Down Payment Assistance Fund for Nonprofit Developers Launches
The Down Payment Assistance Fund launches through a multi-year collaboration among stakeholders and accelerates the development of supportive and affordable housing residences in New York City.
The Supportive Housing Network is excited to help announce the launch of the Down Payment Assistance Fund (DPAF), whose creation resulted from a multi-year collaboration among stakeholders seeking to accelerate supportive housing development in New York City. DPAF is intended to assist nonprofit developers with down payments on property, allowing them to move more rapidly into contract for privately-owned sites. The nonprofits’ ownership will ensure the long-term affordability of the housing developed with DPAF as well as provide critical social services. Eligible projects will include supportive housing residences, in which the majority of units are supportive, and affordable residences in which at least 30 percent of units are set aside as supportive.
“The Supportive Housing Network of New York is proud of its leadership in imagining and launching the Down Payment Assistance Fund,” said Laura Mascuch, Executive Director of the Supportive Housing Network of New York “The Fund will provide our New York City nonprofit members with the resources to better compete in the city’s real-estate market as they continue their vital work to address the city’s homelessness and affordable housing crisis. We thank our steadfast partners in the multi-year effort and look forward to the Fund’s growth in coming years.”
The first nonprofits that pre-qualified to apply for DPAF support include:
- ACMH, Inc.
- Asian Americans for Equality
- Breaking Ground II Housing Development Fund Corporation
- CAMBA Housing Ventures, Inc.
- Center for Urban Community Services, Inc.
- Community Access, Inc.,
- Comunilife, Inc.
- Concern for Independent Living, Inc.
- H.E.L.P. Development Corp.
- HANAC, Inc.
- New Destiny Housing Corporation
- Postgraduate Center for Mental Health
- RiseBoro Community Partnership Inc.
- Selfhelp Realty Group, Inc.
- Services for the UnderServed, Inc.
- Settlement Housing Fund, Inc.
- The Bridge
- Urban Pathways, Inc.
- West Side Federation for Senior and Supportive Housing, Inc.
For more information on the criteria these organizations met to apply, please visit our page about the New Construction Down Payment Assistance RFQ issued in December 2018 here. It is anticipated that as the fund demonstrates success, additional nonprofits will be able to qualify and apply.
The Network is proud to have worked in close coordination with its partners to make DPAF possible, including HPD, HDC, Charles H. Revson Foundation, Robin Hood Foundation, Oak Foundation, Enterprise Community Partners, Local Initiatives Support Corporation, Low Income Investment Fund, Corporation for Supportive Housing and Forsyth Street Advisors. More information about the fund can be found here.
| More Posts about: What's New, Funding, New York City, Member News