Last summer, tensions around an oversaturation of homeless shelters bubbled up in the Mount Eden neighborhood in the Bronx.
According to the Bronx Times, late in 2021, the NYC Department of Social Services reported that “111 of the city’s 249 transitional living facilities are sited in the Bronx, with high concentrations of shelters in the west and south portions of the Bronx.”
That’s why the Leviticus Fund made a significant loan to Concern Housing to create new, permanently affordable housing. Our acquisition and predevelopment will support creation of 200 new units on Inwood Avenue.
The new construction will provide 200 units, including 105 studios, 67 one-bedroom apartments, 15 two-bedroom units, and 13 three-bedroom units. 50% of the units will be reserved for individuals living with special needs supported by the Empire State Supportive Housing Initiative funding (ESSHI). The remaining 100 units will be affordable for individuals and families earning between 50 and 80% of AMI.
This is the sixth loan Leviticus Fund has extended to Concern Housing in fifteen years. Leviticus participated $10,950,000 of the $16,200,000 loan to a newly-formed Corporation for Supportive Housing, and retained $5,520,00 as lead lender. A portion of the loan was made possible through the Leviticus Project Start Fund, which provides a lower, fixed interest rate to borrower partners serving the lowest-income households and families with the greatest need.
Concern Housing is committed to helping individuals and families live in communities with dignity and enhanced opportunities by providing housing and support services. The Leviticus Fund honored Concern Housing with its Cornerstone Award in 2021.
