Loans: Housing and Shelter
Featured Loan: Hanini Group and SHIFT
Expanding affordable housing and employment opportunities in Newark, New Jersey
$6 million participation in a $28 million construction loan with Capital Impact Partners as the lead lender and LISC as a participating lender (December 2023)
Hanini Group invests in urban communities by focusing on conscious design, sustainable construction, and equitable urban revitalization. The organization was co-founded by Samer and Thafer Hanini, first-generation Jordanian Americans who were born and raised in Jersey City and Newark, New Jersey. For the past 19 years, Hanini Group has restored historic buildings across Newark and New Jersey, offering development, construction, architectural design, and property management services.
A full-service real estate management firm based in Philadelphia, SHIFT connects developers of color with capital and resources to build quality affordable housing – from investment management to property management. SHIFT currently serves seven neighborhoods, 29 Black, Indigenous, and people of color-owned small businesses, and 29 woman-owned small businesses through their spaces and programs.
Hanini Group and SHIFT formed 10 Commerce Newark LLC to complete the conversion of a 12-story, 126,088 square-foot vacant office building located at 10 Commerce Court, a highly desirable location in the heart of the downtown Newark business district into a mixed-use, mixed-income development. NFF’s loan participation will help finance the construction of 110 housing units – 20% of which are affordable housing – and two commercial units with easy access to Newark Penn Station, where NJ Transit, Amtrak, and PATH trains to New York City can be accessed. With this development, Newark residents will have more affordable housing options and better access to transit and employment opportunities.
$4.65 million participation in a $12.65 million loan with LISC as the lead lender (October 2023)
NFF's loan participation will help finance BHC's Horner Apartment Project — a three-acre housing development with 49 affordable housing units. The development incorporates thoughtfully designed elements such as community open spaces and a loop walking trail for residents to enjoy. Safe and affordable housing is a human right; this development will restore that right to dozens of Richmond residents.
$500,000 bridge loan (October 2023)
Many nonprofits receive government funding to provide their services but are paid after services are provided – and those payments are frequently delayed. Supported by Cedars Sinai and the Hilton Foundation, this zero-interest bridge loan will help HOLA cover ongoing organizational and programmatic costs while waiting for late reimbursements from its CalAIM Community Supports contracts. CalAIM promises to make recuperative care more accessible, but as it represents a significant change for both health plans and recuperative care providers like HOLA, payments to providers are often delayed. This financing will help HOLA keep offering its services to people in need during a critical time of transition.
$250,000 bridge loan (May 2023)
Supported by the Hilton Foundation, this zero-interest loan will help TCLC have enough cash on hand to pay their staff, keep their doors open, and offer their essential programs. With support from this financing, TCLC can continue offering its vital services to address homelessness in South-Central LA.
$200,000 bridge loan (May 2023)
Supported by the Hilton Foundation, this zero-interest loan will help NoHo Home Alliance cover ongoing organizational and programmatic costs while waiting for significantly delayed government contract payments. With this financing, NoHo Home Alliance will be able to keep their team fully staffed to continue their crucial work in building a healthy and housed community in the East San Fernando Valley.
$500,000 working capital loan (April 2023)
Supported by the Hilton Foundation, this loan will provide Holos Communities with the working capital it needs to continue the development of ongoing projects, including completing the construction of Isla Intersections, a 54-unit housing complex in South LA long delayed by the COVID-19 pandemic. When complete in late 2023, this community will maintain 53 permanent supportive housing units, including 10 dedicated for veterans.
$250,000 bridge loan (January 2023)
Financed through the Metro Denver Nonprofit Loan Fund, this zero-interest loan will help CVC cover organizational and programmatic costs while awaiting reimbursement from various grant programs. With this financing, CVC can continue to build affordable, community-centric, and environmentally friendly housing solutions without interruption as it waits to be reimbursed for its crucial work.
$500,000 acquisition loan (December 2022)
Until now, CUFFH has not had a sufficiently large permanent home from which they can run and expand their programs and house their operations. However, CUFFH identified a building that it can use to operate its full array of programs early last year, and they are now ready to submit their deposit. New York State has committed to allocating grant funding to CUFFH to purchase the building, but the organization would like to purchase the building before that grant funding will become available. In the meantime, NFF’s bridge loan will help the organization pay the deposit to the seller of the contract while it continues to perform due diligence of the site and building. This brings them one step closer to acquiring a permanent home for their work to build thriving North Brooklyn communities.
$200,000 predevelopment loan (July 2022)
Founded in 1979 by Japanese American activists, Little Tokyo Service Center (LTSC) provides social services and community development services in Los Angeles’ Little Tokyo Historic District and neighboring Asian American and Pacific Islander communities. LTSC serves about 10,000 clients in Southern California annually through counseling, case management, senior services, and more – with many of their clients identifying as low-income.
