New York City’s industrial land has been diminishing at a fast pace in the last few decades, mostly as a result of pressure for residential real estate development. The sector provides a significant source of employment with jobs that offer “living wages” to hundreds of thousands of New Yorkers.
There are programs that support non-profits create and preserve quality manufacturing jobs in New York City. The NYC Economic Development Corporation’s NYC Industrial Developer Fund (IDF) is a $150 million public/private fund to provide project financing for industrial real estate development projects in New York City. The Fund is designed to catalyze investment in 400,000 sf of new or renovated industrial real estate workspace across New York City, supporting the creation of as many as 1,200 quality and accessible industrial jobs by 2020.
The Association for Neighborhood & Housing Development’s(ANHD) Urban Manufacturing Accelerator Fund provides front-line resources which enable developers to more effectively acquire, construct and renovate urban manufacturing space. The fund seeks to create 570,000 square feet of new industrial space through development of six to eight urban manufacturing facilities, leveraging an estimated $200 million in public/private investment while creating or preserving an estimated 500 quality jobs. The Fund will provide hands-on technical assistance and pass-through grant funding of up to $60,000 to support non-profit developers with pre-development expenses related to closing on Industrial Development Fund financing, helping to ensure that applications are credible and successfully managed through the City’s review process.