Small Developers Fill Financing Gap Through New York City Economic Loan Fund



I found an article on Brownstoner https://www.evernote.com/shard/s277/u/0/sh/5c3b8992-dcc7-4c11-b24d-c38459ef4161/5cb9b0d19b021b49c7a90107c75f44be discussing the Emerging Developer Loan Fund (EDLF), which has been providing low-interest loans (4.5 percent, plus one-month LIBOR spread, compared to private finance loans as high as 15 percent) to minority-, women-owned, and disadvantaged firms for projects valued at $30 million or less. The fund offered through the New York City Economic Development Corporation (NYCEDC) may finance pre-development costs as well as the property acquisition costs which may include legal and title costs, security deposits and rent payments, environmental assessments and appraisals fees, design and tax credit application fees as well as costs related to financing of the acquisition or ground leasing of a property.


To be considered as a recipient of this loan, applicants need to demonstrate prior experience completing projects in the City or similar urban areas, and have been in operation for at least three years; and/or Who are lead or co-developer with site control on either an acquisition or ground lease project in New York City.










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