New Urban Development Enterprise Loan
This enterprise loan provides medium-term capital to finance New Urban Development (NUD)’s pipeline of affordable housing projects in Miami. Focusing on the economically distressed neighborhood of Liberty City, NUD expects to use this loan to leverage more than $200 million of public and private investment to create more than 640 affordable housing units.
Loan Purpose: Enterprise loan
Project Type: Affordable housing
Borrower: NUD is a subsidiary of the Urban League of Greater Miami, a Black-led organization that serves BIPOC clients. NUD has developed a robust pipeline over the past three years, including 830 new affordable housing units and 13,600 square feet of community space. This loan will enhance NUD’s capacity for future development with nearly $17 million of cash development fees.
Loan Details: This loan was Partners' seventh loan in partnership with Housing Partnership Network. Through a 2021 CDFI Fund FA grant, Partners created a new goal of increasing lending in Florida, Georgia, Alabama, and the Carolinas.