In utilizing a $280,000 FHLBNY Urban Development Advance (UDA), M&T Bank financed the acquisition of a specialty store located in Rochester, New York. Cook’s World, a gourmet kitchen store, provides everything necessary for the home chef, including cookware, cutlery, bake ware, kitchen appliances, gadgets, Dutch ovens, pressure cookers, and giftware. While cooking amenities may be the highlight for patrons of the store, the employees selling them are arguably those that benefited most in the job security made possible by this UDA advance. Through the purchase of the property, two full-time employees and six part-time employees were able to retain their jobs.
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.
