentives for Banks to Open Branches in Underserved Communities
For further information, please contact Daniel Delehanty at the NYS Banking Department at (212) 709-3574 or email@example.com.
Investing in Sustainable Forestry
For further information about this and other funds in these rural geographies, contact Coastal Enterprises, Inc, at (207) 882-7552.
Lower Manhattan Gets Affordable Housing
Contact: Lower Manhattan Development Corp. (212) 962-2300.