Organization Name: Habitat for Humanity New York City
Project Title: Habitat NYC Community Fund
Project Location: Statewide
The Habitat NYC Community Fund is the innovative financing arm of Habitat NYC’s Preservation Program and was certified as a Community Development Financial Institution (CDFI) in 2019. The Fund supports LMI New Yorkers by making accessible, impact-driven loans to existing resident-owned multi-family affordable housing developments and nonprofit affordable housing developers. Habitat NYC’s Housing Preservation program is a multi-faceted initiative that assists low- to moderate-income (LMI) New York City homeowners in income-restricted co-operative developments with programs designed to strengthen their ability to remain in their homes. Our technical Assistance work strengthens boards and stabilizes building operations and our Construction Preservation Services addresses the physical needs of a building. The Fund meets a critical need for income-restricted housing developments that need financing to make capital or green energy improvements that will keep these buildings thriving while reducing costs. Some developments may be struggling with physical or financial issues, vacancy or disinvestment, or may have municipal arrears with exorbitant interest rates and penalties.
The Fund’s first 4 deals totaled $640,000+ in loans to preserve a total of 310 units of affordable housing:
• 645 Barretto Street (48-unit, HDFC cooperative in Hunts Point): The Fund provided a 15-year, $250k First Start Loan alongside a loan from Spring Bank to consolidate DEP arrears and other costs. The financing unlocked tax relief & HPD preservation funding to stabilize the building’s finances and invest in capital needs.
• Le Celia Owners Corp (123-unit income-restricted cooperative in East Harlem): The Fund approved a 15-year, $114k Rehab Preservation Loan to cover costs and installation of a 62-kilowatt-DC solar energy system to reduce the co-op’s electricity bill.
• Anderson Avenue HDFC (115-unit cooperative in Highbridge): The Fund approved a short-term Flexible Capital Loan of $32k to rehabilitate a vacant unit and restore the building’s common-area hallways.
• Fifth Avenue Committee (two-site, 24-unit NCP rental development in Brooklyn): The Fund approved a $250k pre-development loan for pre-construction architectural, engineering and legal costs.
The Fund’s goal is to support the development or preservation of more than 1,500 units of long-term LMI housing within five years.
Habitat for Humanity New York City transforms lives and communities by building and preserving affordable homes with hardworking families—and by uniting all New Yorkers around the cause of affordable housing and homeownership. With the help of thousands of volunteers each year, Habitat NYC builds and repairs homes for families across the five boroughs. Learn more at www.HabitatNYC.org.
Metropolitan Commercial Bank
SolarOne/Here Comes Solar
NYC Housing Preservation & Development