Westchester’s Local Development Corp. approved $8.15 million in low-cost bond financing for Cardinal McCloskey Community Services Inc., a nonprofit organization that protects and promotes independence for at-risk children, families and those with developmental disabilities. Over the next ten years, the refinancing will save the organization $300,000.
The Valhalla-based nonprofit will use $6.5 million to refinance outstanding mortgages for group homes located in White Plains, Ossining, New Rochelle and Katonah. The remaining $1.65 million will be used to purchase and renovate a building at 145 North Highland Ave. in Ossining, which will be used for day rehabilitation and foster care services.
Created in 2013 by County Executive Robert P. Astorino, the Local Development Corp. provides low-cost, tax-exempt bond financing. From 2013 through 2015, the Local Development Corp. provided more than $430 million in financing to hospitals, schools, nursing homes and social service agencies.