LONG ISLAND HOUSING PARTNERSHIP, INC. AND AFFILIATES SELECTED
TO PARTNER WITH NEW YORK STATE AND COMMUNITY PRESERVATION CORPORATION ON LANDLORD ASSISTANCE LOAN PROGRAM
Due to the COVID-19 pandemic, Governor Cuomo has established the New York Forward Loan Fund Program (NYFLF), a portion of which has been set aside to assist small landlords with working capital needs as a result of the pandemic. Community Preservation Corporation (CPC) is the non-profit organization designated by New York State (NYS) to administer the small landlord portion of the NYFLF program.
Long Island Housing Partnership, Inc. and Affiliates (LIHP) is pleased to have been selected to partner with NYS and CPC as the
local partner in the Long Island region, helping to assist small landlords through the application process. LIHP is here to help!
Working capital loans through NYFLF are intended to provide small landlords that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19,
with access to credit as they reopen.
Based upon actual losses for either the months of April 2020 or May 2020, loan amounts cannot exceed the lesser of:
• $100,000, or
• Projected loss in rental income over a 3-month period of time.
Loans are not forgivable, in whole or in part, and must be repaid over a 5-year term at a fixed rate of 2% (nonprofits) or 3% (for-profits), with interest-only payments during the first 12 months. Funds will be disbursed on a first-come, first-served basis. Access to loans for small landlords will be targeted to owners with residential buildings of 50 units or less, and will prioritize loans for landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants. Please click here for a complete list of loan terms.
Interested applicants must submit a pre-application. Please click the attached link for more information and access to
the pre-application form. https://www.connect2capital.com/partners/new-york-forward-loan-fund/.
LIHP is available to walk you through the application process.
For more information, please contact Douglas Hirst, Construction Program Coordinator, at (631) 435-4710 ext. 338 or
email him at email@example.com.
The New York Forward Loan Fund is supported by Apple Bank, BNB Bank, BlackRock Charitable Fund, Citi Foundation, Evans Bank,
Ford Foundation, HSBC Bank USA, N.A., M&T Bank, Morgan Stanley, the Ralph C. Wilson, Jr. Foundation, and Wells Fargo.