Press Release: LISC invests $6.9 million in KC
Greater Kansas City LISC announces that its 2012 financial investments to make Kansas City urban neighborhoods stronger have totaled $6,887,978. "LISC grants, loans and equity investments represent our strong commitment to Kansas City neighborhoods and their vital future," said Julie Porter, executive director.
18 Dec 2012
Terri Mueller, Greater Kansas City LISC
For Immediate Release:
December 18, 2012
KANSAS CITY, Mo. (December 18, 2012)—Greater Kansas City LISC announces that its 2012 financial investments to make Kansas City urban neighborhoods stronger have totaled $6,887,978. These investments represent the loans and grants to neighborhood organizations as well as a substantial New Markets Tax Credit allocation.
LISC approved three large loans providing $5,066,400 to support Kansas City’s neediest communities through a range of projects. The loans are in addition to $1.14 million of New Markets Tax Credit equity.
“Greater Kansas City LISC has been at the forefront of the shift to targeting resources for the greatest impact. and these critical capital infusions meet our goals to improve access to quality educational opportunities for low-income families as well as provide jobs and rebuild the physical environment in neighborhoods,” said Julie Porter, executive director. “This was one of our most productive years of underwriting in several years, and we hope that it is a sign that new development in the urban core is on the upswing.”
The 2012 loans were:
$3,592,400 bridge loan to the Swope Corridor Renaissance Upper Room’s Summer Academic Camp ensuring that more than 3,000 children in 30 locations received intensive tutoring to improve their reading skills.
$1,169,000 to Swope Community Builders to complete tenant finishes to the Shops on Blue Parkway complex which allowed the State of Missouri Department of Social Services to move into a 23,000 sq. ft. commercial space. LISC provided the initial financing for the development of the Shops in 2003.
$305,000 to Yarco/Catholic Charities to provide predevelopment and acquisition financing to develop the St. Michael’s Veteran’s Campus. The loan will help build 58 units of residential housing for homeless veteran’s seeking medical treatment at the Veteran’s Administration Hospital, which is located adjacent to the property.
$5 Million in New Markets Tax Credits
Loans are just one way LISC supports community development. LISC also provides equity to projects through its New Markets Tax Credit (NTMC) allocation. In 2012, Greater Kansas City LISC secured $5 million of the National LISC NTMC allocation to support the expansion and renovation of the DeLaSalle Charter School adjacent to the Ivanhoe neighborhood. The tax credits generated $1,140,000 in funds for DeLaSalle to help cover the total project cost of approximately $10 million. The impact of LISC’s role will directly result in 12.5 new jobs, including teaching positions, and expand enrollment by 80 students to 240, reducing De La Salle’s waiting list at the charter school.
Program Grants Enhance Capital Investments
In addition to the loan and equity portfolio, LISC invested $606,652 in grants and contracts to nonprofit organizations in the bi-state urban core. The 2012 grants helped fund neighborhood community organizers and supported housing, job creation, youth programs, as well as critical crime and safety efforts.
An example of the role that LISC grants play in launching and sustaining vital community programs is the $74,000 grant to the Metropolitan Crime Commission and the UMKC Foundation to launch and help operate the KC No Violence Alliance (KC NoVA), a groundbreaking effort to reduce violent crime in urban core neighborhoods. KC NoVA is a “focused deterrence” law enforcement partnership between the City of Kansas City, Missouri; the Jackson County Prosecuting Attorney’s Office; the Kansas City Police Department; the U.S. Attorney's Office; and the Missouri Board of Probation and Parole.
“The funding provided by LISC jumpstarted the new KC NoVA Alliance effort, and will allow us to get the initiative up and running in 2013, which is much faster than we originally anticipated,” said Jean Peters Baker, Jackson County Prosecutor. “We will soon have the first enforcement efforts in operation and hope to quickly see a significant impact.”
LISC announced two rounds of grants in January and June to 14 organizations totaling $570,000. A third round of grants has been made to the following four organizations:
$17,500 to Mattie Rhodes Center to help pay for a neighborhood community organizer
$11,100 to the Kansas City Police Department for KC No Violence Alliance technical assistance
$3,000 to Downtown Shareholders of Kansas City, Kansas to help pay for Google registrations
$1,000 to Blue Hills Community Services to help pay for Google registrations
About Greater Kansas City LISC
Greater Kansas City LISC is the local site for Local Initiatives Support Corporation (LISC), the nation's largest community development organization. Greater Kansas City LISC supports redevelopment in more than 100 square miles of Kansas City metro area neighborhoods and helps transform them into healthy, sustainable communities in partnership with their residents. Since 1981, Greater Kansas City LISC has invested more than $137 million into urban-core neighborhoods on both sides of the state line, which has leveraged $609 million in total development. This investment has created 942,435 square feet of community facilities and sports fields; 5,872 new and rehabbed homes and apartments; 5,342 minor home repairs; and over1.4 million square feet of retail and commercial space. For more information about Greater Kansas City LISC, go to www.lisc.org/kansascity.
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Article Type: Press Release