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In December, LISC was granted approval by the Small Business Administration (SBA) to serve as a lender under the SBA 7a guarantee loan program. LISC's authority was granted under the Community Advantage pilot program, through which certified CDFI's are granted authority to originate and sell SBA-guarantee small business loans of up to $250,000.
LISC has launched an expanded Green Planning Grant program for owners of multifamily affordable housing. Grants support the integration of sustainable design considerations early in the design process. The investments have long-term benefits, such as cost and energy savings and healthier homes for residents.
In an Op-Ed for the Long Beach Register, Los Angeles LISC Executive Director Claudia Lima detailed the tremendous impact that quality medical care in local facilities can make on individuals' lives and the strength of a neighborhood. Lima writes about The Guidance Center, a mental health clinic that was able to consolidate its staff in a newly refurbished building, improving both its patient care and the entire neighborhood, thanks to LISC.
LOS ANGELES (October 18, 2013) – The City of Los Angeles has tapped the Local Initiatives Support Corporation (LISC) to lead a significant new effort that will develop strategies to expand affordable housing, businesses, schools and community facilities in low-income communities located along burgeoning public transit corridors. LISC’s Los Angeles program has committed an initial $100 million in development capital to new transit-oriented projects around the city. LISC will also be conducting community-specific market assessments over the next 18 months, working closely with local nonprofits and developers to draw up blueprints for focused local investment in communities where transit expansion is either planned or underway.
Southern California is in the midst of a transformation driven by an influx of investment in public transportation. Developing affordable homes near transit is critical if we are to reduce congestion, strengthen neighborhoods and bring people closer to jobs. LISC's partner Public Counsel today released an important white paper on transit-oriented development (TOD). Entitled Transit Laws’ Impact on Local Joint Development: An Explanation of Real and Perceived Barriers to Affordable Housing it addresses pressing issues surrounding TOD. Primarily, it lays out a strategy to promote affordable housing in collaboration with the Los Angeles County Metropolitan Transportation Authority (Metro), which, in addition to providing public transit, functions as a landowner and developer.
When states juggle money to meet the bills, schools sometimes don't get the cash they need to operate. That's happening in California, where LISC has stepped in to bridge the gap--making sure the classroom lights stay on, the teachers get paid and the children keep learning. Read the Los Angeles Times' column lauding how LISC low-interest loans keep kids from feeling the brunt of fiscal balancing acts. Read more.
The Local Initiatives Support Corporation is excited to announce the release of Reconsidering Redevelopment: A Closer Look at Neighborhood-Based Economic Development in Los Angeles, co-authored by more than a dozen community-based groups working in some of Los Angeles’ poorest areas. The report finds that last year’s dissolution of the Los Angeles Community Redevelopment Agency in California has eliminated effective programs that were providing jobs and homes in Los Angeles’s poorest communities. Census data reveals that the poverty rate in Los Angeles’ redevelopment project areas, where redevelopment dollars were required to be spent, is double that of the rest of the City of Los Angeles and that project areas also have disproportionate numbers of people of color. Reconsidering Redevelopment highlights the need to fill this void with new programs to address the region’s most distressed communities.
LISC is excited to announce the launch of the Healthy Futures Fund first-of-its-kind, is a $100 million investment fund to expand access to health care and affordable housing for low-income residents. It is being launched by Morgan Stanley, The Kresge Foundation, and the Local Initiatives Support Corporation (LISC).
The new fund includes $43 million managed by the New Markets Support Company to finance Federally Qualified Health Centers; $50 million managed by the National Equity Fund to finance 500 units through the Low Income Housing Tax Credit that are linked to health services; and $7 million in predevelopment loans, guarantees and grants.
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