The goal is to create 2,000 affordable units for low-income and formerly homeless individuals and families over the next five years.
Bloomberg’s CityLab covered a historic $20 million commitment from an anonymous private donor to help VOA-GNY develop affordable housing in the Greater New York area. The gift marks the launch of VOA-GNY’s new Housing Innovation Fund (HIF), which will help to double the number of units built for low-income and formerly homeless individuals and families from 1,000 to 2,000 over the next five years.
“We’ve got to be able to move quickly and build,” said Jeffrey Ginsburg, VOA-GNY’s president and CEO, who was quoted in the article.
Predevelopment expenses are typically funded by the developer and can sometimes be harder to secure financing to cover them, journalist Sarah Holder explains.
“For a nonprofit looking to move on new affordable projects, this risk makes it harder to compete with larger, for-profit developers whose resources allow them to act more decisively,” Ginsburg said.
Read the full article at Bloomberg’s CityLab.