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February 2015                                               Vol. 7, Issue 1         


Community Investment News:  


Revitalization of Southwest Yonkers Reaches Next Phase


The Warburton Townhouses is part of a broader redevelopment plan for downtown Yonkers, New York proposed by The Community Builders    















A $1.1 million acquisition loan from the Leviticus Fund is supporting the third phase of a nonprofit housing organization's comprehensive redevelopment of a downtown section of Yonkers, New York.


The Community Builders (TCB) used the proceeds of Leviticus' loan to purchase a tired, 21-unit Mitchell-Lama affordable housing complex suffering from serious design and management challenges. The site will eventually be redeveloped as affordable rental townhouses. The project is part of a multi-year public housing redevelopment project that TCB is working on in partnership with the Municipal Housing Authority of the City of Yonkers. 

TCB will initially stabilize the property at 209 Warburton Avenue and continue to maintain the building with its existing tenants for the next one to three years. The property also includes a child care center that is slated for renovations.


Pro Bono Legal Work is Shared Mission 

From its earliest days as a nonprofit lender, the Leviticus Fund has counted on a spirit of volunteerism to support its community development work.


Leviticus' pro bono attorneys exemplify this spirit.  Their volunteer services not only guide the Fund through real estate transactions, but also provide financial savings to borrowers by eliminating the customary lender legal fee expense. 


"The law firms representing Leviticus pro bono allow our Fund to provide more beneficial capital to those we seek to assist," explained Greg Maher, Leviticus' Executive Director. "We are grateful for their commitment to our mission.  Their work allows us to provide the equivalent of a small, in-kind grant of between $5,000 and $15,000 to each of our borrowers."


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