Unlock Community Development Funds

CDFIs like the Leviticus Fund, nonprofits like RUPCO, Inc., and local, state and federal agencies are working together to help this Catskill Mountain community thrive. The Kingston Daily Freeman shared how we’re developing workforce housing, supporting Main Street and creating a more sustainable future. Pass it on to your representatives in Congress, and ask them to join the bi-partisan effort to release funding allocated to CDFIs so we can continue this vital work. 

Tannersville is enjoying growing success as a tourism and second-home destination. But that’s putting already scarce housing stock out of reach for many people who live and work there. Employers report their biggest challenge is retaining staff who want to live locally but are unable to find an affordable apartment or home in the Village.

The recent groundbreaking of the Cold Spring Apartments is a pivotal moment for the community. Spearheaded by RUPCO and supported by the Leviticus Fund, this $31 million development will bring 56 much-needed affordable apartments to Tannersville, including 40 units prioritized for the local workforce.

Cold Spring Apartments are a response to an urgent need: local businesses couldn’t stay open more than three days a week because workers had nowhere nearby to live. The apartments at Cold Spring will meet that need by providing high-quality, affordable homes for the local workforce and seniors.

The Leviticus Fund’s forward loan commitment of $1.4 million helped unlock construction funding and get this project off the ground. That’s just one example of how Community Development Financial Institutions (CDFIs) have been working for more than thirty years to provide capital to under-resourced communities.

CDFIs like the Leviticus Fund meet enormous market demand, providing capital for housing, small business, and community revitalization. And nonprofits like RUPCO work with them, leveraging federal, state and local resources to make development happen. Funding sources for Cold Spring Apartments include the Federal Housing Trust Fund, NYS Homes and Community Renewal, NYS Department of State, NYSERDA, The Bank of Greene County, M&T Bank, and two additional CDFIs, Community Preservation Corporation and Enterprise.

CDFIs maximize the impact of investment in New York's low-income areas - urban, rural and everywhere in between. That’s why it’s so disappointing that funds approved by Congress to support the Federal CDFI Fund have not been released. If the White House and the Office of Management and Budget continue to interfere with this funding, communities like Tannersville will suffer.

We’re pleased to be part of the team that’s not just creating housing, but strengthening Tannersville’s Main Street, boosting the local economy, and investing in a brighter future for the Catskills. We urge our representatives in Congress to join the bi-partisan effort to release funding allocated to CDFIs so we can continue this vital work.

Greg Maher Executive Director, Leviticus Fund

Kevin O’Connor CEO, RUPCO