3
Economic Vitality
Stimulating local economic activity and connecting communities to the broader economy
“Commercial and retail development is a proven part of the community development playbook. That’s because families of every income level benefit from a vibrant local business community, where businesses can start-up, succeed, provide essential goods and services, and supply jobs.
LISC makes strategic investments that help community organizations and business associations create environments that encourage enterprise, attract investment, and bring vitality to neighborhood commercial districts.”
Square Feet of
Retail & Community Space
44M
Square Feet of
Retail & Community Space
New Markets Tax Credits
Equity Invested
$550M
New Markets Tax Credits
Equity Invested
Jobs Created by
New Markets Investments
20,000
Jobs Created by
New Markets Investments
1
Midtown Global Market
Minneapolis, MN
The Midtown Global Market is part of the $130 million redevelopment of the Midtown Exchange Building, the largest building in Minneapolis. It is located on the Lake Street commercial corridor, which is undergoing extensive commercial and residential revitalization after a period of disinvestment during the 1980s and 1990s. The Midtown Global Market is an internationally themed public market featuring fresh and prepared food, eclectic restaurants and stores selling arts and crafts from around the world. Most of the Market’s stores are restaurants are owned and operated by local business owners. LISC invested $9 million in New Markets Tax Credit and a $50,000 predevelopment grant.
2
Adams & Central
Fresh & Easy Supermarket
Los Angeles, CA
A signature project in the redevelopment of downtown Los Angeles, Adams & Central replaced a vacant lot with a modern mixed-use building that includes an 18,000 square foot Fresh & Easy supermarket, two additional retail storefronts, 80 affordable apartments, and a community service center. The supermarket is a vital amenity in a well-known “food desert” in L.A. LISC provided $10 million in New Markets Tax Credits for the project, which also created 250 jobs.
3
WBC Building Components
Columbia Falls, MT
Rural LISC has invested in commercial development to help create jobs, support entrepreneurs and fuel local businesses.
Creating safe and affordable housing continues to be the cornerstone of LISC’s rural work. Since 1995, Rural LISC investments have helped create nearly 21,500 affordable homes and apartments in rural communities. However, since 2007, Rural LISC has been fully implementing a more comprehensive Building Sustainable Communities strategy. They have invested in commercial development to help create jobs, support entrepreneurs and fuel local businesses.
WBC Building Components and Community Action Partnership of Northwest Montana in Kalispell formed a business partnership that supplies building materials for self-help home construction. The partnership fulfills two important needs in the rural community – creating and retaining jobs, while also bringing essential goods and services to the community. Sixteen affordable homes have been purchased thus far, keeping 19 much-needed jobs in Columbia Falls.
4
Pittsburgh Partnership for Neighborhood Development
Pittsburgh, PA
PPND pursues Building Sustainable Communities objectives by providing early investments and technical expertise to make neighborhoods safer, cleaner and stronger.
In Pittsburgh, LISC’s partner – the Pittsburgh Partnership for Neighborhood Development (PPND) – is building on the local assets and energy of engaged residents to ensure low-income families have access to excellent education, good jobs, affordable health care, quality housing, convenient transportation, varied cultural resources, and ample green spaces. PPND pursues Building Sustainable Communities objectives by providing early investments and technical expertise to make neighborhoods safer, cleaner and stronger.
Signs of success are growing. In East Liberty and Lawrenceville, commercial development and new housing are taking root. In Oakland, residents are accessing good jobs and better homes. The once deteriorated South Side is now marked by thriving businesses and appreciating homes. In Southern Hilltop, community-wide dialogue is driving innovative activities that are building relationships, mobilizing involvement and developing a shared community change agenda. LISC and PPND are organizing efforts around public safety, housing renovation (including weatherization) and the coordination of social services. Building Sustainable Communities is in full swing.
5
Avondale
Cincinnati, OH
The impact of LISC’s Building Sustainable Communities strategy intentionally goes beyond the bricks and mortar of physical development.
The impact of LISC’s Building Sustainable Communities strategy intentionally goes beyond the bricks and mortar of physical development. It stimulates quality-of-life improvements that are both broad and deep. Consider Cincinnati and the Avondale neighborhood, which is a LISC sustainable community program neighborhood in an initiative called Place Matters. Avondale was once known primarily for its crime and blight. But, today, it is experiencing an awakening. With funding from LISC, revitalization efforts along Burnet Avenue are putting people back to work and providing families with safe, affordable housing and retail opportunities that haven’t existed in the area for more than 50 years. The result: overall crime in Avondale has fallen by 10 percent (serious crimes involving firearms have decreased by 40 percent); retail and small businesses are returning; and developers are breaking ground on new housing. The gains made are mutually reinforcing, creating an environment for additional economic and social progress
