Accomplishments
2008 Highlights and Activities
Real Estate Development. In partnership with the Better Housing Coalition, 75 housing units will be developed in the Church Hill area of Richmond as part of a six phase process to redevelop a 2.5 acre vacant industrial site. LISC’s investment was $950,000 to acquire the property. LISC also brokered a New Markets Tax Credits Deal for a healthcare facility in Lynchburg. This project is in partnership with the Lynchburg Neighborhood Development Foundation (LNDF). This year LISC invested nearly $2 million in real estate development throughout Virginia for construction of 494 housing units and 62,000 sq.ft. in commercial space.
In Petersburg. LISC has continued our community capacity building efforts and provided predevelopment loans to the Petersburg Library Foundation for a new state of the art library for the community and to Pathways for construction and rehab of homes. We provided organization development and real estate technical assistance to Restoration of Petersburg CDC and brokered the partnership between Better Housing Coalition and Restoration of Petersburg CDC.
Updated Connections and Choices. In partnership with the Southern Environmental Law Center, LISC updated sections of Connections and Choices, analyzing how housing, transportation and employment intersect and the cost to rent in the Richmond Metropolitan Area.
Influenced Local Policy. LISC continued to support the Virginia Housing Coalition’s efforts to generate enthusiasm for a critical piece of Housing Trust Fund legislation, which was recently introduced in the state’s General Assembly. LISC also served on the Greater Richmond’s Chamber of Commerce’s Affordable Housing Task Force and on the Governor’s Foreclosure Prevention Task Force, which is addressing the negative effects of the mortgage default crisis throughout the state.
Achievement by the Numbers
1990 - 2008 LISC and Affiliates
- Total LISC Investment - $74 million
- Dollars Leveraged $375 million
- Affordable Homes 3,330
- Commercial Space 274,000 sq. ft.
- Total Investment in Virginia $449,000,000