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.
Capital providers for the most recent funding round include Amalgamated Bank, Citibank, Deutsche Bank, HSBC, JPMorgan Chase, M&T Bank, Morgan Stanley, Enterprise, Robin Hood Foundation, HPD and LISC. The Fund's delegated originating lenders include Enterprise, Corporation for Supportive Housing, the Low Income Investment Fund and LISC.
“The New York City Acquisition Fund's incredible success over the last 10 years has made it an irreplaceable part of the affordable housing landscape in the City, helping to make more affordable homes available to low-income families throughout the five boroughs,” says Judi Kende, vice president and New York market leader, Enterprise. “This new round of funding allows us to continue this critical work, and we look forward to seeing the Fund improve the lives of New Yorkers for the next 10 years and beyond.”
“The closing of its HDC's most recent round of funding that will provide critical capital to support the creation and preservation of affordable housing throughout New York City,” adds Eric Enderlin, president, HDC. “The Fund plays a unique and valuable role in nurturing partnerships among public, private, non-profit and philanthropic organizations to provide long-term investment in our communities. As we reflect on the Fund' s accomplishments over the past decade and record achievements in 2016, we look forward to continued collaboration and even greater success in the years ahead.”
During the last economic recession, the Fund lent capital and helped support the city's production pipeline. In more recent years, the Fund has made innovative capital investments, such as the financing of mixed-population supportive and family housing developments financed with 4% Low-Income Housing Tax Credits and bonds, as well as the first mixed transitional and supportive housing development.
“The Fund enables mission-oriented affordable housing developers to compete with speculative real estate buyers,” declares Sam Marks, executive director, LISC NYC. “It is a critical tool to achieve inclusive, diverse neighborhoods in New York City.”
The new round of funding enables the Fund to continue its work offering flexible bridge loans for the purchase of vacant sites or occupied buildings, pre-development and moderate rehabilitation to developers committed to creating and preserving affordable housing here.
A partnership between the City of
Capital providers for the most recent funding round include
“The
“The closing of its HDC's most recent round of funding that will provide critical capital to support the creation and preservation of affordable housing throughout
During the last economic recession, the Fund lent capital and helped support the city's production pipeline. In more recent years, the Fund has made innovative capital investments, such as the financing of mixed-population supportive and family housing developments financed with 4% Low-Income Housing Tax Credits and bonds, as well as the first mixed transitional and supportive housing development.
“The Fund enables mission-oriented affordable housing developers to compete with speculative real estate buyers,” declares Sam Marks, executive director, LISC NYC. “It is a critical tool to achieve inclusive, diverse neighborhoods in
The new round of funding enables the Fund to continue its work offering flexible bridge loans for the purchase of vacant sites or occupied buildings, pre-development and moderate rehabilitation to developers committed to creating and preserving affordable housing here.
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