Financing
What do you call an organization that invests money in community groups working to revitalize disinvested neighborhoods? A Community Development Financial Institution, or CDFI. LISC’s purpose as a non-profit CDFI is to provide capital to projects in low-income, disadvantaged, and underserved communities at affordable rates.
We offer this capital to local nonprofit developers, small businesses, and other service providers who may not be able to get credit in the conventional marketplace. And we, in turn, receive investment capital from a range of sources that include all levels of government, foundations, banks, and individuals.
How we use our funds
We use our funds to provide loans, equity, and grants to local organizations leading projects and programs that help their communities.
On a national and local level, our loans have financed affordable housing, supermarkets, schools, health centers and other vital community projects. We've invested our equity in housing, retail and commercial centers and a neighborhood theater. Our grants have funded safety programs, refurbished recreation fields, and helped our local partners keep the lights on and get better at what they do.
Toledo Investments
We work to provide financial resources such as grants, loans, and equity as well as technical assistance to neighborhood organizations and small businesses to support comprehensive approaches to community development.
Below are some of our local investment projects.
Hensville:
New Markets Tax Credit (NMTC) program is an effective way to drive investment capital and commercial development into communities. LISC Toledo invested $6 million in federal NMTCs to finance Hensville, a large-scale redevelopment in the Warehouse District next to the Toledo Mud Hens baseball stadium. Our investment in the area is upwards of $13.2 million. Hensville is currently an emerging entertainment district complete with shops and restaurants, resulting in hundreds of new jobs created.
Nexus Health Care:
In 2016, Neighborhood Health Association (NHA) opened the 43,000 square-foot medical facility that offers medical services such as pediatrics, dental, women’s health, and primary care. In addition, it houses the Mildred Bayer Homeless Health Care clinic. LISC funded Nexus Health Care with $6 million in New Market Tax Credits.
Family Food Center:
The owner of Family Food Center, Mark Zaitona, purchased the grocery store (in Junction/at Dorr & Detroit) and invested in upgrades to the property & equipment. LISC Toledo made an $800,000 below-market loan to help Mark buy the property & make improvements. The renovated Family Food Center will not only drive economic opportunities in the Junction neighborhood, it will also increase access to healthy foods in the area
Valley Bridge:
Officially opened in December 2018, Valley Bridge is a new affordable senior housing community located at 5301 Nebraska Ave. The project was spearheaded by Friendship New Vision in partnership with the National Church Residences. National Equity Fund (a LISC affiliate) invested $9 million in Low Income Housing Tax Credits (LIHTC) to develop the 75 unit senior housing complex.
