2010 Annual Report

Jacksonville

Developing Infrastructure for Good Community Development

LISC Jacksonville, one of the youngest LISC offices, has worked in an environment that up until 11 years ago, did not have an effective community development industry. A core group of seven CDC partners, many of which were started by LISC’s first investment, have received intensive business development support and assistance from Jacksonville LISC.

Investing in the Physical Environment

In April 2010, Ability Housing of Northeast Florida closed on a LISC loan to acquire and develop a 52-unit, vacant and abandoned apartment complex, Renaissance Village, from the Florida Housing Finance Corporation. The closing will take place this spring and when completed, will house 52 families at risk of homelessness.

Improving Access to Quality Education

In July 2010, NEF closed on a $4.2 million dollar New Markets Tax Credit deal for a KIPP School in Jacksonville. This will be the first KIPP School in the state of Florida. NEF partnered with the Florida Community Loan Fund in providing as well as selling the credits. This collaborative allowed LISC Jacksonville to be a participant, while conserving LISC National’s allocation of credit.

Increasing Family Income & Wealth

LISC and our core CDC partners have focused on developing homeownership opportunities for families. LISC has provided over $21 million in acquisition and construction loans along with extensive technical assistance to our partners. At the end of 2010, our CDC partners had completed and sold 236 homes to low-and moderate-income families, helping stabilize neighborhoods in the process.

Jacksonville LISC and seven of its CDC partners were competitively selected by the City of Jacksonville to participate in its federally supported $26 million Neighborhood Stabilization Program as developers of foreclosed homes. LISC Jacksonville’s GIS system provides state of the art information to developers on foreclosed single-family and rental housing in the eligible zip codes.

Stimulating Economic Activity

In November 2010, Northwest Jacksonville CDC broke ground on construction of a 15,000 sq. ft. commercial retail center which, when completed, will cost $3.7 million. Jacksonville LISC provided a $100,000 recoverable grant. This project, called North Point, is the first major commercial development in this part of Northwest Jacksonville in more than 30 years. It is expected to be the catalyst for transforming a high profile, blighted area into a bustling commerce center and provide at least 20 new jobs.

Building Healthy Environments

Since 2008, Jacksonville LISC’s Core CDC partners have committed to building to Energy Star standards and lowering homebuyers utility bills. With the help of The Home Depot Foundation, LISC has defrayed green construction costs on 45 Energy-Star certified homes, including 5 LEED-built homes by Operation New Hope.