invested in New York City
created or preserved
The New York City Acquisition Fund offers flexible bridge loans for the purchase of vacant sites or occupied buildings, predevelopment, and moderate rehabilitation to developers committed to create or preserve affordable housing in the five boroughs of New York City.
The Fund is made possible through a partnership between the City of New York, major foundations and commercial lending institutions. The Fund provides loans at the following general terms.
Loan advance rates of up to 130% LTV for Non-Profit & M/WBE Sponsors and up to 95% LTV for For-Profit Sponsors
Variable rate financing, indexed to LIBOR, approximately 5.75%
Limited Recourse to Project Sponsors
Flexible loan terms of up to 2 years or 3 years (for phased projects) plus extensions of up to 12 months