Impact Investing
The Central New York Community Foundation provided $1.86 million in short-term, low-interest recoverable grants to Home HeadQuarters to sustain critical affordable housing programs while the nonprofit awaited state and federal grant reimbursements.
This project is receiving funding from a Certificate of Deposit (CD) the Community Foundation has established in partnership with Pathfinder Bank.
A new agreement will allow VLPCNY to continue funding legal aid and anti-poverty programming while awaiting grants reimbursement.
The bridge loan fund will help nonprofit organizations continue essential community services while awaiting the receipt of approved grant funding.
More than $3.1 million is now advancing housing, business development and lending through our local impact investing program.
A $500,000 Program Related Investment (PRI) to Home HeadQuarters (HHQ) acted as a loan loss reserve to backstop first mortgages for new, first-time homebuyers in the city of Syracuse.
A $250,000 secondary capital loan is helping Cooperative Federal expand lending in the Syracuse community.
Pathfinder Bank tells us how a $500,000 deposit at their new Southwest Branch helped serve local residents who did not have easy access to a bank.