City’s Affordable Housing Lender Closes Funding Round

Kende: “The NYC Acquisition Fund’s success  has made it an irreplaceable part of the affordable housing landscape.”

NEW YORK CITY—The New York City Acquisition Fund—which provides loans for the land and building purchases needed to create affordable housing in the five boroughs—has closed a new, $135 million round of funding. Over the last decade, the fund has provided $336 million in loans to produce more than 10,200 affordable homes here. In 2016, it closed on $71 million in loans that are expected to create nearly 3,000 new units of affordable and supportive housing, making it the most successful year to date.

A partnership between the City of New York, foundations and commercial lending institutions, the fund was conceived by Enterprise Community Partners, the Starr Foundation, the NYC Dept. of Housing Preservation and Development, NYC Housing Development Corp., Local Initiatives Support Corp., the Ford Foundation, Rockefeller Foundation, MacArthur Foundation, Robin Hood Foundation, Forsyth Street Advisors and others.