FJC is pleased to announce the awardees under a new program that provides low-cost, philanthropically motivated debt to affordable housing nonprofits that partially match these funds with equity-like grants. The Working Capital Revolving Match Fund program is backed by a $1 million loan commitment from Deutsche Bank Americas Foundation’s New Initiatives Fund.
Through the program, Deutsche Bank will fund a $200,000 low-interest loan to each of the four awardees, provided they raise the $100,000 match. The program builds on a successful pilot FJC launched with The Fortune Society in 2023 to expand their supportive housing options available to formerly incarcerated individuals.
“Nonprofits are businesses with unique needs, and philanthropy can play an important role in funding their entrepreneurial activities with both philanthropic debt and equity-like grants.”
Sam Marks, CEO of FJC
The awardees, selected via Request for Proposals process organized by FJC, are:
Fifth Avenue Committee: A community development corporation that advances a more equitable New York City through integrated, community-centered affordable housing, grassroots organizing, policy advocacy, and transformative education, training, and services.
New Destiny Housing: A nonprofit that provides housing and services to survivors of domestic violence and their children.
Urban Pathways: Delivering coordinated outreach, housing placement, and supportive services for New Yorkers experiencing or at risk of homelessness.
Urban Homesteading Assistance Board (UHAB): Empowering low- and moderate-income communities through affordable homeownership and tenant associations.
Each loan is conditioned on the nonprofit raising matching donations, ensuring the program not only injects capital but also drives new funder engagement. The matching funds raised will remain with the nonprofit developers, allowing the funding to be recycled and used for future projects.
The program provides a dedicated source of capital to nonprofits for the critical predevelopment stage of affordable housing development. Although public subsidies and bank financing are generally available to nonprofits for construction, it can take years of planning and legwork to get to the closing table.
“Providing enterprise capital to nonprofits will help these affordable housing builders meet the moment as the city works to ramp up housing production,” said Sam Marks, CEO of FJC. “Too often, the nonprofits most committed to an equitable, diverse New York City lack the early-stage funding needed to get a project started. These are mission-driven organizations that stay invested, not just in projects, but in people. This program provides them with a dedicated source of capital to jump-start these projects, so they don’t have to divert resources from their existing programs to cover these costs. Nonprofits are businesses with unique needs, and philanthropy can play an important role in funding their entrepreneurial activities with both philanthropic debt and equity-like grants.”
“FJC’s program builds upon the legacy of Deutsche Bank Community Development Finance Group’s cornerstone programs, which have enabled the creation and preservation of over 14,700 affordable homes and numerous community facilities since their inception.” said Cheryl Gladstone, Head of Community Development Finance Group (CDFG) at Deutsche Bank. “We are proud to expand our support for new capital resources that will help create additional affordable housing units in New York City.”
“With over 47 years of experience building affordable housing and uplifting communities in Brooklyn and beyond, funding gaps at the very start of a project are still one of our biggest hurdles. This fund will give us the capacity to advance our 2,000 Brooklyn Homes campaign and move forward on projects our community and New York City needs without lengthy delays. That means affordable homes arriving faster and stable, inclusive neighborhoods for all residents we serve. FAC is grateful to FJC and Deutsche Bank for this critical financing support.” said Michelle de la Uz, Executive Director of Fifth Avenue Committee (FAC).
“At Urban Pathways, we believe in a ‘housing first’ approach, providing housing and personalized support as the initial building blocks for stability,” said Ariel Garcia, Chief Housing Development Officer at Urban Pathways. “This fund will be the foundation for developing housing more strategically and rapidly, opening doors to safe, permanent housing for our neighbors experiencing homelessness.”
“Over five decades, UHAB has helped low-income New Yorkers become homeowners in affordable cooperatives and stay rooted in their communities. Access to early-stage capital has long been one of the biggest barriers nonprofit developers face, especially when working to create deeply affordable, community-controlled housing.” said Margy Brown, UHAB’s Executive Director “With support from the Working Capital Revolving Match Fund, UHAB can move more swiftly to advance affordable cooperative homeownership opportunities across New York City and ensure low-income New Yorkers have long-term housing stability.”
