Manhattan shelter project snags first award from mayor’s $15M loan fund – Crain’s New York Business

Manhattan shelter project snags first award from mayor’s $15M loan fund - Crain's New York Business We are very happy to have a spotlight on one of our newest funds: The New York Shelter Acquisition and Predevelopment Fund (NYSAPF), a combination of $5 million in "first-loss" capital from the City of New York and $10 million in philanthropic, program-related investment capital to provide short-term, below-market loans to nonprofit homeless shelter operators. The NYSAPF closed its first loan of $3.75 million to the Urban Resource Institute to develop, own, and operate a state-of-the-art, 84-unit shelter facility in Harlem (scheduled to be completed by Spring 2026). “SeaChange is honored to support URI and DHS in building a safe, high-quality shelter in Harlem serving New York’s most vulnerable families," said SeaChange Partner Taj Tabassoom. "In addition to housing, URI will provide wraparound support services to meet the needs of its residents. This project underscores the importance of supporting mission-driven operators like URI, whose dedication and expertise are essential in addressing the complex challenges of homelessness.”