Financing for high-quality affordable housing
Deutsche Bank Americas Foundation has closed new transactions providing more than USD 37 million in financing for affordable housing in New York City.
The Foundation's recently closed transactions include a new USD 7 million line of credit for the NeighborWorks Capital Corporation (NCC), whose strategic goals are the production and preservation of affordable housing, and its primary customers are the NeighborWorks affiliates involved in real estate development. NCC offers their customers flexible and affordable loan products to undertake new construction of real estate properties and improvements that include green and energy-saving components. The NCC will use the Bank’s line of credit to make loans for affordable housing, community facilities, child care facilities and charter schools.
The Bank also provided USD 5 million as part of a larger construction loan for the HANAC Corona Senior Residence (pictured at right), a 67-unit affordable housing development in Queens, NY that will achieve Passive House Certification when complete. The development will house low-income and formerly homeless seniors and will feature an early childhood development center and community amenities to create a new intergenerational resource for residents of the Corona neighborhood.
At the end of 2016, the Foundation also originated a USD 10 million loan to the New York City Acquisition Fund to continue its commitment to the organization, which provides financing for the acquisition and predevelopment of land that will ultimately be developed as affordable housing.
Lastly, Deutsche Bank renewed its USD 15 million liquidity line of credit to Local Initiatives Support Corporation (LISC), one of the nation’s premier intermediaries and a significant partner in achieving NYC’s housing goals. LISC works through its network of over 30 local offices to provide grants, financing and technical assistance to community development corporations active in distressed areas, addressing housing, economic development, community-building and general neighborhood revitalization concerns.