Financing & Incentives

NYC Industrial Developer Loan Fund

The NYC Industrial Developer Fund (IDLF) is a $19 million public/private fund designed to provide project financing for industrial real estate development projects in New York City.  The Fund intends to catalyze investment in 400,000 square feet of new or renovated industrial real estate across the city, supporting the creation of as many as 1,200 quality and accessible industrial jobs.


IDLF supports industrial job-creation in New York City by providing public/private financing for industrial real estate development projects. IDLF provides qualified for-profit and nonprofit real estate developers, as well as owners of companies who use industrial space, with partial public gap-financing assistance in the form of subordinate loans. Qualified projects seeking support will be considered when high impact projects are unable to move forward due to funding gaps. 

Nonprofit developers with projects may be eligible for additional City Capital funding through the Industrial Developer Fund 2.0 program. Please contact the NYCEDC Funding Agreements group for additional details here.

Mayoral Priority

The Industrial Developer Loan Fund is a key component of Mayor Bill de Blasio’s initiative to support industrial jobs in New York City.

New York City’s industrial and manufacturing sector employs 530,000 people, or 15.4 percent of the city’s private sector workforce. The sector is a vital pathway to the middle class for many families, with median wages of $50,400 a year. In addition, more than 328,000 jobs in the sector (61.5 percent) are located outside Manhattan, 62 percent of the workforce comes from culturally diverse backgrounds, and nearly half are foreign-born. Finally, approximately 63 percent of jobs are available to individuals who do not have a college degree.

The industrial and manufacturing sector has faced serious challenges in recent decades. These include global macroeconomic trends that have shifted US manufacturing jobs overseas, as well as heightened local competition within NYC for real estate.

In November, 2015, Mayor de Blasio and City Council Speaker Melissa Mark-Viverito announced a 10-point Industrial Action Plan to modernize the City’s industrial policy and support the city’s industrial labor force. Together, these efforts will ensure that both longstanding businesses and new firms have the ability to retain and create quality and accessible industrial jobs in New York City. The Industrial Developer Fund, the fifth point in the action plan, is designed to stimulate the creation of 400,000 square feet of new or renovated industrial and manufacturing space and as many as 1,200 jobs.

Eligible Projects

  • Land/Building Acquisition, Construction, and/or Renovation
  • Project Size: Minimum of 25,000 square feet
  • Geography: New York City’s five boroughs
  • Use/Purpose: Projects must create long-term industrial real estate property and demonstrate creation of quality, permanent industrial jobs

Fund Structure

  • Low-interest subordinate loans: Fixed or floating rates, with flexible structures and repayments
  • Borrower Entity: Qualified for-profit and nonprofit developers and owner-users of industrial real estate
  • Loan Size: Up to 10% of project costs, with a cap at $5 million
  • Maturity: Preferred range of 18-120 months

Minimum DSCR: 1.20x

Selection Process

Developers and Projects will be selected through an open and competitive bid process with quarterly submission deadlines. Please refer to the RFP page for additional details and how to apply.

Additional Information

For additional information, please contact the NYCEDC Strategic Investments Group at 212.618.5737 or [email protected].  Prospective applicants are encouraged to contact NYCEDC to determine eligibility and review in-depth financing criteria prior to submitting materials.

News & Updates

Contact Info

Contact the Strategic Investments Group at 212.618.5737 or [email protected] to determine eligibility and review in-depth financing criteria prior to submitting materials.