Skip to main content

NYC Creates $10M Fund for Women and Minority Developers

Phil Hall
Aug 16, 2016
New York City’s Economic Development Corporation (NYCEDC) has set up a $10 million fund designed to help women- and minority-owned developers finance the construction of small commercial or mixed-use projects. NYCEDC is partnering with Basis Management Gr

New York City’s Economic Development Corporation (NYCEDC) has set up a $10 million fund designed to help women- and minority-owned developers finance the construction of small commercial or mixed-use projects. NYCEDC is partnering with Basis Management Group, a minority and woman-owned commercial real estate finance firm, on the launch of the fund, which will finance land acquisition and pre-development costs including security deposits or environmental assessments.

"The Emerging Developer Loan Fund will help level the playing field for New York City’s burgeoning development firms by addressing what has historically been a real barrier to entry for these types of firms—affordable financing," NYCEDC president Maria Torres-Springer said.

But despite the city’s ongoing problems regarding affordable housing, the fund will not finance any project that is 100 percent residential.

Published
Aug 16, 2016
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021