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Directory of NYC Housing Programs

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New York City Acquisition Fund

Program (?) New York City Acquisition Fund
Abbreviation AF
Program Description

The New York City Acquisition Loan Fund (AF) provides affordable housing developers, both non-profit and for-profit, with early financial resources to acquire property and to provide pre-development funds. The City of New York, major foundations, and members of the banking industry established the fund in 2006 using Battery Park City revenues and foundation loans and grants to create a guarantee fund to provide security for the banks who were providing the loan capital. Activities funded by AF include: conducting appraisals and environmental assessments, securing title and zoning approvals, and hiring consultants to assist in the acquisition and pre-development of low-income housing. Below-market rate loans are made for up to three-year terms. For-profit developers can receive loans with a loan-to-value ratio of up to 95 percent, and non-profit developers can receive loans with a loan-to-value ratio of up to 130 percent. Lending and subsequent production must meet affordability requirements established by originating lenders in the program, which vary based on each lender.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYC Dept of Housing Preservation and Development
Program Information (?)  
Scale N/A
Timeframe 2006-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Occupied, Vacant
Property Type Land, Building
Building Type Multi-family
Construction Type Rehabilitation, New Construction
Occupant Tenure (?) Rental, Homeownership
Occupant Income Restrictions (?) Varies
Other Targeting Information (?)

Specifically targets acquisition and pre-development needs

More Information NYC HPD
Available on CoreData.nyc? No

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