New York City Acquisition Fund

The NYC Acquisition Fund (AF) provides local and not-for-profit developers with bridge financing to acquire private property for the construction and preservation of affordable housing.  The $200 million NYC Acquisition Fund will provide local and not-for-profit developers with a financial mechanism to acquire private property for the construction and preservation of affordable housing.  Up to 30,000 rental, homeownership, and supportive housing units will be created or preserved through the ALF over the next ten years. 

The fund guarantee pool consists of $8 million in Battery Park City Authority revenues and $32 million from various foundations, including Ford Foundation, Robin Hood Foundation, Heron Foundation, MacArthur Foundation, Rockefeller Foundation, Starr Foundation, New York Community Trust, Gimbel Foundation, Open Society Institute, among others.

Senior lender debt of up to $190 million is available from major banks and financial institutions such as JPMorganChase, Bank of America, Citibank, Deutsche Bank, Fannie Mae, Wachovia, HSBC, North Fork, Mizuho, Merrill Lynch, Signature, and M&T.

Loan terms
Loans are made for up to 3 year terms and the interest rate is approximately prime minus 40-60 basis points.  For-profit developers can receive loans of up to 95% loan-to-value ratio and nonprofit developers can receive loans of up to 130% loan-to-value ratio.  There are also cash equity and minimum recourse requirements.

Applying for an acquisition loan

If you have a project that would like to apply for an acquisition loan, please contact one of the Originating Lenders:

o Enterprise Community Loan Fund
o NYC Housing Development Corporation
o Corporation for Supportive Housing
o Local Initiatives Support Corporation
o Low Income Investment Fund

Click here for link to Originating Lender Contact List (PDF)
click here for link to NYC Acquisition Fund Brochure  (PDF)
Click here for link to NYC Acquisition Fund Transaction Term Sheet  (PDF)

Relevant Press Releases
Click here for link to NYC Acquisition Fund Announcement  
Click here for link to Battery Park City Trust Fund Announcement

For general questions about the Acquisition Fund, please contact:
Lauren Dietz
HPD Office of Development    
Division of New Construction Finance
100 Gold Street, Room 9-P8    
New York, NY 10038
Email:nychtf@hpd.nyc.gov
PHONE NUMBER:(212) 863-5942

Valerie Neng
HPD Office of Development    
Division of New Construction Finance
100 Gold Street, Room 9-P9    
New York, NY 10038
Email:nychtf@hpd.nyc.gov
PHONE NUMBER:(212) 863-5473