A Hand-Up, Not a Handout: Habitat for Humanity Teams with Hedge Funds for Housing in New York
Habitat for Humanity sees as its mission bringing the dream of home ownership into the reality of hard-working families who otherwise would not be able to afford it. The New York City branch of Habitat for Humanity purchases vacant lots for $1 from the city, and then develops them with monies which are raised in a large variety of ways, including through loans, foundation grants, state funds, sales revenues and fund-raising.
As the number of possible sites available for development decreases while the cost of their development skyrockets, Habitat for Humanity decided to enlist the help of the private sector in order to acquire a portion of the needed funding.
For the first time since its establishment in New York in 1984 Habitat is enlisting the help of a well-placed sector in the New York economic and financial world, and that is through hedge fund managers. A few years ago real estate agents helped in the effort, raising over $100,000 towards Habitat’s latest project, the Atlantic Avenue condominium development which includes 41 affordable condo units in the Ocean Hill-Brownsville section of Brooklyn.
The Brooklyn Borough president’s office has also contributed to this undertaking, along with LaCrosse Global Fund Services, PNC Multifamily Capital and a long list of other private sector supporters that believe that “investing in human capital contributes to the success of the hedge fund industry, and New York City.”
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Tags: Hedge Funds for Humanity
