ANHD Launches Fund to Stimulate Local Manufacturing Jobs in New York City, with support from Citi Community Development

Urban Manufacturing Accelerator Fund to work with model NYC Economic Development Corporation program to expand quality jobs through industrial development

New York, NY - The Association for Neighborhood and Housing Development (ANHD) and Citi Community Development (Citi) announced today the Urban Manufacturing Accelerator Fund(UMAF) - a new program to create and preserve quality manufacturing jobs in New York City by providing front-line resources which enable non-profit developers to more effectively acquire, construct and renovate urban manufacturing space. By stimulating the creation of new industrial and manufacturing space by non-profit developers, this new partnership complements the NYC Industrial Developer Fund (IDF) - a model program launched last year by the New York City Economic Development Corporation (NYCEDC).

Managed by ANHD with support from founding corporate partner Citi Community Development, the goal of the Urban Manufacturing Accelerator Fund is 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.

Urban manufacturing provides a vital and inclusive pathway to greater economic opportunity for New York City households. The median wage in the urban manufacturing sector is $50,400 a year, and 63% of jobs do not require a college degree. The sector employs 15.4% of the city's private sector workforce, 62% of which are people of color. New York City has made the development of the industrial and manufacturing sector a key component of its economic strategy to create more living wage employment - and the launch of NYCEDC's Industrial Developer Fund in 2016 was a key component of that strategy. By providing the vital support that many non-profit developers need to successfully navigate the IDF application process, the Urban Manufacturing Accelerator Fund will enhance the impact of NYCEDC's program and provide nimble, flexible capacity-building resources to qualified non-profit industrial developers to produce shovel-ready industrial projects.

"This new fund is a smart addition to the toolbox for nonprofit developers of manufacturing space. Mayor de Blasio prioritized good-paying manufacturing jobs in his New York Works jobs plan, and we proudly support ANHD and Citi's partnership to put more technical support into the hands of job-creating manufacturers," said New York City Deputy Mayor for Housing and Economic Development Alicia Glen.

"Maintaining and creating quality, good paying manufacturing jobs is essential to keeping New York City a place where individuals and families across New York City can access economic opportunities.  I thank the Association for Neighborhood and Housing Development and Citi Community Development for their work in helping to support the manufacturing sector and in doing do help us build a more equitable economy," said New York City Council Speaker Corey Johnson.

"When we launched the Industrial Developer Fund last year, we hoped others would build upon it with new tools to promote good paying manufacturing jobs.  The Urban Manufacturing Accelerator Fund and the Industrial Developer Fund Capacity Building Program are precisely the type of complementary innovations we had in mind," said NYCEDC President James Patchett. "We are grateful to Citi and ANHD for their unwavering support for the Industrial Developer Fund and New York City's manufacturers."

"Although unemployment is down in New York City, more than 60 percent of the new jobs created between 2009 and 2016 were lower-wage positions," said Bob Annibale, Global Director, Citi Community Development and Inclusive Finance. "The Urban Manufacturing Accelerator Fund offers an innovative approach to boosting New York's industrial and manufacturing sector, and an inclusive path to expanding higher-wage employment and greater economic security for New York City households."

"To address growing inequality in New York City, we need to think about economic development in a bold and fearless way - one that supports economic opportunity for all communities, emphasizing the quality of the jobs created and the needs of New York City residents." said Benjamin Dulchin, Executive Director at Association for Neighborhood and Housing Development. "The Urban Manufacturing Accelerator Fund provides the strategic support and guidance to ensure that New York City preserves and enhances its manufacturing sector while also creating high quality, career track jobs with low barriers to entry that allow families to stay and flourish in the city. The Fund provides the resources for non-profit developers to navigate the NYCEDC Industrial Developer Fund and will catalyze the ability of non-profit developers to close projects with NYCEDC.  ANHD is in a unique position to lead the Urban Manufacturing Accelerator Fund, having been the catalyst for the creation of the IDF and now providing in-depth assistance to IDF applicants."

"Strengthening NYC's industrial sector is an essential way to create good jobs for a wide range of New Yorkers, and to advance more inclusive growth in the innovation economy," said New York City Council Member and Deputy Leader for Policy, Brad Lander. "The Urban Manufacturing Accelerator Fund will provide industrial businesses and non-profit and mission-driven developers with the hands-on support they need to create and preserve high quality industrial jobs in NYC.  A huge thanks to ANHD and Citi Community Development for launching this strategic new program which will complement and accelerate the use of NYCEDC's Industrial Developer Fund and bolster investment throughout NYC."

New York City Council Member Rafael Salamanca noted that "Protecting and expanding industrial space is crucial for not only our local economy in the South Bronx, but for our City as well. I thank the Association for Neighborhood and Housing Development and Citi Community Development for the creation of the Urban Manufacturing Accelerator Fund. This is a significant investment in our City's manufacturing sector."

