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CPC-TruFund BIPOC Developers Equity Fund

CPC-TruFund BIPOC Developers Equity Fund (“DEF”) is a jointly funded initiative launched by Community Preservation Corporation (CPC) and TruFund Financial Services, Inc. aimed at providing BIPOC real estate developers operating and residing within NY State with up to $1 million to aid in predevelopment/acquisition and working capital (organizational capacity) needs.

Terms & Conditions

Terms & Conditions

Developers that operate and reside in New York State

Community Focus

Must be aimed at meeting the needs of low-moderate income communities and residents

Amount

Working capital up to $500,000 and Predevelopment capital up to $750,000 with a total of up to $1,000,000

Structure

Preferred Equity

Term

Working Capital: 6 to 36 months; Predevelopment Capital: 3 to 24 months


Eligibility

Affordable Housing Experience

Minimum of three years of affordable housing experience

Prior Development Experience

Minimum of three prior independently-completed (as owner of development company) housing developments (preservation or new construction)

Cash Flow

Existing and/or projected cash flow must be sufficient for fund request

Emerging Developer

No more than 1,000 units developed independently


Applications

To apply, all applicants were required to register for and attend a webinar, held on November 3, 2021 at 11:30AM, which provide more information about the initiative as well as some technical assistance on key topics facing emerging developers in the private equity space. Upon confirmation of attendance, applicants received a personalized link to apply to the initiative.

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