Capital One announced the launch of its Blueprints to Buildings Fund (B2B Fund) that will aid nonprofit developers in their predevelopment and project planning efforts to build affordable housing.
The company has selected six nonprofits—three in New York City and three in the Washington, D.C. metropolitan area—to participate in the fund, representing a commitment of up to $3.9 million in grants and loans.
Over the next three years, the nonprofits will complete predevelopment activities for several new housing initiatives that could create nearly 1,000 units of affordable housing.
The B2B Fund will support the following six initiatives:
West Side Federation for Senior and Supporting Housing (WSFSSH)—WSFSSH will focus its efforts on the Valley Lodge, one of the first homeless shelters for seniors in Manhattan, and develop a new building on three adjacent lots to the property to house a mix of permanent affordable apartments, supportive housing, and a 110-bed emergency shelter. The second development will take place at an underutilized parking lot in East New York, which would yield 20 new affordable rental units.
· MHANY Management (MHANY)—MHANY will focus on the development of 58 rental units of affordable housing in a new six-story building in the Hunts Point neighborhood of the Bronx.
· Settlement Housing Fund (SHF)—The B2B grant will support SHF’s work in creating high-quality, energy-efficient affordable housing in the Mt. Eden section of the Southwest Bronx. As part of the proposed plan, SHF intends to build new supportive housing, with requisite community space and service office space and a total of 75 apartments designed for families. All units will be affordable to households earning no more than 60% of the area’s median income.
Washington, D.C. area:
· Arlington Partnership for Affordable Housing (APAH)—APAH will develop a four- to five-story building with approximately 140 rental units and underground parking at the site of the Arlington Presbyterian Church. APAH will also explore leasing opportunities, including a potential childcare center and a new location for the existing church-based center.
· Artspace—In Silver Spring, Md., Artspace will develop 68 live/work units in two new construction buildings featuring 17,000 square feet of studio, classroom, rehearsal, and commercial space, and 11 townhomes.
· Montgomery Housing Partnership (MHP)—With a shortage of 60,000 affordable housing units in Montgomery County and 71,000 in Prince George’s County, MHP’s goal is to add approximately 200 new units each year to meet the demand for more affordable housing. MHP plans to acquire and stabilize six rental properties totaling 395 units located in Takoma Park, Silver Spring, and Wheaton in Montgomery County and Hyattsville in Prince George’s County, Md.
“The B2B Fund reflects our commitment to invest in high-impact, neighborhood-led projects that respond to the housing needs of the city’s most vulnerable residents,” says Stacey Cooper, head of community development banking at Capital One.