- Who We Are
- What We Do
- What We've Accomplished
- Field Resources
In 2018, LISC NYC connected our affordable housing partners with financial and technical resources that resulted in the development and preservation of over 1,400 units of affordable housing. In addition, with our affiliate National Equity Fund we closed $104 million in Low Income Housing Tax Credit Equity in NYC for an additional 477 units of affordable housing.
An example of our work in affordable housing is the New York Land Opportunity Program (NYLOP), which offers free technical assistance to faith based organizations with limited real estate experience to enable them to partner with experienced developers to create new affordable housing on their underutilized land. In 2018, LISC NYC provided five mission based organizations with help in issuing Requests for Proposals (RFPs) to select developer partners. NYLOP was seed funded with support from BankUnited, the Booth Ferris Foundation, Deutsche Bank, M&T Bank and Santander Bank. We also launched NYLOP 2.0 to assist owners of HUD 202 senior housing to rehabilitate their properties and potentially develop new housing on their underutilized land. We are grateful to The Fan Fox and Leslie R. Samuels Foundation and JPMorgan Chase & Co for supporting this program expansion, with additional support from Capital One and M&T Bank. Check out coverage of NYLOP in the February 2018 issue of Affordable Housing Finance Magazine, which follows earlier coverage of the launch of the program in 2017 by the Wall Street Journal, NY1 News, and other outlets.
We closed on a predevelopment loan for Fifth Avenue Committee's joint venture with the Brooklyn Public Library. With the support of NYC Department of Housing Preservation and Development (HPD) and with tax credit syndication by National Equity Fund, the Sunset Park Library will be redeveloped to include a new state-of-art library as well as 49 units of additional housing.
In August 2018, with our technical assistance, Banana Kelly Community Improvement Association celebrated the closing of the BK Union Phase 1 which included the preservation of five Bronx buildings with 124 units of affordable housing in partnership with the Joint Ownership Entity (JOE NYC). Partners included National Equity Fund and Sterling Bank.
Just a few weeks later we gathered with Southside United HDFC-Los Sures and NYC HPD to celebrate the preservation of 34 apartments in Brooklyn. LISC NYC provided bridge financing for NYC HPD's inclusionary zoning certificates generated from nearby private development. This project is an example of critical innovations in affordable housing development to meet urgent needs in New York City today.
In 2018, with the New York City Acquisition Loan Fund, we originated a $3.9 million loan to RiseBoro Community Partners for the acquisition of the 74 unit Bethany Senior housing project. We also closed on $7.5 million construction to permanent loan financing for the Essie Jeffries three-building RAD conversion project sponsored by Community League of the Heights (CLOTH), which will rehabilitate and preserve 60 units of affordable housing in Upper Manhattan.
LISC NYC closed out 2018 celebrating the launch of the Neighborhood Pillars Program, which helps non-profit and mission-driven organizations aquire privately owned rent stabilized property to preserve affordable housing throughout New York City. We worked with Enterprise Community Partners and the Community Preservation Corporation to advise HPD on the design of this bold new program.
LISC NYC receives additional support for our affordable housing work from Bank of America, HSBC, MetLife Foundation, Morgan Stanley, Sterling National Bank and Wells Fargo.