Nonprofits across New York State now have access to a major new source of low-interest loans to help them get projects off the ground. Through Leviticus’ new $12 million Project Start Fund (PSF), we are providing early-stage acquisition, rehab, predevelopment, and bridge financing to affordable rental housing developments, all with lower rates and more accessible terms than ever before.
PSF fills one of the biggest needs we see among the affordable housing developers we have served for 35 years: the need for capital to move a project from concept to full development. Over the years, we have provided critical predevelopment and other early stage loans. Now, thanks to a $2.75 million award from the CDFI Fund’s Capital Magnet Fund (CMF), the PSF will supplement our already flexible, low cost lending approach, and do so for many more partners and projects—especially those serving the lowest-income households and families with the greatest need.
PSF offers these new benefits to our borrowers:
- 5.25% interest rates.
- Loans up to $3.5 million (which can extend to $7 million for acquisition loans through our identified co-lenders).
- Loan-to-value ratios as high as 150%.
- No additional fees beyond a 1% commitment fee.
We are moving quickly to identify and underwrite new projects through PSF, and have already closed over $3.4 million in loans for five projects. If you would like to learn more about PSF or inquire about pursuing a loan, you may contact Kayla Jeffrey, our Loan Officer, at 914-909-4568 or at [email protected]. Or download our Leviticus Project Start Fund Term Sheet here.