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Nonprofits Face Financial Uncertainty - Shelterforce

"Nonprofit housing organizations in the states hardest hit by the pandemic could soon face the same dilemma as New York-based nonprofits—a surge in need from clients seeking counseling, representation, and more while funding from state contracts dries up."

That's the opening sentence of an article published in Shelterforce on 10/26/20.

The author cites the results of a survey the NYS CDFI Coalition conducted this fall, which found that "75 percent of institutions that responded to a September 2020 survey had a contract with the state for which they had not yet received an anticipated payment. Outstanding amounts range from $70,000 to $450,000, with an average of more than $200,000 per institution."

The article also quotes NYS CDFI Chair Linda MacFarlane, who said that the pandemic has “wreaked havoc with all of our bottom lines. Support from New York [state] is a big part of our annual budget, and uncertainty around when and if we’ll receive full or partial payment means we can’t pay training staff, put on workshops, or provide one-on-one technical assistance with Paycheck Protection Program applications and other desperately needed aid. We understand that New York state is also waiting for word on financial assistance from Washington, but we have to know where we stand so we can help small businesses and disadvantaged communities make plans for recovery.”

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