News & Events > Leviticus Fund receives $2 million economic stimulus award

June 29, 2009 – The Leviticus 25:23 Alternative Fund, Inc. is to receive $2 million in federal funding through the American Recovery and Reinvestment Act to support affordable housing and community facility development in low-income communities in New York, New Jersey and Connecticut.

CDFI Fund Director Donna Gambrell offers congratulations to David Raynor, Leviticus' Executive Director, on $2 million federal stimulus award

The award announcement was made today by U.S. Treasury Secretary Timothy Geithner in a press conference highlighting the work of Community Development Financial Institutions (CDFIs) in economically distressed communities throughout the United States. In total $90 million in financial assistance awards were given to 59 CDFIs in 26 states and Puerto Rico. Leviticus Fund is one of 10 CDFIs in New York State to receive the federal grant and was awarded the maximum grant amount possible.

In his address, Secretary Geithner recognized the important role of CDFIs in helping the nation move further toward recovery by focusing on the most vulnerable and economically abandoned communities.  

“The Recovery Act awards announced today build on the Administration’s efforts to get lenders lending again,” Secretary Geithner said. “These awards will help generate capital for small businesses, mortgage loans for homebuyers, and funding for affordable housing projects and other facilities in communities across the country.”

U.S. Treasury Secretary Timothy Geithner announces $90 million in financial assistance awards during press conference in the South Bronx, NY

Leviticus Fund will channel this federal award directly to its loan programs promoting development of affordable and supportive housing, community-based facilities, child care centers and co-op conversion of manufactured home park communities. The federal funds will also enable Leviticus to attract new private investments that can further increase the capacity of its permanent revolving loan pool.  

“These federal funds come at a very critical time as Leviticus continues to serve individuals, families and communities strapped by the economic crisis,” explained David Raynor, Leviticus’ Executive Director. “Local demand for our type of loan capital is the highest we have ever seen. This Recovery Act award will ensure that Leviticus has the resources to help local nonprofits move forward with proposed affordable housing and community facility projects in our area.”

Leviticus Fund is capitalized at $14.7 million and fully 80% of its current available loan capital is invested in low-income communities. Since its founding in 1983, Leviticus has invested more than $28 million in financing into communities of high need, supporting affordable housing and community facility projects valued at over $210 million.

The $2 million CDFI Fund grant represents the single largest federal award to the Leviticus Fund in its 26-year history. It has the potential to stimulate a 50% increase in Leviticus capital base by leveraging new investments from individuals, religious organizations, private foundations and banks.