Partners
Community revitalization and development involves the collaboration of many professional affiliations, financial and government stakeholders, and community development organizations and experts.
Michigan LISC's role as an itermediary organization has developed many highly effective partnerships among Michigan organizations with similar goals; thanks to these partnerships, the community development industry is now stronger and more diverse than at any other time in Michigan's history.
In 1991, LISC was among a group of leading organizations in the State of Michigan providing service to community development corporations that recognized that Michigan's CDCs needed a voice within the legislature and a vehicle for information sharing. With LISC contributions the Community Economic Development Association of Michigan (CEDAM), a statewide trade association, was created.
The Michigan Capital Fund for Housing (MCFH), Michigan's leading syncicator of the low income housing tax credit, and LISC are building an alliance to ensure that community development corporations throughout the state are given every opportunity to gain technical knowledge and greater capacity for developing needed affordable housing. In Lansing, the Michigan Capital Fund and the LISC office are housed in the same building fostering daily opportunities for partnerships to benefit CDCs.
The Michigan Housing Trust Fund (MHTF) is a statewide financial intermediary providing technical assistance and loans for affordable housing development. The Trust Fund has a large number of faith-based investors and supports faith-based CDCs. LISC frequently partners with the MHTF on training events. Both organizations have provided joint financing on worthy projects.
The Michigan State Housing Development Authority's (MSHDA) excellent reputation for innovation and unwavering support of the community development industry is unparalleled in the country. The LISC-MSHDA partnership is a great example of a governmental and private nonprofit partnership. LISC enhances the geographic and community development reach of MSHDA by establishing relationships with CDCs. The combined strength of the local and national talents of LISC with the financial resources and community development outreach of MSHDA fosters the best community development outcomes.
The LISC commitment to funding affordable rental housing is clear. Syndication of low income housing tax credits is an important equity financing resource for most community development projects. The National Equity Fund (NEF), a subsidiary of the Local Initiatives Support Corporation, is widely recognized as a pioneer in tax credit syndication. As a LISC affilitate, NEF works exclusively with nonprofit community development corporations. In Michigan, NEF has contributed in excess of $64 million of equity to produce affordable rental housing.