In December 2020, FCTL entered a partnership with LTSC to create 700 Simmons LLC – and together, they acquired an 11-unit apartment building. In the Los Angeles housing market, there are simply not enough resources to support community land trusts that work tirelessly to secure affordable housing. This loan will address a funding gap exacerbated by rising property costs and operating expenses. Financed through NFF’s CARE Fund, which offers 0% interest loans to community-centered nonprofits led by people of color, this loan will supply some of the funding needed for repairs and renovations to the building. With support from this loan, 700 Simmons LLC will be able to improve the lives of tenants by providing a better quality of living while keeping units affordable so that the tenants can remain in their community.
$500,000 bridge loan (February 2022)
The Center depends on contracts with government agencies for a large portion of its funding. However, agencies typically pay those contracts after nonprofits conduct their programs, not in advance. In addition, the Center's primary funders have delayed paying their contracts due in part to COVID-19 and in part to internal transitions at those agencies. Bridge financing like this loan fills these gaps by ensuring that organizations like The Center have enough cash on hand to pay their staff, keep the lights on, and offer their essential programs. With support from this financing, The Center can continue offering hundreds of homeless Angelenos the housing and wraparound services they depend on to achieve their aspirations.
$100,000 bridge loan (May 2022)
Tenants & Neighbors depends on contracts with government agencies for a portion of its funding. Government payments to nonprofits are often delayed; however, the COVID-19 pandemic exacerbated these delays. Supported by the Trinity Church Wall Street Grantee Loan Fund, this loan will make sure that Tenants & Neighbors has consistent access to working capital for its essential programs while it waits for that funding to arrive. Smoothing over this cash flow issue will help the organization maintain and grow programs that help tenants build economically just neighborhoods and futures.
$50,000 working capital loan (February 2022)
Sustainable Futures Project is looking to operate more wraparound services and plans to open childcare and Office of Diversion and Reentry (ODR) programs. This loan will provide Sustainable Futures Project with some of the cash they need to rent and redesign facilities and hire staff to run these programs. At the same time, Sustainable Futures Project is working with NFF consultants to budget for these new programs – and track their actual spending against their planned budget. As they grow, Sustainable Futures Project will be able to provide more comprehensive services to families who wouldn’t otherwise have stable places to live.
$1 million working capital loan (December 2021)
Affordable and permanent supportive housing developers like PATH Ventures often struggle to access the flexible capital they need to develop housing at the scale required to curb the United States’ homelessness and housing affordability crises. NFF’s Accelerating Permanent Supportive Housing Fund responds to this by providing $10 million in unrestricted capital for nonprofit developers in the Los Angeles area – developers like PATH Ventures. Offered through this fund, this loan provides flexible capital that PATH Ventures can use to support the LA area projects in pipeline – projects that will house more than 1,000 people in a region where affordable housing remains in short supply. Stable, secure places to live will help these people overcome their immediate challenges and work towards achieving their long-term goals.
$250,000 bridge loan (December 2021)
The organization has experienced increased demand for its services since the onset of COVID-19: it served approximately 12,000 people last year and is preparing for continued growth. BHPF relies on contracts with the City and County of San Francisco for much of its revenue. However, these contracts are paid after BHPF offers services instead of before, creating cash flow challenges for the organization that only increased with rising demand. Offered through NFF's zero-interest CARE Fund, this loan will bridge those delayed payments, helping the organization focus on stability while allowing it to scale its programs to more people who need them. As the organization grows, it will help thousands more people move from homelessness to stable housing and support their long-term goals.
$1.5 million facilities loan (December 2021)
NFF’s loan will support a phased redevelopment of Impact Services’ historic campus, which will be financed with a mix of Low-Income Housing Tax Credits, Historic Tax Credits, New Markets Tax Credits, grants, and loans. The resulting campus will include an existing 57-bed shelter for veterans who are experiencing homelessness, a multi-purpose community gym facility, 47 units of affordable housing, program space for Impact Services, and several floors of commercial space for office or community purposes. With this redevelopment, Impact Services will be able to expand its programs to even more Philadelphia residents, giving many people the support they need to overcome obstacles and achieve their aspirations.
$250,000 predevelopment loan (November 2021)
$5.7 million loan to support acquisition and predevelopment (November 2021)
Partners: Citi Community Capital, Leviticus Fund
$250,000 working capital loan (October 2021)
RNHS has received a federal Community Development Block Grant (CDBG) in support of its efforts to develop and rehabilitate affordable homes across the East Bay. However, without access to debt, the organization would need to divert money from their development pipeline to maintaining their existing properties, slowing the rate at which they could build or rehab new ones. Financed through NFF’s CARE Fund, which offers 0% interest loans to community-centered nonprofits led by people of color, this loan will ensure that RNHS has sufficient cash flow to both continue its existing services and develop new affordable homes for Bay Area families.
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