New Loan Closing: Breaking Ground
Securing affordable homes for unhoused and low-income New Yorkers
$500,000 participation in a $1 million predevelopment loan led by Corporation for Supportive Housing
Breaking Ground, formerly known as Common Ground, helped to pioneer the concept of supportive housing as a long-term solution to homelessness. Seeking to put unhoused New Yorkers on a path towards a stable home, Breaking Ground begins with street outreach, connects people with transitional housing at Safe Havens across the city, and ultimately provides permanent housing supported by ongoing case management. It also strives to prevent new instances of homelessness by providing affordable housing to working New Yorkers who earn significantly less than the annual median income.
Funding for affordable housing is often earmarked for specific projects or specific phases of a project – most frequently the construction or rehabilitation of a building. However, if developers can't secure funding for predevelopment – the phase when they need to secure permits, survey land, and make other preparations before construction – they can't develop housing at the pace they would like. Offered in partnership with Corporation for Supportive Housing, the $1 million loan from NFF will support the construction of a new supportive housing development and health center in Jamaica, Queens for formerly homeless and low-income senior citizens – giving 170 people a safe, affordable place to live.
Learn more about NFF's loan products on the financing page of NFF's website.