Loan at a Glance:
Working with Leviticus Fund, PCG provides a $1,100,000 pari passu participation in a $4,600,000 acquisition and predevelopment loan.
Project Summary:
This development focuses on supporting homeless adults and veterans, including those with psychiatric disabilities. The loan provides preliminary funding to support a planned low-income housing tax credit (LIHTC) development of affordable housing for families.
Borrower Summary:
Concern for Independent Living, Inc. (Concern) founded and controls Concern Logan Housing Development Fund Corporation, a single-asset entity. A group of parents and friends of persons with psychiatric disabilities founded Concern. As a highly regarded supportive housing developer, its mission is to provide housing and supportive services that enrich lives and strengthen communities. Concern develops high-quality, attractive housing that provides tenants with services to help them thrive in the communities of their choice.
Loan Result:
The energy-efficient development provides 66 permanent, supportive housing units that will serve 103 individuals. The unit mix includes affordability at 60% AMI and 30% AMI and provides high-quality supportive services, including rehabilitation counselling, restorative services, crisis intervention, parent skills training, and more.