Denver, CO has just approved a housing subsidy that will make the city’s glut of new, unrented market-rate housing affordable to working families. It’s an unprecedented strategy, created in part by LISC and National Equity Fund, that could begin to close the opportunity gap for Denverites. And it’s already piquing interest in other cities grappling with similar challenges.
This week, when Senator Todd Young (R-IN) announced new legislation for a taskforce that will examine the affordable housing crisis in our country, he did so at a LISC-supported senior housing community in Indianapolis. It represented a strong validation of the importance of closing the housing gap, and of the comprehensive community transformation that LISC leads.
In the midst of the 1960s Civil Rights movement, Herbert Bellamy Sr. was an important black entrepreneur investing in the eastside of Buffalo. He founded 1490 Enterprises, Inc., a community center and nexus of African-American political and cultural life, to serve people living along Jefferson Avenue. Decades later, his son Herbert Bellamy Jr. has taken up the mantle, as a developer with a passion for community-driven projects—like renovating his father's old headquarters with support from LISC.
As the National Equity Fund (NEF) turns 30, LISC CEO Maurice Jones and NEF president Joe Hagan take the measure of all that has been accomplished thanks to the Low Income Housing Tax Credit. That includes three million affordable homes since the credit was created in 1986, and 90 percent of all affordable housing being built today. Ensuring that more low-income people can keep a roof over their heads demands safeguarding—and refining—the tools that make affordable homes possible.
Ever since its approval by Congress in 1986, LISC has been using Low Income Housing Tax Credits to help build quality, affordable housing in places that desperately need it. The five articles that follow are a sampling of how we document the ripple effect of those homes—the way they leverage growth and energy in neighborhoods and lift quality of life for residents all across the country.