Member lender HSBC Bank USA used two Community Investment Program (CIP) Advances (one for $235,000 with a 15-year maturity and another for $45,000 with a 5-year maturity) to extend funding to Lifetime Assistance, Inc. (LAI) for the purchase and renovation of a residential facility on Webber Circle in Rochester, New York.
LAI is a non-profit organization dedicated to offering comprehensive services to children and adults with developmental disabilities and their families throughout Monroe County. Through over a dozen programs designed to promote self-reliance, dignity, and a sense of purpose, LAI helps developmentally disabled children and adults reach their maximum potential. The new residential facility will be home to six low- and very-low-income, developmentally disabled individuals. Administrative and supportive staff positions will be created to supervise and assist the individual residents in making transitions to independent living.
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.