"Creating and preserving skilled manufacturing jobs is critical to the success of some of our poorest neighborhoods," said New York City Council Member Vanessa Gibson. "The employment opportunities created by the industrial and manufacturing sector present a pathway to the middle class, providing families with financial stability and upward mobility.  I commend ANHD and Citi Community Development for the creation of the Urban Manufacturing Accelerator Fund and thank them for their commitment to creating and preserving the manufacturing sector in our city."

"The Urban Manufacturing Accelerator Fund is a shot in the arm that industrial and manufacturing businesses need to energize an industry that creates quality, middle class jobs for communities of color throughout New York City," said New York City Council Member Donovan Richards. "Every community deserves economic opportunity, and particularly opportunities for highly skilled workers who need good paying jobs to stay in the City they call home. I'd like to thank NYCEDC, Citi Community Development, ANHD and the entire Industrial Jobs Coalition for all their work in preserving and expanding this critical industry."

"We applaud ANHD and Citi Community Development for launching the Urban Manufacturing Accelerator Fund to support nonprofits seeking to develop industrial and commercial spaces," said Sam Marks, Executive Director of LISC NYC. "NYC needs more businesses that offer good, middle-skill jobs.  We agree with ANHD that mission-oriented entities can be effective owners and stewards of real estate for these types of businesses, and the Urban Manufacturers Accelerator Fund will provide critical resources to build the capacity of nonprofits to do so.  We applaud Citi Community Development and look forward to collaborating with ANHD and its partner nonprofit developers to accelerate the use of NYCEDC's Industrial Developer Fund."

Leah Archibald, Executive Director of Evergreen Exchange noted that "Evergreen is so happy to see ANHD couple their effective advocacy with creative policy solutions to achieve our shared goal of growing spaces to retain working class jobs in NYC.  We are optimistic that ANHD's Urban Manufacturing Accelerator Fund combined with a rejuvenated Industrial Development Fund will help mission-driven nonprofits develop affordable industrial real estate for small manufacturers throughout NYC."

"New York City's industrial and manufacturing sector bolsters local economies and provides strong stable jobs for communities.   Industrial jobs have provided New Yorkers with good wages and a path to career growth for decades. Although the industry continues to remain at risk, it can be stabilized through investment and new opportunities for growth.  The Urban Manufacturing Accelerator Fund does just that."stated Derrick Lovett, CEO of MBD Community Housing Corporation. "This fund provides non-profit developers, like MBD Community Housing Corporation, with pre-development resources necessary to navigate the Industrial Developer Fund process and create or preserve industrial, job producing centers in New York City."

Nancy Carin, Executive Director of BOC-Network highlighted the importance of using creative models to enhance industrial development, "BOC Network sees the need to preserve affordable industrial space and support job growth in small industrial business. Creative tools like the Urban Manufacturing Accelerator Fund will support NYC's commitment to good jobs in NYC."

"Equitable economic development goes beyond simply expanding the tax base and employment base, which is too often the exclusive focus of government policy. Instead, it is about the types of jobs created and the people being served - and ensuring that quality, sustaining jobs are created for those who are often left out.  The Urban Manufacturing Accelerator Fund creates an environment whereby Non-Profit developers have the necessary resources to create job centered industrial markets that stabilize local economies and provide career track positions for community residents." said Steven Brown, President of the South Bronx Overall Economic Development Corporation (SoBRO).

About the Association for Neighborhood and Housing Development:

The Association for Neighborhood and Housing Development (ANHD) is the umbrella organization of 100 non-profit affordable housing and economic development groups, serving low- and moderate-income residents in all five boroughs of New York City.  Since its founding in 1974, ANHD has been key in making NYC's community development sector among the most effective in the US, providing comprehensive training, robust capacity-building and apprenticeship programs, and high-impact policy research. In the past 25 years, ANHD's non-profit members have built over 120,000 units of affordable housing in our city's most distressed neighborhoods.

Additional information may be found at www.anhd.orgTwitter: @ANHDNYC | Bloghttps://anhd.org/blogs/ | Facebook: www.facebook.com/anhdny  | LinkedIn: https://www.linkedin.com/company/association-for-neighborhood-&-housing-development-anhd-/ 

 

About Citi Community Development:

Citi Community Development leads Citi's commitment to financial inclusion and economic empowerment for underserved individuals, families and communities across the U.S. Through innovative collaborations with municipalities, community groups and leading nonprofit organizations, we harness Citi's expertise, products and services to help expand opportunity for all.

Additional information may be found at http://citicommunitydevelopment.com | Twitter: @CitiYouTube: www.youtube.com/citi | Bloghttp://blog.citi.com  | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi 

 

For more information about the Urban Manufacturing Accelerator Fund visit: www.anhd.org/urban-manufacturing-accelerator-fund

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