$2.5 Million Community Resilience Fund Launches in New York City
Collaboration Designed to Spur Recovery of City's Frayed Social Safety Net Begins with 15 Human Service Providers
NEW YORK, Dec. 10, 2013 /PRNewswire-USNewswire/ -- Years of economic strain and rising demand for critical services have imperiled New York City's "safety net" nonprofits. Now, fifteen human service providers are initial participants in a bold effort to secure the future of these organizations so they can continue to serve their communities. Community Resilience Fund (CRF) will give these lifeline nonprofits access to specialized financial expertise, and for some, a desperately needed infusion of money to support organizational change.
Funded by private foundations and led by Nonprofit Finance Fund (NFF), CRF provides participants with critical resources such as individualized business planning, financial analyses and tailored capitalization plans. Participants are also eligible to apply for "change capital." This money is explicitly dedicated to paying for strategic investments that result in stronger organizations better equipped to meet their missions over the long term.
"We are facing impossible trade-offs between serving people who need health care, legal services, food and shelter, now, and protecting our future viability," said Asfaha Hadera, founder and Co-Executive Director of African Services Committee, which provides social services to over 10,000 people each year. "CRF delivers the rare chance to invest in our organization in ways that ensure we're able to deliver on our mission in the months and years to come."
Nonprofit Finance Fund (NFF) conceived and developed CRF with initial planning support and leadership-level funding from the Citi Foundation. This first-time multi-funder collaborative includes support and grant opportunities from private foundations including the F.B. Heron Foundation, The Clark Foundation and Mizuho USA Foundation. New York City's Office of the Deputy Mayor for Health and Human Services provided guidance on community needs and initiative development.
Participants include: African Services Committee; Business Center for New Americans; Center For Alternative Sentencing And Employment Services; Committee for Hispanic Children and Families; The Floating Hospital; Friends of Island Academy; Grand Street Settlement; Heights and Hills; Iris House; Leake & Watts; New York City Gay and Lesbian Anti Violence Project; Palladia, Inc.; Staten Island Mental Health Society; Sunnyside Community Services; and Women's Housing and Economic Development Corp.
Tumultuous government funding negotiations and consistently delayed payments have pushed already-stretched human service providers to the financial brink. CRF is designed to help nonprofits respond to these fundamental and pervasive financial issues.
"CRF is one part of an urgent and growing movement to create more viable systems for supporting organizations that address critical social issues," said Antony Bugg-Levine, CEO of Nonprofit Finance Fund. "New York City is a great starting point: a beacon of cultural and financial strength, with enough courage and confidence to believe that we as a society can do better for people in need, for the benefit of all."
CRF is an evolving effort open to additional partners who share its vision for a stable safety net that reliably contributes to the well-being and economic recovery of New Yorkers. With current funding, CRF is only able to accept a fraction of the highly qualified applicants; expanded funding would allow CRF to help more organizations that help so many community members.
"New York is Citi's hometown, so we have a special interest in making sure our neighbors have the critical resources and support network they need," said Brandee McHale, Chief Operating Officer, Citi Foundation. "We're proud to stand with CRF partners and provide funding and counsel as part of the Foundation's commitment to investing in creative community problem solving and innovation."
For more information, please visit: www.nonprofitfinancefund.org/crf.
About Nonprofit Finance Fund
Nonprofit Finance Fund (NFF) unlocks the potential of mission-driven organizations through tailored investments, strategic advice and accessible insights. Founded in 1980, NFF helps organizations connect money to mission effectively, and supports innovations such as growth capital campaigns, cross-sector economic recovery initiatives and impact investing. A leading community development financial institution with over $80 million in assets, NFF has provided ~$270 million in loans and access to additional financing via grants, tax credits and capital in support of over $1.4 billion in projects for thousands of organizations nationwide. NFF is headquartered in New York City and serves clients from five offices across the country.
SOURCE Nonprofit Finance Fund