LEVITICUS FUND - Faith Capital for Building Communities A community development fund for socially-responsive investors

News & Events> Leviticus Receives $3.25 Million in Combined Federal Awards

Marking the largest federal award in its history, the Leviticus Fund was selected to receive $3.25 million in combined grants and loans from the U.S. Treasury Department’s CDFI Fund. A Financial Assistance (FA) award will provide $1.75 million of new resources to support Leviticus’ core lending for affordable and supportive housing and community-based facilities, and a Healthy Food Financing Initiative (HFFI) award will provide an additional $1.5 million to support our emerging lending to healthy food-access projects within economically poor communities.

“We are thrilled that Leviticus was selected to receive these funds,” said Greg Maher, Leviticus’ Executive Director. “These dollars, combined with the new investments they will generate, offer a tremendous boost to Leviticus’ work to provide flexible capital needed by nonprofit developers to succeed in our three state target market. The stock of affordable and supportive housing continues to lag far behind demand, and access to fresh, unprocessed foods in low-wealth communities is a threshold issue that must be addressed for adults and children to have an opportunity to lead healthier lives.”

The CDFI Fund awarded $202 million in grants and loans in the 2015 funding round after receiving 374 applications requesting more than $439 million. The CDFI Fund, which marked its 20th anniversary in 2014, has awarded more than $1.5 billion in total FA funding to CDFIs focused on economic empowerment in low-income communities in every state in the nation.

In announcing the 2015 awardees, CDFI Fund Director Annie Donovan said "Today's awards highlight how much the CDFI Program has contributed in its 20 year history toward building a strong network of CDFIs across the country. These important community partners are not only on the frontlines of economically distressed communities providing needed capital and credit, they are building a more inclusive economy which benefits the nation as a whole."

The 2015 award is Leviticus’ seventh FA award since the CDFI Fund launched the program, and its first HFFI award. Of the $3.25 million total, $2.5 million is a grant and $750,000 is long term debt.

 

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Leviticus 25:23 Alternative Fund, Inc.
33 West Main Street, Suite 205, Elmsford, NY 10523
Tel. 914.909.4381    Fax. 914.606.9006
A member of the Opportunity Finance Network