UDA Success Stories

Carver Federal Savings Bank Supports Renovation of Two Mixed-Use Buildings in Harlem, New York

For over 50 years, Carver Federal Savings Bank has worked intimately with the people of Harlem to achieve their personal and financial goals. Recently, Carver used a $1,200,000 FHLBNY Urban Development Advance (UDA) to help finance the renovation of two five-story, walk-up, mixed–use buildings. The properties consist of 20 apartments and four ground-level retail stores. The New York Emerging Neighborhoods Fund is the managing company controlling the project. The Fund, formed by developers Jerry Salama and Scott Metzner, is the first-ever equity investment vehicle designed to directly revitalize New York’s low-income communities without government subsidies or tax credits. This Harlem project exemplifies what can be achieved when public and private sectors work with community leaders and residents to meaningfully improve the neighborhoods they serve.

UDA funds support economic and community development projects located in local government entities with a population greater than 25,000 that benefit households with incomes at or below 100% of the area median income. Long-term funding is available with any CLP advance, allowing you to match-fund the terms and structure of your end loan, locking in a known spread for the life of the loan to mitigate interest rate risk. UDA funds may be used for the financing of commercial, small business, manufacturing, social service, and public facility projects and activities, as well as the construction and rehabilitation of public or private infrastructure, including roads, utilities, and sewers. For more information about the UDA program or to see if the project you have in mind qualifies, contact us at (212) 441-6850.