New Loan Closings: East New York Restoration LDC, Hudson Link for Higher Education in Prison, PATH Ventures
East New York Restoration LDC: Supporting healthy communities in Brooklyn
$150,000 bridge loan
East New York Restoration Local Development Corporation (ENYRLDC) works to increase career and business opportunities in the Brooklyn neighborhoods of East New York. The organization’s goal is to foster a solid foundation for economic development by supporting small businesses, job development, and efforts to keep communities clean, green, and environmentally informed.
Last year, ENYRLDC began constructing an outdoor adult fitness center in an East New York community after learning from seniors in the community that they lacked the adequate facilities. At the same time, the organization saw an increase in demand for its existing programs: community cleanups, green programs, a job development center, job fairs, and placing/cleaning trashcans in identified stress corners in East New York. Their responsiveness to community need coupled with city contract payout delays placed an increasing amount of strain on the organization’s cash flow – strain that the executive director alleviated by making a personal loan to the organization. Financed through NFF’s zero-interest CARE Fund, this loan will both pay off that personal loan and bridge the financing ENYRLDC needs to complete the fitness center while city contract payouts continue to be delayed. Effectively, this loan will ease cash flow pressures on the organization while supporting the health and wellness of East New York communities.
Hudson Link for Higher Education in Prison: Re-entering society and pursuing long-term goals
$500,000 working capital loan
Hudson Link for Higher Education in Prison (HL)’s mission is to support incarcerated people in making positive impacts on their own lives, their families, and their communities, resulting in lower rates of recidivism and poverty. They accomplish this by offering college education, life skills, and re-entry support to hundreds of currently and formerly incarcerated people each year. One creative method of re-entry support is a contractor training program through which individuals both receive certification and work on renovating a home that they live in themselves or another person going through HL’s programs. This program has helped build a strong sense of place among its alumni network.
HL started its work more than 20 years ago with the support of Trinity Church Wall Street and other local churches and synagogues. Trinity Church Wall Street was its first funder and partner, providing support for everything from hosting alumni gatherings to supporting art shows for released students and participating in the creation of programs. Today, through the Trinity Church Grantee Loan Fund, NFF is providing HL with a loan to support the separate but affiliated organization New Beginnings, which employs formerly incarcerated youth to build homes for people re-entering society. The loan will also offer HL working capital while it recuperates losses from revenue-generating events cancelled during the COVID-19 pandemic. With this financing, HL can continue to invest in critical programs for currently and formerly incarcerated people – programs that support their smooth reentry into society and pursuit of their long-term aspirations.
Partners: Trinity Church Wall Street
PATH Ventures: A much-needed response to California’s housing and homelessness crises
$1 million working capital loan
PATH Ventures is a permanent supportive housing (PSH) provider that specializes in the development of housing for formerly homeless individuals and families. Their mission is to end homelessness for individuals, families and communities by building and operating affordable rental homes paired with on-site services that support residents in regaining long-term stability, independence, and health. They currently operate 16 PSH properties with 985 units of housing – including California’s first ever development through Project Homekey, a state-funded effort to convert unused hotel space into PSH.
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.
Learn more about NFF’s loan products on the financing page of our website.