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In the 2023 New York “State of the State” address, Governor Kathy Hochul acknowledged the tough times local community organizations, businesses, and people experienced in 2022. We’re still transitioning through a period of economic disruption.
In the associated 277-page report “Achieving the New York Dream,” Hochul’s administration reconfirms the correlation between housing insecurity and mental illness. A renewed focus on organizations that provide mental health related social services means new funding opportunities for some of New York’s community-oriented nonprofits.
Consider the following 2023 State of the State initiatives.
1. Create additional residential units for individuals suffering from mental illness, including 1,500 supportive housing units (page 65, bullet 4, and page 101).
2. Provide new budgetary authority for OMH residential capital, including additional operating funds (page 66 and, for context, pages 58-59).
Key Takeaway: Nonprofits already providing mental health services will have the opportunity to develop housing options for their patients.
To leverage State initiatives for housing units, your nonprofit will need a full development team with the following expertise represented.
a. Development partners with nonprofit experience
b. Development consultants
c. Financial advisory consultants
d. Legal experts experienced in affordable and supporting housing
e. Lender partners
f. Architects experienced in affordable and supporting housing design
g. Real estate consultants to identify appropriate sites
If you’d like to learn more about the process for applying for NYS resources, including how to fund your capital project with the new housing initiatives, please consider scheduling some time with us. We can also help you bring together the necessary experts for housing related projects.
In the 2023 New York “State of the State” address, Governor Kathy Hochul acknowledged the tough times local community organizations, businesses, and people experienced in 2022. We’re still transitioning through a period of economic disruption.
In the associated 277-page report “Achieving the New York Dream,” Hochul’s administration reconfirms the correlation between housing insecurity and mental illness. A renewed focus on organizations that provide mental health related social services means new funding opportunities for some of New York’s community-oriented nonprofits.
Consider the following 2023 State of the State initiatives.
1. Create additional residential units for individuals suffering from mental illness, including 1,500 supportive housing units (page 65, bullet 4, and page 101).
2. Provide new budgetary authority for OMH residential capital, including additional operating funds (page 66 and, for context, pages 58-59).
Key Takeaway: Nonprofits already providing mental health services will have the opportunity to develop housing options for their patients.
To leverage State initiatives for housing units, your nonprofit will need a full development team with the following expertise represented.
a. Development partners with nonprofit experience
b. Development consultants
c. Financial advisory consultants
d. Legal experts experienced in affordable and supporting housing
e. Lender partners
f. Architects experienced in affordable and supporting housing design
g. Real estate consultants to identify appropriate sites
If you’d like to learn more about the process for applying for NYS resources, including how to fund your capital project with the new housing initiatives, please consider scheduling some time with us. We can also help you bring together the necessary experts for housing related projects.
NYC agencies are encouraging investments in IndustrialBusiness Zones (IBZ).This is good news for real estate developers and building owners hoping to attract manufacturing and light industrial tenants through redevelopment of their properties. Financial assistance through the NYCIndustrial Development Agency (NYCIDA) can make a sizeable contribution to most capital stacks.
For many organizations, delaying a project means delaying future success. Tax credits and economic incentives can help fund the next step forward in any mission-driven organization’s growth and evolution. Considering the life line that these programs can represent, let’s take a few moments to understand what incentives are and how to tap into the potential for your company.
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