- About Us
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- Why LISC
LISC Jacksonville provides equity for affordable housing and commercial projects. Our equity for affordable housing development is offered through the National Equity Fund, an affiliate of LISC that syndicates the federal Low Income Housing Tax Credit. LISC has also received allocations of New Markets Tax Credits for commercial developments. Investments made in commercial projects using this allocation may be in the form of equity or lower interest, longer term financing.
For more information about LISC’s Housing Credits or New Market Tax Credit products for Jacksonville projects, please contact Charles Shealy, Real Estate and Lending Program Officer.
LISC has started several affiliate organizations that specialize in specific financing mechanisms that support community development projects. These include:
National Equity Fund
Since 1986, the federal low income housing tax credit has helped fund more than one million new homes that are affordable to low-income families, the formerly homeless, the elderly and the disabled. It offers institutional investors a credit against their federal income tax in return for their low income housing investments. As a tax credit syndicator, LISC's National Equity Fund, Inc. (NEF) raises money from investors and identifies low-income housing projects in which to invest that capital.
New Markets Tax Credit LLC
To help spur new businesses, economic growth and new jobs in low-income communities, the federal government in 2000 established the New Markets Tax Credit (NMTC) program, allowing investors to receive a credit against federal income taxes for investing in such neighborhoods. LISC's New Markets Tax Credit (NMTC) activities stimulate the investment of private capital in the distressed communities that LISC serves. A pioneer in the creation and use of this new federal program, LISC has focused its efforts on financing the development of commercial and community space and housing that generate jobs, provide needed goods and services, and reverse physical deterioration in struggling communities. LISC's NMTC efforts are managed by the National Equity Fund, Inc., its tax-credit equity affiliate which has invested more than $5.5 billion in low income communities over the last 20 years.
LISC Jacksonville provided $5 Million in New Markets Tax Credits to the Jessie Ball duPont Center. The Center serves as a central hub for Jacksonville's nonprofit community and provides conference and office space to the not-for-profit community at below-market rates. The project consists of the renovation of the historic Haydon Burns Library and provides a major step forward in the revitalization of downtown Jacksonville.
LISC Jacksonville also provided a New Markets Tax Credit Allocation of $12.4 million in New Markets Tax Credits to Florida's first KIPP School, an $26.2 million facility located in Jacksonville. If not for LISC and its commitment of New Markets Tax Credits, KIPP would have struggled to meet financial goals.
Community Development Trust (CDT)
CDT is the country's only private real estate investment trust (REIT) with a public purpose. CDT was created in 1998 with an initial capital investment from the LISC. Since then, CDT has raised approximately $130 million in equity capital through private placement offerings with some of the country's premier institutional investors committed to supporting community development.