UDA Success Stories
HSBC Bank, USA Help Fund Central Park Cafe and Housing Units in Rochester, New York
Central Park Cafe and Housing Units in Rochester New York is a project sponsored by NENA Community Land Corporation, a non-profit organization, in partnership with the HSBC Bank, USA, one of the FHLBNY’s member lenders. To fund this project, HSBC Bank USA utilized a $75,000 amortizing FHLBNY Urban Development Advance (UDA), with a maturity of 15 years. The Central Park Cafe facility is intended to serve as a food industry job training site and an incubator kitchen for entrepreneurs needing small-scale production space for niche foods such as jams, jellies, sauces, salsas, and other products of ethnic flavor.
UDA funds support economic and community development projects located in local government entities with a population greater than 25,000 that benefit households with incomes at or below 100% 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. UDA funds may be used for the financing of commercial, small business, manufacturing, social service, and public facility projects and activities, as well as the construction and rehabilitation of public or private infrastructure, including roads, utilities, and sewers. For more information about the UDA program or to see if the project you have in mind qualifies, contact us at (212) 441-6850.