25thAnniversaryPressRelease

News & Events > $23 million in lending marks Leviticus Fund’s silver anniversary

Elmsford, NY, June 2, 2008 – A total of $23 million in lending focused on affordable housing and community facilities in low-income neighborhoods marks the 25th anniversary of the Leviticus 25:23 Alternative Fund, Inc.

From construction of very low-income senior housing to development of early childhood education centers, Leviticus Fund is a nonprofit community loan fund serving economically poor communities in New York, New Jersey and Connecticut. Begun in 1983 with an initial loan pool of $360,000, Leviticus Fund is sustained by investments from individuals, organizations and banks that now total $11.8 million. These financial resources are channeled to nonprofit organizations, in the form of low-interest loans, to stimulate the development of affordable and supportive housing and community facilities, including child care centers.

One of Leviticus’ earliest investments in 1984 included $10,000 in financing for a tenant-owned cooperative for low and moderate income people on New York City’s Lower East Side. Today, Leviticus’ levels of available financing have increased significantly, with the Fund recently reaching its first loan of $1 million to a single borrower. The $1 million loan, to the nonprofit, A-HOME, is an essential piece in the total $3.7 million project which will construct the first affordable housing in Pound Ridge, New York.

This specific project will provide individual suites and shared kitchen and living room space for 12 low-income seniors that are at or below 60% of the area’s median income. A-HOME, which develops and manages affordable housing for seniors and disabled individuals in northern Westchester County, New York, projects that the two buildings will be ready for occupancy by early fall of this year.

“The current housing crisis underscores how vulnerable low-income families and seniors are when faced with the need for quality, affordable housing, especially in such a high-cost area like Westchester,” explained David Raynor, Leviticus’ Executive Director. “Leviticus and its investors are especially pleased that we have been able to partner with so many outstanding nonprofit organizations over these 25 years. A-HOME is just one example of an organization with a strong reputation and proven affordable housing development skills.”

Since its founding in 1983, Leviticus’ mission is to provide flexible capital and financial services for the development of affordable and supportive housing and community facilities, including child care centers. Its service area covers the three states of New Jersey, New York and Connecticut, with a specific focus on smaller cities and suburban neighborhoods beset with poverty and limited access to financial resources and services.

Additional current projects involving Leviticus’ financing include:

Newark, New Jersey – $400,000 for La Casa de Don Pedro, Inc. for a home-ownership project in the Lower Broadway area of Newark. The proposed project is for 19 new housing units – three single family and eight two-family units – that will be sold to low-moderate income homebuyers. The two-family houses will include an owner’s unit and a rental unit, with no income restriction on who can lease the rental units.

Medford, New York - $176,000 for Concern for Independent Living, Inc. to renovate 10 single family residences within Suffolk County, New York. The residences will serve as group homes of supportive housing for people with psychiatric disabilities. Each of the 10 residences will house three people, for a total of 30 residents.

Brooklyn, New York - $204,000 for the Southern Baptist Church to refinance a parcel of land which will be subdivided and then used to construct a mixture of studio and one-bedroom units for residents earning less than $32,890.

Wappingers Falls, New York – A $525,000 loan to Community Services Programs, Inc. for predevelopment costs involving two low income housing tax projects in Kingston and Chester, New York. The $12 million Kingston project, known as Kingston Meadows, is for new construction of 60-units of rental housing for senior citizens with incomes of less than 50% of area median. One quarter of the Kingston Meadows’ units will be set aside for residents with income levels of less than 30% of area median. The Chester project, known as Green Meadows, will purchase and renovate an existing 36-unit building serving very low income tenants.

(To learn more about the Leviticus Fund’s community development work, visit www.leviticusfund.org )

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Leviticus 25:23 Alternative Fund, Inc., 33 W. Main St., Elmsford, NY 10523, www.leviticusfund.org


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About Us Who We Help Ways to Invest Ways to Borrow Make a Gift News & Events Advocacy	News & Events > $23 million in lending marks Leviticus Fund’s silver anniversary Elmsford, NY, June 2, 2008 – A total of $23 million in lending focused on affordable housing and community facilities in low-income neighborhoods marks the 25th anniversary of the Leviticus 25:23 Alternative Fund, Inc. From construction of very low-income senior housing to development of early childhood education centers, Leviticus Fund is a nonprofit community loan fund serving economically poor communities in New York, New Jersey and Connecticut. Begun in 1983 with an initial loan pool of $360,000, Leviticus Fund is sustained by investments from individuals, organizations and banks that now total $11.8 million. These financial resources are channeled to nonprofit organizations, in the form of low-interest loans, to stimulate the development of affordable and supportive housing and community facilities, including child care centers. One of Leviticus’ earliest investments in 1984 included $10,000 in financing for a tenant-owned cooperative for low and moderate income people on New York City’s Lower East Side. Today, Leviticus’ levels of available financing have increased significantly, with the Fund recently reaching its first loan of $1 million to a single borrower. The $1 million loan, to the nonprofit, A-HOME, is an essential piece in the total $3.7 million project which will construct the first affordable housing in Pound Ridge, New York. This specific project will provide individual suites and shared kitchen and living room space for 12 low-income seniors that are at or below 60% of the area’s median income. A-HOME, which develops and manages affordable housing for seniors and disabled individuals in northern Westchester County, New York, projects that the two buildings will be ready for occupancy by early fall of this year. “The current housing crisis underscores how vulnerable low-income families and seniors are when faced with the need for quality, affordable housing, especially in such a high-cost area like Westchester,” explained David Raynor, Leviticus’ Executive Director. “Leviticus and its investors are especially pleased that we have been able to partner with so many outstanding nonprofit organizations over these 25 years. A-HOME is just one example of an organization with a strong reputation and proven affordable housing development skills.” Since its founding in 1983, Leviticus’ mission is to provide flexible capital and financial services for the development of affordable and supportive housing and community facilities, including child care centers. Its service area covers the three states of New Jersey, New York and Connecticut, with a specific focus on smaller cities and suburban neighborhoods beset with poverty and limited access to financial resources and services. Additional current projects involving Leviticus’ financing include: Newark, New Jersey – $400,000 for La Casa de Don Pedro, Inc. for a home-ownership project in the Lower Broadway area of Newark. The proposed project is for 19 new housing units – three single family and eight two-family units – that will be sold to low-moderate income homebuyers. The two-family houses will include an owner’s unit and a rental unit, with no income restriction on who can lease the rental units. Medford, New York - $176,000 for Concern for Independent Living, Inc. to renovate 10 single family residences within Suffolk County, New York. The residences will serve as group homes of supportive housing for people with psychiatric disabilities. Each of the 10 residences will house three people, for a total of 30 residents. Brooklyn, New York - $204,000 for the Southern Baptist Church to refinance a parcel of land which will be subdivided and then used to construct a mixture of studio and one-bedroom units for residents earning less than $32,890. Wappingers Falls, New York – A $525,000 loan to Community Services Programs, Inc. for predevelopment costs involving two low income housing tax projects in Kingston and Chester, New York. The $12 million Kingston project, known as Kingston Meadows, is for new construction of 60-units of rental housing for senior citizens with incomes of less than 50% of area median. One quarter of the Kingston Meadows’ units will be set aside for residents with income levels of less than 30% of area median. The Chester project, known as Green Meadows, will purchase and renovate an existing 36-unit building serving very low income tenants. (To learn more about the Leviticus Fund’s community development work, visit www.leviticusfund.org ) --30-- Leviticus 25:23 Alternative Fund, Inc., 33 W. Main St., Elmsford, NY 10523, www.leviticusfund.org