Shelter Funding

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 SeaChanges to provide short–term, below–market loans (each, a “Shelter Loan”) to nonprofits that are in negotiation with DHS to build, own and operate homeless shelters. The Fund was established to enhance the supply of high-quality purpose–built homeless shelters with long–term use restrictions by offering a source to pay for predevelopment and acquisition expenses that are required prior to obtaining a long–term DHS contract against which conventional long–term financing can be leveraged. The term sheet for the Fund is available here.  Interested nonprofits can apply below and/or email jmacintosh@seachangecap.org.