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Forest City Community Development Entity, LLC
Brooklyn NYCDFI Awards for Forest City Community Development Entity, LLC
NMTC (2009) - $55,000,000
Forest City Community Development Entity, LLC’s (“Forest City”) business strategy is to provide financing for real estate retail development projects located in highly distressed low-income communities. Forest City will make qualified low-income community investments which will either 1) increase the community impact of new investments by incorporating additional local, social service, and community-specific businesses at below-market rents; or 2) support investments of a scale which will initiate neighborhood revitalization. Forest City intends to offer gap filling equity investments and/or subordinate debt facilities exhibiting favorable characteristics, such as below-market interest rates, greater than market loan-to-cost ratios, and low upfront fees.
NMTC (2008) - $45,000,000
Forest City Community Development Entity, LLC"s (a€œForest Citya€) business strategy is to provide financing for real estate retail development projects located in highly distressed low-income communities. Forest City will make qualified low-income community investments which will either 1) increase the community impact of new investments by incorporating additional local, social service, and community specific businesses at below market rents; or 2) support investments of a scale which will initiate neighborhood revitalization. Forest City intends to offer gap filling equity investments and/or subordinate debt facilities exhibiting favorable characteristics such as below market interest rates, greater than market loan-to-cost ratios, and low up front fees.
NMTC (2005) - $51,000,000
The NMTC allocation will allow Forest City Community Development Entity, (FCCDE) LLC to introduce two new models for development: an "Enhanced Commercial Model" and a "Critical Mass Model." In the first model, FCCDE will use a portion of the economic benefit of the NMTC to lease its commercial space at below-market rates to local retailers. In the second model, FCCDE will use the NMTC to provide gap financing to make large-scale, high-impact developments feasible.
Other Community Development Financial Institutions in New York
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Credit, Inc.
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The Disability Fund, Inc.
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UA, LLC
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Westchester Housing Fund, Inc.
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Women"s Venture Fund, Inc.
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Featured Government Grant Resources
Small Business Administration's Portable Assistance Program
The Small Business Administration has established the Portable Assistance Program wherein they seek to provide grants to Small Business Development Lead Centers that provide services to small businesses in an effort to increase the success of small business establishments and their viability in certain communities where economic hardship is apparent and is attributable to the impact of a major disaster.
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Did you know that it is possible for you to receive free or low cost consulting for your small business? If it sounds too good to be true, rest assured it is actually possible. Not only does it make sense economically, but you would be receiving advice from professionals who have extensive business experience.
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