News & Events>August 2014 CDFI Fund Award
Leviticus Fund Receives $1.5 Million Federal Award
The work of the Leviticus Fund to provide critically needed financing in low-income communities was recognized recently by the federal CDFI Fund with a $1.5 million Financial Assistance award.
Leviticus was one of 130 organizations selected nationwide to receive a financial award from a total funding pool of over $158 million. An additional 22 organizations received $2.5 million in technical assistance awards. The awardees, announced on August 26th, represent organizations in 42 states and the District of Columbia.
“The Leviticus Fund is thrilled to receive such a significant financial award from the CDFI Fund,” said Greg Maher, Leviticus’ Executive Director. “This award will greatly enhance our capacity as a nonprofit lender that serves such a large market in New York, New Jersey and Connecticut. We are honored that the CDFI Fund recognizes not only our strong history, but also our extraordinary potential going forward.”
The highly competitive CDFI Fund award is open only to federally certified organizations that are community development banks, credit unions, loan funds and venture capital funds. The award is funded annually through congressional appropriations to the CDFI Fund’s budget.
Financial awards from the CDFI Fund take the form of low-interest loans and grants and require that awardees secure non-federal matching funds before receiving the full amount of the award.
Leviticus’ award is a combination of grant and loan funds. Together these constitute substantial new resources for the flexible lending that Leviticus and other CDFIs provide to projects in communities where capital is needed most.
Leviticus will largely use its 2014 award as loan capital for longer term lending to affordable and supportive housing projects, community facilities and resident-purchases of manufactured home communities.
This is Leviticus’ eighth CDFI Fund allocation in the organization’s history and the second largest award amount received.
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