CIP Success stories
Sussex Bank To Finance Assisted Living Facility, West Orange, New Jersey
Member lender Sussex Bank took advantage of a FHLBNY Community Investment Program (CIP) Advance to provide $3,300,000 in financing to support Canterbury Village, a non-profit, assisted living facility that is currently home to over 40 senior citizens. Since 1898, the organization has provided care, shelter, and services to older adults throughout Essex County and beyond. Canterbury Village plans to use $3,100,000 to pay off previous expansion expenses. The remaining $200,000 will support various recent and ongoing renovations, such as new furniture and carpeting for their parlor and dining room. Canterbury is currently in their next stage of improvements, which will include the installment of a country-style kitchen to complement the character and charm of the original Victorian structure. The project qualified for CIP funding since Canterbury’s residents have household incomes below 115% of the area median income.
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.