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"Homelessness has long been a chronic problem in New York City, and as the city continues to face an unprecedented homelessness crisis, the City is taking steps to ensure that all New Yorkers have a safe place to stay at night," Mayor Eric Adams said in a statement announcing the creation of a $15 million revolving shelter fund.
The fund will help finance the construction of new shelters and the rehabilitation of existing shelters, the New York Daily News reports.
"One of our primary goals outlined in our Housing and Homelessness Plan was to replace dilapidated and dilapidated shelters with high-quality facilities," Adams said.
"This public-private shelter fund is an innovative solution that will further alleviate our communities' housing problems by providing much-needed funding that bolsters the ability of nonprofit homeless service providers to own, operate, and build shelters."
The fund will provide loans of up to 130 percent of the cost of the project to cover site acquisition and other costs, and will return the money to the fund to support multiple projects over time.
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Social Entrepreneurship
Spotlight
Social Entrepreneurship: Meet the Disruptors of The World Of Philanthropy
William D. Eggers and Paul Macmillan of Dowser write about the social entrepreneurs slowly and steadily dirsupting the world of philanthropy. According to Forbes, philanthropy disruptors are those that believe “no one company is so vital that it can’t be replaced and no single business model too perfect to upend.”