June Loan Closings: Bowery Residents' Committee, Chhaya Community Development Corporation, Hollywood Community Housing Corporation
Bowery Residents' Committee: Advancing supportive housing solutions in New York City
$3.2 million participation in a $6.4 million acquisition loan led by CSH (February 2025)
Founded in 1971, the Bowery Residents’ Committee (BRC) is one of New York City’s leading providers of housing, treatment, and other services for unhoused adults. In 2024, BRC served over 10,000 people, including helping 1,200 clients move from homelessness to stable, permanent housing.
The $3.2 million participation in a $6.4 million loan is the latest in a 25-year history of NFF proudly backing BRC. It will support acquisition and predevelopment expenses for the construction of a new 95-unit housing project in the Bronx, which includes 57 supportive housing units, 37 affordable units, and one super unit. With this financing, BRC will be able to expand its reach to a community with limited housing options, offering stability and dignity to more individuals for years to come.
Chhaya Community Development Corporation: Building collective power and economic well-being with South Asian and Indo-Caribbean communities in New York City
$4.6 million acquisition loan (May 2025)
Chhaya CDC was founded in 2000 to address the housing and economic needs of low-income South Asian and Indo-Caribbean New Yorkers and their families. For 25 years, they have served tens of thousands of individuals and led the charge on key policy issues for immigrants, advocating for systemic changes that remove the barriers to well-being, housing stability, and economic mobility.
NFF’s loan will help Chhaya CDC acquire and renovate a 4-story building in Jackson Heights, Queens. The building will serve as its new headquarters, a multiservice community center, and a comprehensive resource hub for the community. The new ADA-compliant space will also provide the organization with three times the space it currently occupies, expanding Chhaya CDC’s visibility and positive impact on New York residents.
Hollywood Community Housing Corporation: Expanding community-centered affordable housing in Los Angeles
$2 million predevelopment loan (January 2025)
Founded in 1989, Hollywood Community Housing Corporation (HCHC) is among the oldest nonprofit affordable housing and service providers in Los Angeles County, currently operating 31 properties with 1,243 units of housing, supporting over 2,500 individuals. They fulfill a vital need in LA County by providing permanent supportive housing and affordable housing for low-income families, formerly unhoused individuals, seniors, and those with special needs.
"At Hollywood Community Housing, we create more than just buildings. We foster opportunity, stability, and dignity for people who have been priced out of the housing market. Our residents include low-income families, seniors, and formerly homeless individuals, and our work ensures they have access to high-quality housing in thriving, connected neighborhoods."
Sarah Letts, Executive Director, Hollywood Community Housing
HCHC received a working capital loan from NFF in 2020 to support four projects in various stages of completion. A new $2 million loan from NFF will support HCHC in its pipeline of seven housing projects as of fall 2024, including a project in Santa Monica that consists of two sites. This capital will also help HCHC provide a broader array of services to residents, extending successful programs to all who live in their communities.
"We’re proud that our partnership with NFF has allowed HCHC to keep moving forward on transformative housing developments, especially during the predevelopment phase when funding is hardest to secure. With NFF’s support, projects like Casa de la Luz and our new Santa Monica developments are already shaping a more equitable future for Angelenos."
Sarah Letts, Executive Director, Hollywood Community Housing
Learn more about NFF’s loan products on the financing page of our website.