About the Program
Emerging developers that work on projects below $30 million face significant hurdles obtaining funding for their projects. NYCEDC has partnered with Basis Management Group to fill this gap, committing $10 million to pilot the Emerging Developer Loan Fund.
The fund provides low-interest loans to NYC-based real estate projects including mixed-income housing, mixed-use, industrial and commercial projects.
To date, we have provided support to the following projects, contributing to a pipeline of $50 million or more:
- Veteran and affordable housing in the Bronx.
- Community church and multi-family in Harlem.
- Tech space and multifamily in Brooklyn.
- Affordable housing and commercial development in the Bronx.