IntroductionUniversity Neighborhood Housing Program is a nonprofit, 501(c)3, community based organization that works to create, finance and preserve affordable housing in the Northwest Bronx since 1983. University Neighborhood strives to accomplish our mission by lending money from our community development and specialty low interest loan funds and by providing technical assistance to community groups, not for profit housing companies and affordable housing projects. In addition, UNHP organizes around issues that impact the affordability of housing as well as the ability of low income families to remain in that housing.
University Neighborhood Housing Program manages a variety of programs and projects that address the wide range of issues that impact upon and jeopardize rental housing that is affordable to the low and moderate income residents of the Northwest Bronx (map). UNHP operates primarily on grant support from banks, foundations and some contributions from individuals. Our loan funds have received investments from religious organizations, banks and not for profits.
Investing In Our Loan Funds
Your contribution or grant support for our work will help us create and preserve affordable housing in our neighborhoods. Your investment in one of our loan funds will help finance affordable housing for low-income families and individuals. The following is a list of the loan funds and projects that are currently in need of investments and support:
Community Development Loan Fund:
UNHP's Community Development Loan Fund invests in NWBronx community ownership projects. The Community Ownership Project is the name given to privately or publicly owned buildings that have received the necessary financing, development assistance, loan packaging help and/or organizing support from UNHP to become community controlled properties. To date there are 53 multifamily buildings that are part of UNHP’s community ownership project. Community Ownership provides the following for the tenants: permanent long term affordable housing, a stabilized financing structure, financing for purchase and renovation, assistance for building specific issues and organizing assistance throughout the process. UNHP is seeking additional low interest investments for this fund. UNHP is also seeking grants and contributions for our community ownership work to underwrite the enormous amount of time and effort it takes to package one of these projects.UNHP Green Loan Fund:
UNHP began this loan fund in 1995 with a $75,000 grant from the Joyce Mertz Gilmore Foundation and a $60,000 three year commitment from the Bankers Trust Foundation. The largest investor in the fund is JPMorgan Chase with a $400,000 no inerest investment. Initially, UNHP Green Loans were issued to community controlled affordable housing projects to support conservation, energy and security improvements in amounts ranging from $3,000 to $20,000. UNHP has been making larger loans as we have gained experience with this fund and still lend primary for repairs and upgrades that result in energy savings to the building. In November 2005 the UNHP Green Loan Fund issued four loans to purchase heat computers in 13 multifamily buildings, The heat computers will provide fuel savings at a time when energy cpsts are soaring. UNHP is seeking additional investors for this successful and innovative loan fund.UNHP STIRR Fund:
UNHP's newest loan product is our Short Term Interest Rate Reduction (STIRR) Fund. This fund will provide 2 to 5 year financing to distressed community controlled housing projects. The projects would have to demonstrate that they have stabilized their current finances and are able to manage the building on current operating income. The STIRR loan would be used to refinance back high interest debt on past water and sewer and tax charges and penalties. The STIRR loan would be repaid out of the savings generated by the reduction in interest rate. The Fannie Mae Foundation capitalized this fund with $170,000 in 1998. Additional low interest investments in this fund would assist in the long-term preservation of distressed, but stabilized community controlled affordable housing.Supporting the work of University Neighborhood
A grant or contribution to University Neighborhood Housing Program would support us in our work to preserve, create and finance affordable housing in the NWBronx. If you would like to donate to our work online, click here or contact us at 718-933-3101 or mail@unhp.org.
