New Working Capital awardees announced
The Deutsche Bank Americas Foundation and Community Development Finance Group have provided ten awards through the Working Capital Program to social enterprises and community-based organizations providing services, opportunities and high-quality affordable homes to low-income New Yorkers.
Deutsche Bank established the Working Capital Program in 1994 to support direct, neighborhood-level change through the development of affordable homes, community centers, commercial facilities, and innovative planning and development partnerships in New York City. The program has supported the creation or preservation of well over 7,000 affordable homes in its history. The current round of awards will create and preserve over 1,100 affordable homes, leverage over 400 million dollars in total real estate development financing, and help generate 4.5 million dollars in revenue for innovative social enterprises.
The organizations that received funding include Asian Americans for Equality (AAFE), Banana Kelly Community Improvement Association, Community League of the Heights (CLOTH), Fifth Avenue Committee, Greater Jamaica Development Corporation, Grand St. Settlement, Habitat for Humanity New York City, IMPACCT Brooklyn, RiseBoro Community Partnership and WHEDco.
The awards will be structured as a three-year award of a combined total amount of up to 375,000 dollars per recipient in grants and recoverable grants.