Through the National Equity Fund and the New Markets Support Company, LISC provides equity investments for projects that support community revitalization across the country, including affordable housing, commercial and retail buildings, and arts and community space. Pictured right is the Petersburg Public Library, completed in 2014.
Low-Income Housing Tax Credits
The federal low income housing tax credit was established in 1986 to encourage private investment in affordable rental housing. LISC’s affiliate, National Equity Fund, Inc. (NEF), is the nation’s largest nonprofit syndicate of the credits, providing equity capital for multifamily housing projects. Since 1987, NEF has been involved in 2,494 Low-Income Housing Tax Credit (LIHTC) developments, which created 158,907 affordable homes for low-income families and individuals, totaling more than $13.3 billion.
New Market Tax Credits
LISC is a pioneer in the development and use of New Markets Tax Credits (NMTC) to stimulate private capital investment in communities with high levels of economic distress and transform them into good places to work, do business and raise children. LISC is an innovator in the creation and use of this new federal program and has focused efforts on financing the development of commercial and community space and housing that generates jobs, provids needed goods and services, and reverses physical deterioration in struggling communities. Since the creation of the federal program in 2000, the NMTC program has financed more than 5,400 businesses, helped create and retain 197,000 jobs, and supported 178 million square feet of manufacturing, office, and retail space.
Virginia LISC offers financing during all stages of projects, which includes pre-development, property acquisition, bridge, construction and permanent. We seek to strike the right balance between taking risks consistent with our role as a charitable lender, and recovering capital to ensure funds are available for future projects. Pictured right is a renovated warehouse in Petersburg converted into apartments.
LISC Lending Products