New Loan Closings: Bayview Hunters Point Foundation, Impact Services, Why Not Prosper

$250,000 bridge loan (December 2021) 

Since 1971, Bayview Hunters Point Foundation (BHPF) has offered affordable housing, employment assistance, healthcare, and educational programming to people experiencing homelessness in the San Francisco neighborhood of Bayview. The organization provides a continuum of homeless services ranging from outreach to case management to permanent housing support. Their goal is to help people access the support they need to transition from homelessness to permanent housing and to achieve their aspirations: medical treatment, rehabilitation, stable, supportive housing, benefits, and employment. 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. 

Learn more about NFF’s loan products on the financing page of our website.

$1.5 million facilities loan (December 2021) 

Impact Services’ mission is to empower people in need to attain the hope, motivation, and skills necessary to reach their fullest human potential and highest level of personal and family self-sufficiency. The Philadelphia neighborhoods where Impact Services works have been highly impacted by the overlapping traumas of multi-generational poverty, opioid addiction and the heroin trade, and a high level of violence. In response to these issues, Impact Services offers employment assistance, reclaims abandoned industrial spaces, develops affordable housing, and works to stabilize the lives of individuals and families. The organization's specific programs include workforce and community development programming for a range of low-income and disenfranchised populations, a loan fund that supports local businesses, and community engagement efforts that organize neighborhood events, clean-ups, and more. 

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.  

Learn more about NFF’s loan products on the financing page of our website.

$250,000 working capital loan (December 2021) 

Why Not Prosper (WNP) was founded by and for formerly incarcerated women. The organization provides a continuum of programs that includes pre-release mentoring, housing for women that have reentered in Philadelphia and Harrisburg, and community services at a Philadelphia resource center. Why Not Prosper's programs help women gain employable skills, find and retain jobs, secure safe, decent, and affordable housing, avoid or end dependency on alcohol and drugs, reunite with children, and avoid a return to prison.   

Why Not Prosper recently received a donation of several acres of land in Eagle Rock, PA, on which they plan to build a retreat center where they can both host programs and that they can rent out to generate revenue. They are launching a capital campaign to finance the development of this new site. Offered through NFF's zero-interest CARE Fund, this loan will seed the capital campaign and support the salary of a full-time development director that will lead the campaign while seeking out additional grant funding for the organization. We hope this loan will allow Why Not Prosper to make the investments it needs to continue growing – and expand their programs to even more incarcerated and formerly incarcerated women.

Learn more about NFF’s loan products on the financing page of our website.