Manufacturers and Traders Trust Company (M&T Bank) used a $110,000 FHLBNY Urban Development Advance (UDA) 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.
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.
