Local Resources
LISC brings financing and technical expertise to local residents who are transforming their neighborhoods into healthy communities. Hence the name: Local Initiatives Support Corporation. We are a Corporation who Supports Initiatives that are Local.
LISC offers resources in four general areas:
Project Financing: LISC is probably best known for financing real estate projects, including housing, community facilities, commercial (retail and office), and industrial development. We offer:
- Recoverable Grants - used to cover specific pre-development cost associated with a real estate development project
- Predevelopment Loans - used for projects that are highly likely to proceed to construction
- Construction Financing - (usually in tandem with a lead construction lender, such as a local bank) In these cases, LISC is willing to take a subordinate position on its collateral to a conventional lender and will share its position with other non-profit or public lenders.
- "Mini-perm" Loans - (generally for commercial or industrial developments) These loans can have a maturity of seven years, (depending on the nature of the project), and may be either fully amortizing or have a longer amortization term with a "balloon" payment at the end. Collateral is, of course, required.
- Equity - Toledo LISC provides equity utilizing the low income housing tax credit for affordable rental housing through its affiliate, the National Equity Fund (NEF).
- Recourse - All LISC loans require recourse to the sponsoring organization.
Planning:
Either through in-house staff or third-party consultants, LISC will assist communities in planning their future. This includes:- Feasibility Grants - A feasibility grant is used to cover the expenses associated with testing whether the development of a particular project is feasible. This might include market studies, land-use plans, financial analyses, or other activities necessary to determine the viability of a proposed project. These grants are typically used for real estate projects, but can be used to test the feasibility of other community programs as well.
Program Grants: Depending on the availability of resources, LISC will provide "seed" and operating grants, as well as grants for specific program purposes. These include:
- Organizational Development Grants - used to assist community organizations with improving their administrative structures, management and financial systems, and real estate development and management capabilities
- Strategic Grants - used to cover the cost associated with the creation of new programs that are particularly important to the organization's overall mission and specific needs of community residents
- Grants for selective comprehensive development programs - used to assist community-building efforts as public safety, job readiness training, health care, and education
Training and Technical Assistance: Toledo LISC can provide training to community organizations on many topics. These topics include:
- Community Organizing
- Board and Staff Development
- Fundraising
- Administrative Systems, including human resources, finance and management information
- Real Estate Development
- Property Management
- Asset (Portfolio) Management
- Strategic Planning
- Project and Program Development
- Comprehensive Community Building
In all of these, Toledo LISC will underwrite the costs of on-site technical assistance.