- Build the capacity of M/WBE developers through professional development, networking, and mentoring programs;
- Improve access to capital for M/WBE developers with low-cost financing options for site acquisition and predevelopment costs;
- Enhance the ability of M/WBE developers to compete more effectively for HPD support by providing targeted new construction and preservation opportunities; and
- Encourage affordable housing developers to employ M/WBE contractors and professional service firms.
Through these efforts HPD hopes to address demonstrated disparities in M/WBE participation in affordable housing development, strengthen the affordable housing development industry, and further its mission of providing safe and affordable housing to all New Yorkers.
For more information, please read our press release.
Building Capacity of M/WBE Developers
HPD has partnered with the New York City Department of Small Business Services (SBS) to offer a capacity building course designed to meet the unique needs of M/WBE developers. Participants will have the opportunity to learn about best practices in affordable housing development from site selection, to project financing, to construction and property management. The course will also cover strategies for winning and managing New York City government-supported projects and will provide opportunities to network with industry leaders and other developers, contractors, and professional service providers. The application period for this course is now closed. Information on future course offerings will be posted here when available.
For more information on NYC SBS and their free services, visit: NYC Business Solutions
Improving Access to Capital
The New York City Acquisition Fund LLC now offers favorable financing terms to qualifying M/WBEs that otherwise may not be eligible for the Acquisition Fund’s standard loan products. These financial tools seek to address barriers to accessing capital that many M/WBEs currently face.
To learn more about the New York Acquisition Fund, please visit: http://www.nycacquisitionfund.com/
Increasing Development and Contracting Opportunities
To address the disparity in M/WBE developer participation, HPD sought state legislation that would permit the agency to take additional steps to encourage M/WBEs’ participation in the affordable housing development market. This legislation will enable the creation of a competitive pre-qualified list (PQL) of M/WBEs (and joint ventures that include M/WBEs,) and a pipeline of City-owned sites that will be competitively solicited to that PQL. The Request for Qualifications for participation for that program will be available here once the enabling legislation has been signed into law.
To complement the M/WBE pipeline of projects , HPD is coordinating with the New York State Association for Affordable Housing (NYSAFAH)) to match M/WBE developers with experienced, well-established developer mentors. These mentors will offer guidance to the M/WBEs as they sharpen project proposals and navigate the development process..
PD now also requires all developers receiving HPD financing to submit M/WBE utilization plans where the developers may establish voluntary goals for including M/WBE contractors in their development projects. During construction, developers submit semiannual updates listing the M/WBE general contractors, subcontractors, and professional services providers they have hired and the amounts that have been paid out under contracts with those entities. This program is intended to encourage all developers to include certified M/WBEs on their development team wherever feasible and is line with similar initiatives such as New York State Homes & Community Renewal’s M/WBE program.
Businesses interested in learning about existing opportunities for M/WBEs are encouraged to visit the websites below:
NYC Department of Small Business Services - How to Certify with the City
NYC Department of Small Business Services - Construction Mentorship Program
NYC Department of Housing Preservation & Development - Local Business & Participation
New York State Homes & Community Renewal – M/WBE Corner
For more information, please read our