RDA Success Story: HSBC Bank USA Finances
Two Developmental Day Centers in Upstate New York
HSBC Bank USA used the HLB’s Rural Development Advance (“RDA”) program to fund two day centers, owned and operated by Heritage Christian Services, Inc. (“HCS”), in Tonawanda and Webster, New York. HCS was created by a group of local parents whose children had disabilities. The parents were disenchanted with the level of care that was available and formed HCS to elevate the care and opportunities available for children with special needs.
For over 20 years, HCS has worked to provide meaningful living and working environments for individuals with special needs. One of the non-profit agency’s services offered is their day habilitation program, designed to give individuals with special needs the ability to develop skills for personal growth. HCS’s staff works closely with each participant to help them become more independent by offering reading, communication, math, time and money management, personal care, housekeeping, and cooking lessons. In addition, all 13 of their locations have access to adaptive computer technology such as touch screens and switch-operated software.
HSBC used RDA funding to provide a $356,735 loan for HCS’s Tonawanda location and $320,000 for their location in Webster, New York. The loans provided permanent financing for the buildings’ expansions and renovations. The projects qualified for RDA funding because at least 51 percent of the individuals who benefit from the facilities are at or below a targeted income level of 115 percent of the median income.
Community Lending Program (“CLP”) Advances are the lowest-priced HLB Advances made available to help you strengthen your community and assist with your CRA performance. 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 hedge interest rate risk. For more information about our CLP programs or to see if the community development project you have in mind qualifies, contact your Calling Officer today at (212) 441-6700 or Joseph Gallo, Community Investment Officer, at (212) 441-6851.
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