Shelter Funding

The New York Shelter Acquisition and Predevelopment Fund

The New York Shelter Acquisition and Predevelopment Fund (the Fund) combines $5 million in “first-loss” capital from New York City with $10 million in philanthropic, program-related investment capital arranged by SeaChange to provide shortterm, belowmarket loans (each, a Shelter Loan) to nonprofits that are in negotiation with the New York City Department of Homeless Services (“DHS”) to build, own, and operate homeless shelters. The Fund was established to enhance the supply of high-quality, purposebuilt homeless shelters with longterm use restrictions by offering a source to pay for predevelopment and acquisition expenses that are required prior to obtaining a longterm DHS contract against which conventional longterm financing can be leveraged.

The press release announcing the Fund is here

More information about the requisite Long Term Shelter Contracts with Nonprofit Ownership is here, the term sheet for the Fund is here, and a webinar about the fund is here

Interested nonprofits can apply below and/or email