The PSF provides low-interest acquisition and pre-development financing. The $12 million lending pool will originate loans over a four year period.
Tenant Eligibility Criteria
Individuals and families that qualify as low-income (LI, 80% of AMI), very low-income (50% of AMI), and/or extremely low-income (30% of AMI). At least 20% of units in the Project must be leased by LI households.
Nonprofit developers of affordable and supportive supportive housing in NYS.
Maximum loan amount:
- Acquisition: $3 million
- Pre-development: $2 million
- Rehab: $2.5 million
- Bridge loans: $1.5 million
- Acquisition: 3 years
- Pre-development: 3 years
- Rehab: 2 years
- Bridge loans: 2 years
- PSF will prioritize developments that are targeted to house higher percentages of VLI and ELI individuals and families.
- Housing units must meet the affordability requirements for at least ten (10) years, beginning after project completion and at initial occupancy.
- 100% of expenses paid with Loan proceeds need to be “attributable to” units leased by Eligible Income (equaling rents set at 120% of AMI) households (note: if all the units in the Project serve families earning at or less than 120% AMI, this requirement is automatically met).
For More Information
See Leviticus Fund’s term sheet.
Robyn Stern, Senior Loan Officer, Leviticus Fund
Last updated: 08/29/2019