This loan is being offered under LENDonate’s BYON Private Loan Program. See section under Other Important Information for further explanation.
If you are interested in investing in this loan, please fill out this brief intake form and a LENDonate representative will reach out with next steps.
If you have questions about the India Home project, please contact India Home directly.
Vasundhara Kalasapudi M.D
516-859-5125
India Home is a non-profit organization dedicated to addressing the needs of and empowering the South Asian and Indo-Caribbean senior immigrant community in New York City through culturally competent services. At India Home’s centers, their seniors find community and resources through a diverse range of programs and activities. Their mission is to improve the quality of life of older adults and help them to age with dignity by providing social, physiological, recreational, and spiritual services in a culturally sensitive manner.
The new development will be a 6-story, 40-unit building and 19,000 sq ft facility located at 87-86 153rd St Jamaica, NY.
The building will contain:
For additional details about the property, please take a look at the realtor.com listing.
The loan proceeds will be used for predevelopment costs including feasibility studies, architectural and engineering fees, legal costs, permitting, site surveys, utility assessments, and financing charges.
The loan will be repaid through a permanent construction loan.
A pre-development loan will help India Home cover the initial costs associated with planning and preparing a supportive housing project before construction begins.
Feasibility and Planning: These loans allow organizations to conduct feasibility studies, site assessments, and architectural designs. This stage is crucial for ensuring that the project is viable and meets the needs of the South Asian Older adults.
Securing Permanent Financing: Pre-development loans help bridge the gap until long-term funding is secured. They cover early-stage costs so that the project can move forward and eventually attract permanent financing from sources like low-income housing tax credits or government grants.
Speeding Up the Process: By providing the necessary funds upfront, predevelopment loans can accelerate the project timeline, allowing housing to be developed more quickly to address urgent needs.
Supportive housing combines affordable housing with supportive services to help south asian older adults who face challenges such as homelessness, disability, or other barriers to stability.
“THEY HAVE GIVEN ALL THEIR LIFE TO THEIR CHILDREN AND THE COMMUNITY…IT’S TIME TO GIVE BACK.”
Dr. Vasundhara Kalasapudi, Executive Director
Unlike investments on our marketplace, Bring Your Own Network (BYON) projects bring supporters who are already familiar with India Home and therefore are not reliant on LENDonate’s credit analysis services. LENDonate is available to answer financial and investment questions, future repayment services, and any desire to convert from investment to donations in the future. The term and interest rate are established between the investor and India Home independent of LENDonate.
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