2018 at a Glance
LAUNCH OF THE PROJECT START FUND
Using its first federal Capital Magnet Fund (CMF) award from the CDFI Fund, Leviticus created Project Start Fund (PSF) in 2018 to support affordable rental housing development, especially for projects serving the most economically vulnerable income levels and those including onsite supportive services. We are leveraging the $2.75 million CMF award with new debt to eventually help us achieve over $12 million in total lending specifically within New York State communities. This type of early stage capital – predevelopment, acquisition, bridge and short-term rehab loans – is exactly the type of financing that nonprofits in our service area struggle to access from conventional lenders.
As of year-end 2018, we had committed over $3.4 million in Project Start Fund capital for five projects, including four featured in this annual report – Harbor View, Beach 21st Street, Erie Point and 811 Lexington Avenue. Our PSF lending continues to be strong into the first quarter of 2019, as we have made loan commitments to three additional projects that total almost $4.6 million. Together, these projects will generate 924 in total housing units, with 90% of the homes accessible to low-, very low-, and extremely low-income families.
To learn more about PSF, visit https://www.leviticusfund.org/borrow/
The Leviticus Cornerstone Award is given annually to an individual or organization that exemplifies a commitment to community-focused economic social justice, which is a core value of our mission. In 2018, our award honoree was Kathy Murnion, whose support of Leviticus as an investor, former President and member of our Board of Directors, and current committee volunteer exemplifies that spirit of service and social justice.
Kathy became involved with Leviticus as an Associate investor with her husband, John, back in 1990. Eleven years later, she was elected by our Member investors to serve on our board, including terms as President and Vice President. Today she is a highly-valued advisor on our Development Committee, offering guidance on outreach and marketing strategies as we cultivate relationships with new individual and institutional investors.
Kathy has a keen ability to see the human connection between social justice and improving the quality of life for the economically poor, and she dedicates her time, talents, and treasures with a sincere sense of stewardship. In accepting the award, Kathy offered her gratitude to Leviticus for allowing her to be part of our work and shared what has become her daily prayer: “Dear God, remove all that would separate me from you. Fill me with the imagination, desire, love and will to be an effective instrument for your kingdom.”