About the Program
Emerging developers that work on projects below $30 million face significant hurdles obtaining funding for their projects. NYCEDC has partnered with Basis Management Group to fill this gap, committing $10 million to pilot the Emerging Developer Loan Fund.
The fund provides low-interest loans to NYC-based real estate projects including mixed-income housing, mixed-use, industrial and commercial projects.
To date, we have supported the following projects, in support of a $50 million+ pipeline:
- Veteran and affordable housing in the Bronx
- Community church and multifamily in Harlem
- Tech space and multifamily in Brooklyn
- Affordable housing and commercial development in the Bronx
Pre-Development & Acquisitions Financing
NYCEDC gives emerging developers the resources to succeed:
- Capital Flexibility: Financing for both pre-development and property acquisition costs.
- Commitment: Early investment in the project and capital availability until construction or permanent financing is secured.
- Technical Assistance: Access to expert advisory services.
The fund can provide key financing for costs including:
- Legal and title costs
- Security deposits and rent payments
- Environmental assessments and appraisals fees
- Design and tax credit application fees
- Costs related to financing of the acquisition or ground leasing of a property
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