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- NYC Inclusive Creative Economy Fund
LISC’s NYC Inclusive Creative Economy Fund was featured in Paul Sullivan’s “Wealth Matters” column of The New York Times business section on Saturday, October 19th. The Fund brings new sources of capital to LISC to fund loans that are creating and preserving spaces for low- and moderate-income workers, artisans and entrepreneurs.
An article in Next City details how LISC’s NYC Inclusive Creative Economy Fund is connecting local cultural institutions and artisanal manufacturers to much-needed capital, like the venerable La MaMa theater in the city’s East Village, where real estate has become prohibitively expensive. LISC is working to extend a $3.2 million line of credit to La MaMa, filling a critical financing gap for the theater, which must renovate its historic home in order to serve artists and audiences on into the future. The excerpt below is from: Experimental Theater Pushes Boundaries to Preserve Itself By Oscar Perry Abello, Next City
LISC New York City is dedicated to helping low-income New York City neighborhoods become healthy communities of choice – good places to live, do business, work and raise families. LISC has nearly four decades of experience developing the infrastructure of community-based organizations by providing technical and financial assistance; building capacity of local institutions to respond to changing community needs; sharing best practices to maximize precious resources; and brokering collaboration among its vast network of partners—government, nonprofit, and corporate—to tackle issues on the community level.
Over the last 36 years, LISC New York City has invested over $2.5 billion in more than 75 New York City community development corporations (CDCs) and other local groups. With our support, these organizations have developed over 37,000 affordable homes and apartments as well as 1.7 million square feet of retail and community space. In 2015 alone, LISC New York City and our affiliates provided over $13 million in financing for affordable housing developments and over $120 million in equity investments.