Loans for Small Property Owners Impacted by COVID
The New York Forward Loan Fund (NYFLF) was created to address the capital needs of New York’s small business owners, nonprofits, and small landlords created by the COVID-19 economic crisis. The Governor’s Office launched this Fund with The Community Preservation Corporation (CPC) as its Small Landlord CDFI Partner.
NY Forward Loans for Landlords
Building owners experiencing reduced cash flow due to tenants impacted by COVID-19 may apply for NYFLF loans with assistance from CPC and local CDFI partners. Under the program, the loan size is flexible to maximize the volume of small-dollar loans to meet the unique financial needs of small rental buildings.
The maximum loan size available under the program is $100,000, with no limit on the minimum amount.
Eligible properties include:
· Small property owner with no more than 200 units under ownership
· No single property greater than 50 units
· Properties must be located in a Community Reinvestment Act (“CRA”) eligible census tract or meet a rent test where the property rents are affordable to tenants at, or below, 100% AMI
For more information about the program’s terms and qualifications and how to apply, please visit CPC’s COVID Resources page at: https://communityp.com/covid/or visit the NYFLF homepage at: https://www.connect2capital.com/partners/new-york-forward-loan-fund/