CIP SUCCESS STORY
HSBC Bank USA Helps Refinance Sojourner House in Rochester, New York
Member lender HSBC Bank USA, took advantage of our discounted Community Investment Program (CIP) to provide a long-term advance of $275,000 for the refinancing of Sojourner House. The 14,326 square-foot, two-and-a-half story masonry building is located in Rochester, New York. Since 1981, with funding from government agencies and private support, Sojourner House has provided temporary support services for underprivileged women and children toward improving their economic, mental, and independent living status. The 15-year amortizing CIP Advance with a fixed rate, provided the non-profit organization with the comfort of knowing their costs over the term of the mortgage. In addition, a portion of the CIP funding was used to renovate the roof, carpeting, and plumbing of the facility.
HSBC Bank's Sojourner House project qualified for CIP funding since at least 51% of the residents have income at or below 115% of the area median.
CIP funds support homeownership and rental housing development projects that benefit individuals/families with incomes at or below 115% of the area median income. Long-term funding is available with any CLP advance, allowing you to match-fund the terms and structure of your end loan, locking in a known spread for the life of the loan to mitigate interest rate risk. CIP Advances may be used to finance the purchase, construction, rehabilitation, refinancing, and/or pre-development of single-family, special-needs, and multi-family housing. For more information about the CIP Advance or to see if the project you have in mind qualifies, contact us at (212) 441-6850.