Before a shovel goes into the ground, developers need to find a way to pay for architect and engineering fees, environmental testing, appraisals, land surveys, legal fees, and other expenses. Financing these fees can be difficult for nonprofit organizations pursuing multiple projects.
The Leviticus Fund is making it easier for Housing Visions.
In July, we closed our first Revolving Enterprise Loan of $2 million to this organization. This reflects the strength of Housing Visions, as well as our long relationship with them, as the loan is 100% unsecured.
This flexible loan will make it easier for Housing Visions to draw down predevelopment funds without requiring separate applications, underwriting and closings for each project. The Leviticus Fund is a learning organization, and we established this revolving loan after seeing that Housing Visions needed expedited access to capital at a reasonable cost.
Housing Visions anticipates that all new projects and some projects currently in predevelopment will make use of the revolving loan.
Since 2015, the Leviticus Fund has made lending commitments of $8.1 million to Housing Visions, creating or preserving 429 affordable or supportive units for people in Central New York and the North Country.
From a modest start revitalizing properties on the east side of Syracuse, Housing Visions is now improving the quality of housing and quality of life in 16 communities. We’re so pleased to offer this new product to help drive sustainable, positive change in neighborhoods, through real estate development and community collaboration.