|
|
SAS Photo/LISC
Swainer family in their new home in Pass Christian, Mississippi.
|
|
The business of rebuilding devastated communities has made significant progress in the last three years, but the work is far from complete. Local Initiatives Support Corporation (LISC) was among the first agencies in 2005 to assess needs in the storm's aftermath, support local groups best able to affect recovery, and channel funds to the organizations and projects that could have the greatest impact. That work continues today, though difficulties in the credit and investment markets are creating new challenges.
Since 2005, LISC has infused $180 million in grants, loans, and equity into devastated Gulf Coast communities, while providing extensive technical assistance and pressing the region's needs with prominent national funders.
High among LISC's accomplishments is cooperating with other groups to create the $47 million Louisiana Loan Fund, a public/private partnership focused on affordable and mixed-income housing. The partnership is working with developers helping to rebuild 4,500 homes with low-interest loans.
LISC has supported dozens of projects throughout the affected states, such as Teche Ridge, a 100-acre mixed-use, mixed-income, traditional neighborhood development on the outskirts of New Iberia, Louisiana, and Frenchmen's Hope, a homeownership project for low-income families in New Orleans. LISC, together with its tax credit affiliate, National Equity Fund Inc., has supported many low-income housing tax credit (LIHTC) developments.
In Mississippi, LISC is supporting a new health clinic in D'Iberville, collaborating with the Biloxi Housing Authority to support a major mixed-use development that revitalizes Main Street, and working with the state to create a predevelopment and acquisition loan program supporting the state's Long Term Work Force housing strategy.
A critical source of funds supporting LISC's efforts have been banks like JPMorgan Chase, Capital One, and Deutsche Bank, along with some of the country's leading foundations and public entities.
Current market conditions are complicating ongoing redevelopment work, however, most notably the new pressures on the LIHTC market, where economic conditions and a significant market shift have significantly reduced the available investment dollars. Other adverse market factors have been dramatic increases in property and flood insurance and tightened credit markets affecting commercial developments and single-family mortgage finance.
LISC is eager to expand its existing partnerships with banks and other investors as it continues to support the recovery effort in the Gulf Coast and to connect these resources with the local organizations engaged in the bricks-and-mortar work of recovery.
LISC can facilitate bank investments through its Gulf Region Rebuilding Initiative, which delivers funds and technical assistance to local development partners; through participation in the Louisiana Loan Fund; and through LIHTC deals syndicated via the National Equity Fund Inc. (NEF).
For more information, e-mail Evelyn Brown, LISC, Senior Vice President, or e-mail Darrell Hubbard, NEF, Senior Vice President.
|
.jpg)
