Leviticus Fund - Project Start Fund (PSF)
Total Annual Award
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-developed affordable and supportive supportive housing in NYS that contains at least 20% low-income units.
Funding Award Details
- Interest rate: 5.25%
- Loan-to-Value Target:150%
- Loans will be non-amortizing, with interest payable monthly during the loan term
- Commitment Fee: 1% of loan amount
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
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).
- 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.
For More Information
See Leviticus Fund’s term sheet.
Robyn Stern, Senior Loan Officer, Leviticus Fund
Last updated: 10/25/2018
Did you know…
For every $1 spent on a Los Angeles supportive housing program, public and hospital costs were reduced by $2 in the first year and $6 in later years.