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Contact Fund’s work to spur high-impact community development in New York City continues to progress. In the first quarter of 2014, our loan portfolio was stable at 15 borrowers, with an average loan size of $282,000; outstanding loans increased 2%.     more...
Home > News > Contact Fund surpasses $1M goal!
Contact Fund is thrilled to announce that it has exceeded its $1M capital raise and loan deployment goal for 2011 with the addition of several new investors during our most recent note issuance last month. We welcome them aboard and thank all of our investors for helping us to expand the network of individuals directly investing in high-impact organizations that provide real hope and opportunity in New York City’s most under-served neighborhoods.

And as we’ve been communicating, we are on target to deploy over $1M in 2011!  Contact Fund’s credit committee recently approved two loans in September totaling $1M. The first in Queens will expand a “Real Estate Owned” (REO) program to purchase, rehab and resell foreclosed properties at slightly below-market rates to moderate-income first-time homebuyers.  This investment is part of a larger, second round of an REO program piloted in 2010 in response to the foreclosure crisis unfolding in Queens, NY. This loan, our first in Queens, establishes Contact Fund’s presence in four of the five boroughs of NYC.   

The second investment is a $500,000 gap construction loan for a much-needed 108-bed men’s shelter in the Bronx. Contact Fund’s loan is helping the organization cover its obligation as part of a much larger financing plan. Constructing and owning their own building will allow the service provider to ensure a stable physical environment for their clients while strengthening the organization’s balance sheet for a more sustainable financial future.

Thank you again for your interest and support. With seemingly endless gridlock and volatile financial markets making headlines on a regular basis we are humbled and inspired by the opportunity to create real change and solid financial benefits in local NYC communities, one loan at a time.

We look forward to building upon this momentum in 2012 as Contact Fund expands its work – and its impact in New York City neighborhoods.