This May, LIIF closed a $1.5 million line of credit for Foya Development Group through our Black Developer Capital Initiative (BDCI), a $70 million initiative LIIF launched in 2021 in partnership with affiliate National Affordable Housing Trust (NAHT). The product provides flexible capital to support the growth of Black-led for-profit and nonprofit affordable housing developers.
Foya Development Group
Foya Development Group, led by Adenah Bayoh, is a Black-owned firm based in Newark, New Jersey. Adenah, who emigrated from Liberia at the age of 13 to escape civil war, grew up in public housing in the South Ward of Newark. She is a successful real estate developer with a portfolio of several major residential and mixed-use urban redevelopment projects across northern New Jersey. Her deep roots in the community have fueled her ambitions to empower the city and its surrounding areas by providing housing and access to healthy food.
Foya serves historically excluded communities, both suburban and urban, with a focus on providing affordable housing. “We believe that a person’s ZIP code should not determine the quality of their home or limit their housing options,” Adenah notes. “Our efforts are directed toward assisting working-class Americans, many of whom juggle multiple jobs to afford basic living expenses, especially in high-cost areas like New Jersey and New York. Single mothers, who often face significant economic challenges, make up a large portion of those we support. Our mission is to offer affordable housing solutions to help ease their financial burdens and improve their quality of life.”
Financing’s Impact
This closing was Foya’s first Low-Income Housing Tax Credit (LIHTC) deal as the lead developer on a multi-phase construction project in the South Ward. The $1.5 million BDCI line of credit will fund predevelopment expenses for the next phases. This partnership is significant, enabling Foya to expand in the affordable housing sector while extending LIIF’s impact in New Jersey.
Securing predevelopment financing is a significant challenge for developers looking to scale, particularly those from underrepresented backgrounds. “Gratitude has no bounds for LIIF’s invaluable support throughout this development process,” says Adenah. “With their unwavering commitment, Foya has been empowered to persist in our mission of crafting quality, affordable housing for all.”
Adenah notes that this capital allows Foya to speed up project timelines, enabling the hiring of top-notch staff and fostering innovative housing solutions. “This capital has given me the freedom to think more broadly and explore new possibilities,” Adenah adds. Programs such as BDCI are essential for supporting developers who lack access to capital at traditional lenders, providing critical early-stage capital that can move a project forward.
Next Generation of Developers
Currently, only about 12% of affordable housing developers are people of color, reflecting the barriers they often face due to a lack of access to generational wealth or early-stage project funding. BDCI addresses this challenge by providing essential early-stage capital, empowering developers who might otherwise be excluded from the affordable housing sector. “This not only fosters diversity within the industry but also opens up new opportunities for innovative and impactful affordable housing initiatives,” Adenah says. “In essence, BDCI and similar programs can be true game changers, leveling the playing field and ensuring that talented developers from all backgrounds have the support they need to make a difference in communities across the country.”
LIIF is proud to support Foya Development Group in providing flexible capital to provide affordable housing in New Jersey — and we are excited to see the BDCI providing real impact for the South Ward community in Newark.
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If you would like to read more about our Black Developer Capital Initiative, including terms and our Impact-Risk-Profitability (IRP) framework, please visit our lending page here.
In essence, BDCI and similar programs can be true game changers, leveling the playing field and ensuring that talented developers from all backgrounds have the support they need to make a difference in communities across the country.
Foya Development Group Founder and Chief Executive Officer Adenah Boyah