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New York Child Care Seed Fund
The largest city and most diverse city in the United States, New York City faces a critical shortage of affordable child care spaces for low income families. Many child care providers would like to expand their centers to serve more children or enhance the quality of their existing space. Others are just trying to keep the doors open in the face of facility constraints and threats from real estate pressures. In most cases, center operators do not have the real estate experience they need to meet these challenges.
Though only in operation since 2003, the New York Child Care Seed Fund is already having an impact on the availability of child care spaces.
The New York Child Care Seed Fund, a program of the Low Income Investment Fund, addresses these issues by offering early-stage financial assistance, training and consultation for child care center providers who wish to expand, preserve or enhance their child care facilities.
The Four Stages of Success
The New York Child Care Seed Fund supports child care center providers who serve low income children through the critical early stages of facilities development. These include:
Stage One: Education
Workshops on the topics of facilities development, financing and business management give child care providers the information and tools they need to plan and manage a development project.
Stage Two: Planning
Planning grants enable child care center operators to obtain professional services to assist them in analyzing the feasibility of a proposed facilities project.
Stage Three: Predevelopment
Low-interest predevelopment loans are available for activities that will lead to the construction or renovation of a facility. Providers also receive assistance in applying for additional sources of financing to complete the project.
Stage Four: Development
The New York Child Care Seed Fund also serves as a resource from construction to the opening of the center, and links providers to ongoing support services offered by its collaborators.
Seeds of Change
Though only in operation since 2003, the New York Child Care Seed Fund is already having an impact on the availability of child care spaces in New York City. As of December 31, 2004, the planning grant program has provided over $265,000 and has supported the development of nearly 2,000 child care center spaces for low income children. More than 100 child care providers and community agencies have received training in child care facilities development and financing. The Seed Fund works on local, state and federal policy issues to ensure an environment that supports better development for and operation of child care centers in New York City. The Seed Fund's goal is to create, preserve or enhance 450 child care spaces for low income children each year.
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