RDA Success Stories
HSBC Bank USA Finances Two Developmental Day Centers in Upstate New York
HSBC Bank USA used the FHLBNY’s Rural Development Advance (RDA) to fund two day centers owned and operated by Heritage Christian Services, Inc. (HCS) in Tonawanda and Webster, New York. HCS was created by a group of local parents whose children had disabilities. The parents were disenchanted with the level of care that was available and formed HCS to elevate the care and opportunities available for children with special needs.
For over 20 years, HCS has worked to provide meaningful living and working environments for individuals with special needs. One of the non-profit agency’s services offered is their day habilitation program, designed to give individuals with special needs the ability to develop skills for personal growth. HCS’s staff works closely with each participant to help them become more independent by offering reading, communication, math, time and money management, personal care, housekeeping, and cooking lessons. In addition, all 13 of their locations have access to adaptive computer technology such as touch screens and switch-operated software.
HSBC Bank USA used RDA funding to provide a $356,735 loan for HCS’s Tonawanda location and $320,000 for their location in Webster, New York. The loans provided permanent financing for the buildings’ expansions and renovations.
RDA funds support economic and community development projects located in local government entities with a population of less than 25,000 that benefit households with incomes at 115% or less of the area median income. Long-term funding is available with any CLP advance, allowing you to match-fund the terms and structure of your end loan, locking in a known spread for the life of the loan to mitigate interest rate risk. RDA funds may be used for the financing of commercial, small business, manufacturing, social service, and public facility projects and activities, as well as the construction and rehabilitation of public or private infrastructure, including roads, utilities, and sewers. For more information about the RDA program or to see if the project you have in mind qualifies, contact us at (212) 441-6850.