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 short–term, below–market 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, 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 press release announcing the Fund is here.
Interested nonprofits can apply below and/or email email@example.com.