News & Events> Flexible Financing Remains Key for Community-focused Development

During 2010, and into this new year, Leviticus’ flexible financing remains a valuable resource for local not-for-profit developers of affordable housing and community facilities.

The following provides a short overview of recent lending efforts:

IFCA Housing Network, Ossining, New York – The Leviticus Fund approved a $290,000 loan request to renovate five units of affordable rental housing in two adjacent buildings at 53-55 Hunter Street in the Village of Ossining. The Hunter Street units provide affordable rental housing to households earning below 80% of area median income.

Buildings on Hunter Street in Ossining renovated in 2010 by IFCA Housing Network

Leviticus has provided four affordable housing related loans to IFCA to date. The agency owns and manages 84 rental units, plus management services for 27 additional units, in Ossining and neighboring communities.

 

Community Housing Innovations, Inc., White Plains, New York – A $375,000 loan from Leviticus supported energy improvements in nine apartment buildings in various locations in Westchester, including Peekskill, Mount Vernon and Yonkers.

22-24 Chestnut Street, Yonkers, New York received energy improvements from Community Housing Innovations

In total 153 apartments occupied by low-income households at or below 60% of area median income will reap the benefits of these energy saving improvements. The improvements include replacing lighting fixtures in apartments and common areas, installing low-flow shower heads, replacing roof insulation, installing Energy Star refrigerators and new heating systems, plus insulating water pipes.

The buildings at 54-58 South 2nd Avenue, Mount Vernon, New York have become greener, thanks to Leviticus Fund and CHI

This is Leviticus’ second loan to CHI, which provides affordable housing to formerly homeless and low-income residents, as well as other programs and services in the counties of Suffolk, Nassau, Westchester, Ulster and Dutchess.

 

ACCORD Corporation, Belmont, New York – A $35,000 loan was used to acquire computer hardware and software to upgrade the organization’s telephone system. ACCORD is the Community Action Agency for Allegany County, which is the poorest county per capita in New York State. The agency is divided into eight major divisions, and the telephone system upgrade will provide substantial cost savings for the organization.

This is the sixth loan that Leviticus has done with ACCORD. All earlier financing was for community facility-related projects.

 

Homefirst Interfaith Housing and Family Services, Inc., Plainfield, New Jersey –  A $935,000 loan provided financing toward the purchase of three, two-family homes to create six units of permanent supportive rental housing in New Jersey. The homes are situated in residential areas – one in Scotch Plains and two in Westfield – and provide easy access to public transportation and shopping.

This is Leviticus’ second loan with Homefirst, which was founded 25 years ago as the Interfaith Council for the Homeless of Union County. The agency’s focus is on eliminating homelessness by providing housing and other related services.

 

Acelero Learning Camden, Inc., Camden, New Jersey – A $162,000 loan helped this agency acquire and renovate a building for use as an Early Head Start Center. The facility will have six classrooms, with each classroom used by eight children. ALC estimates that in total 90 children will be served: 48 in center-based and 42 in home-based. ALC also plans on using the building for an Extended Day program that is expected to serve 17 children in the first year and grow in capacity to 35 children by the fifth year.

ALC is a for-profit organization that works with communities to improve the educational quality of Head Start programs in their area. It is a national program promoting school readiness for economically poor children and their families, with a special focus on helping preschoolers build early reading and math skills. The Early Head Start program serves children from birth to three years of age. There is no charge to the families for Head Start programs. This is Leviticus’ first loan to ALC

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