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LISC investments are aimed at creating tangible, sustainable improvements in communities. LISC invests in community development projects including housing, commercial and community facilities. LISC also invests in local organizations to strengthen their capacity to create and sustain effective development in their communities.
LISC offers project financing for predevelopment, acquisition and/or construction of affordable housing and other community development projects. LISC also leverages the equity investments of the National Equity Fund (NEF) a LISC affiliate.
LISC works closely with local partner organizations helping them to expand their capacity. LISC provides capacity-building grants for organizational enhancements and coordinates operating support grants provided by the Fairfield County Collaborative Fund for Affordable Housing.
For more information on some of our recent investments, please click on the project name below.
Ferry Crossing, Old Saybrook: LISC's Housing Connections program helped the local nonprofit HOPE Partnership and the Women's Institute for Housing & Economic Development to create Ferry Crossing in Old Saybrook. LISC provided predevelopment financing. This newly construction development offers 16 apartments for households earning at or below 80% of area median income, including apartments set aside for veterans. The five buildings that face a common green space fit into Old Saybrook's historic character, create a sense of community and preserve adjacent wetlands. Housing Connections is a partnership between LISC and the Connecticut Housing Coalition.
Gateway at 570, Bridgeport, CT: Developed by Bridgeport Neighborhood Trust (BNT), Gateway at 570 is located at 570 State Street in Bridgeport, Connecticut The building contains 30 apartments, with rents from 30% of the area median income (AMI) up to full market rate. Some units are reserved for people coming out of homelessness. It has a lounge area for residents, BNT offices on the first floor, and a conference room for use by community groups. LISC provided technical assistance and operating support to BNT, and capacity-building grants that enabled BNT to implement an in-house property management function.
The Atlantic, Stamford, CT: New Neighborhoods, Inc. (NNI) developed The Atlantic in Stamford to provide 28 units of affordable elderly housing in Downtown Stamford. The Atlantic was originally built in the 1990s with the support of federal Low Income Housing Tax Credits. With LISC’s help, NNI was able to recapitalize the property and make energy improvements to preserve this affordable elderly housing, located in the fifth most expensive rental market in the country.
Stuart Farm, Kent: Kent Affordable Housing (KAH) developed Stuart Farm apartments around the original 1828 farmhouse on the site just outside of Kent’s scenic commercial center. Set back from the road, it offers a welcoming wraparound porch, ample off-street parking, extensive landscaping and a community atmosphere. Stuart Farm has five apartments – two with one bedroom, two with two bedrooms, and one completely handicapped accessible. All are affordably priced below market rates for residents with limited or moderate incomes. LISC provided KAH with a capacity building grant and a $175,000 acquisition loan for Stuart Farm. Through Housing Connections, LISC also provided technical assistance from inception to completion.
99 West Main Street, New Britain, CT: Redevelopment of this historic mixed-use building is the first investment of the Come Home to Downtown program, through a partnership between LISC and the Connecticut Main Street Center (CMSC). Jasko Development is the developer of this building, which will include 16 apartments over commercial space. 99 West Main is an example of Transit Oriented Development (TOD), located near a stop on CTfastrak, New Britain’s link to a state of the art bus rapid transit system.
Marshall Commons, Stamford, CT: With the development of Marshall Commons, New Neighborhoods, Inc. transformed an entire blighted block in Stamford’s Southend, where rents have sky-rocketed over the last 10 years. Located at 178-220 Ludlow Street, Marshall Commons includes 50 apartments with one, two and three bedroom options. They are rented to families at or below 60% of the area median income, with some apartments set aside for people with lower household incomes. The complex offers secure parking, a playground, a lounge/event room, children’s activities and a free trolley service to downtown locations.
LISC investments enabled NNI to assemble and hold the multiple properties required during a long negotiation and predevelopment process. LISC also provided a loan guarantee to help secure the construction loan and LISC’s affiliate, the National Equity Fund, syndicated the tax credits.