WHITE PLAINS, NY — County Executive Robert P. Astorino has announced that Westchester’s Local Development Corporation (LDC) has approved $8.15 million in low-cost bond financing for Cardinal McCloskey Community Services, Inc.
A total of $6.5 million will be used by the Valhalla-based not-for-profit to refinance outstanding mortgages for group homes located in White Plains, Ossining, New Rochelle and Katonah. The refinancing will save the organization $300,000 over ten years. The remaining $1.65 million will used for the purchase and renovation of a building located at 145 North Highland Avenue in Ossining.
“We are very pleased to provide low-cost bond financing for Cardinal McCloskey Community Services which has been loyally serving the Westchester community for the past 70 years,” said Astorino. “The bond financing provided by the LDC will not only save the organization hundreds of thousands of dollars on its mortgages, it will also allow them to purchase and renovate a building for its day rehabilitation and foster care services,” he added.
Founded in 1946, Cardinal McCloskey Community Services strives to protect, empower and promote independence for at-risk children and families and those with developmental disabilities through quality community based services. The non-sectarian organization provides services to more than 2,000 children in its foster care programs and preschool education to more than 2,500 three- and four-year olds from low-income families. It also helps more than 200 developmentally disabled adults lead more fulfilling and independent lives. With 13 locations throughout Westchester, Cardinal McCloskey Community Services employs more than 1,110 staff members including professionals in the fields of social work, education, psychiatry, psychology, medicine and child care.
