LeverAge Innovation Financing Program.
NCB partners with LeadingAge and Grantmakers in Aging (GIA) to launch Financing Program.
NCB, as part of its commitment to serving low- and moderate-income communities, partnered with LeadingAge and Grantmakers in Aging (GIA) to launch LeverAge Innovation Financing Program. This program will provide assistance to organizations focused on serving older people with low-incomes through below market rate lending options often out of reach for these projects—including 10-year fixed rate mortgages, affordable working capital and cash flow loans, and a risk-sharing lending program.
Spearheaded by NCB, the new program will address the financing needs of new models of affordable senior housing and services focused on meeting the changing needs of the aging community and healthcare system. NCB will offer lower rate financing by soliciting and pairing mission deposits with a dollar-for-dollar match from NCB.
With a shortage of 1.8 million affordable senior housing units and large increases in the demand for long-term services projected for 2020, LeverAge’s affordable rates, longer terms, and flexible structure offers a new tool and approach to address this growing crisis.
NCB’s partnership with LeadingAge and GIA is a natural one. As an organization tasked with seeking new possibilities for the world’s aging population, LeadingAge is comprised of 6,000 not-for-profit organizations. The group represents the entire field of aging services, 39 state partners, hundreds of businesses, consumer groups, foundations and research partners. The organization is committed to being an advocate for the industry, and promoting education and applied research. Members of LeadingAge touch the lives of 4 million people every day.
“In recent years, many of our members have struggled with accessing the capital necessary to meet needs in the community and implement innovations that will facilitate aging in place while lowering costs,” said Katie Sloan, president and CEO of LeadingAge. “LeverAge will help meet those needs while providing other LeadingAge members with an opportunity to diversify their portfolios and support their peers as depositors.”
Similar to LeadingAge, the impact by Grantmakers in Aging (GIA) members is felt far and wide. The organization is a national catalyst for philanthropy with a shared mission of improving the experience of the aging. GIA provides it members with a connection to key figures, high-quality resources and state-of-the-art ideas for all issues related to aging. The group is dedicated to promoting and strengthening grant making for an aging society, and is the only international professional organization of grant makers active in the field.
“Affordable housing that also provides needed services is essential for the rapidly growing senior population,” said John Feather, CEO of Grantmakers in Aging. “Philanthropic organizations have long had an important role in this effort, but the need is greater than what current resources can address. LeverAge provides philanthropy with a critical new tool to expand their support through their investment strategies.”