1
The Built Environment
Expanding capital investment in affordable homes and other real estate
“Building and preserving affordable homes and other real estate is a cornerstone of community development. It provides the early fuel for broad-based revitalization by preserving affordability, improving the physical surroundings, providing space for essential services and amenities, and stimulating new investment.
It is, in short, crucial to the strength of neighborhoods. It anchors the economic and social infrastructure that nurtures a community, and it is the foundation for dramatic improvements in quality of life.”
Affordable Homes & Apartments
277,000
Affordable Homes & Apartments
Low-Income Housing Tax Credits
Invested Through the
National Equity Fund, Inc.
$8.1B
Low-Income Housing Tax Credits
Invested Through the
National Equity Fund, Inc.
People Living in
New Affordable Homes
831,000
People Living in
New Affordable Homes
1
Tassafaronga Village
Oakland, CA
With a range of
housing and amenities, Tassafaronga Village is
a perfect example of how affordable housing can
be built attractively and responsibly.
A new green affordable housing project is transforming an entire neighborhood in East Oakland. LISC and our affiliate, The National Equity Fund, provided $25.3 million in equity financing through Low Income Housing Tax Credits.
Situated in a previously underserved neighborhood, Tassafaronga offers residents safe and affordable housing surrounded by pocket parks, green pathways, and open spaces. The project includes a three-story, 157-unit apartment building for low-income families; 22 townhomes built in conjunction with Habitat for Humanity; and conversion of a nearby defunct pasta factory into 20 affordable artists studios, along with a medical clinic that offers health care to area residents living with HIV/AIDS. The project complies with LEED standards, having been awarded LEED Neighborhood Development Gold certification for its green elements, including its use of solar power for electricity and hot water.
With a range of housing and amenities, Tassafaronga Village is a perfect example of how affordable housing can be built attractively and responsibly.
2
Grandparent Family Apartments
Bronx, NY
Once a historically run-down neighborhood in the Bronx, The Grandparent Family Apartments has helped to stabilize the community and provide opportunity to struggling families.
The Grandparent Family Apartments is one of the first apartment buildings in the nation built for grandparents raising their grandchildren. LISC provided a $1 million loan and our affiliate, The National Equity Fund, provided $6.3 million in equity financing through Low Income Housing Tax Credits.
The 50-unit building includes nearly 5,000 square feet of community space and provides a broad range of services for families such as case management, parenting workshops, tax and legal assistance, health education, and after-school programs like tutoring, sports activities and computer training.
In what was once a historically run-down neighborhood in the Bronx, The Grandparent Family Apartments has helped to stabilize the community and provide opportunity to struggling families in public housing that are headed by senior citizens.
3
Blessed Sacrament
Boston, MA
The adaptive reuse of
the church site has created homes and community space that reinforces
the innovative and comprehensive community development taking place
in Jamaica Plain.
The towering dome of Blessed Sacrament Church has been a landmark of Jamaica Plain’s Hyde Square neighborhood for nearly 100 years. Now closed, the 1,200-seat church could have become another symbol of decay and disinvestment, or faced demolition. Instead, Boston LISC and Jamaica Plain Neighborhood Development Corporation joined forces to redevelop the three-acre campus and convert it into a vibrant mixed-use, mixed-income development.
With the assistance of a $1 million loan from LISC and $7 million in New Market Tax Credits, the site consists of five projects, each targeting the needs of a variety of families and individuals. The church’s rectory was converted into condos for first-time homebuyers earning between 60 and 80 percent of the area median income, and a new housing cooperative is now home to 36 low-income families. What was once the church’s convent will soon be 27 apartments for formerly homeless individuals with on-site access to employment services.
The Hyde Square Task Force, a community-based organization that offers a wide range of after-school programs for youth, now operates out of one of the campus’ former schools. And, later this year, new businesses will open in nearly 18,000 square feet of retail space. The adaptive reuse of the church site has created homes and community space that reinforces the innovative and comprehensive community development taking place in Jamaica Plain.
4
Brays Crossing
Houston, TX
It replaced an unsightly, unsafe property with beautiful affordable housing that would be
a welcome addition to
any neighborhood.
NEF and LISC provided financing and support for New Hope Housing at Brays Crossing. The newly renovated, 149-unit, single room occupancy complex provided much-needed, permanent housing to low-income families after Hurricane Ike. It replaced an unsightly, unsafe property with beautiful affordable housing that would be a welcome addition to any neighborhood.
Located in Houston’s Hispanic East End, Brays Crossing is within a one-mile radius of a full-service grocery store, convenience store, several restaurants, and is located within close proximity to the city’s bus routes. It also serves as a foundation for a large public art display that is integral to the building design. A whimsical, four-panel galvanized steel mural runs the length of the entire property and creates a continuous artistic element, while the entry is beautifully decorated by a stained glass of powerful colors.
The 46,679 square-foot complex features a large public meeting room, small library, business center, laundry facilities, community kitchen, an outdoor courtyard with fountain, cookout areas, and a paved court for sports activities. The property is kept safe with 24-hour front desk staffing.
5
San Marco Housing
Duluth, MN
Intensive supportive services are available, providing tenants with daily assistance, counseling and case management to help them establish and maintain stable lives.
New San Marco is an innovative green development that provides high-quality, service-enriched homes for some of Duluth’s neediest residents. Located on an urban infill redevelopment site, it includes 70 affordable apartments for very low-income individuals struggling with chronic substance abuse or a persistent history of homelessness. Intensive supportive services are available, providing tenants with daily assistance, counseling and case management to help them establish and maintain stable lives.
This healthy living environment is further supported by a significant number of green elements, including: a high-efficiency steam heating and hot water system; natural daylighting and energy-efficient lighting; a super-insulated building envelope; Energy Star appliances; low-maintenance landscaping that does not require irrigation; low-VOC paints, sealants and adhesives; durable building materials; and a construction waste management plan. LISC invested a $100,000 recoverable grant and $6 million in equity financing for the project.
