The New York City Acquisition Loan Fund (AF) provides both non-profit and for-profit affordable housing developers with early financial resources to acquire property and to cover pre-development costs. 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.