UDA Success Story: M & T Bank Provides Renovation
Funding to Support Community Art Organization, Rochester, NY
Manufacturers and Traders Trust Company ("M & T Bank") submitted an Urban Development Advance ("UDA") application for a $110,000 Advance to help complete renovations of a facility being leased to a not-for-profit organization known as Dazzle School of Visual and Performing Arts.
The commercial property, located in Rochester, New York, was acquired and renovated by North East Area Development, Inc. ("NEAD"). The building, originally built in 1915, has been utilized as a neighborhood movie house, bakery, heating supply company, auto parts store, and later a mini mart, which became a haven for drug activities. NEAD transformed this eyesore into a stage for a community-based arts organization to keep local children involved in wholesome, safe activities.
NEAD is a 501(c) 3 Neighborhood Preservation Agency that was organized in 1966 to represent all communities in Northeast Rochester. The non-profit, issue-oriented organization's primary purpose is to assist in the revitalization and stabilization of living and working conditions in northeast Rochester. NEAD provides programs in housing rehabilitation, crime prevention, beautification, youth education, community organizing, zoning issues, and neighborhood advocacy. With over 300 members, NEAD acts as the driving force for the revitalization of these communities.
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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