Affordable Housing
The Cornerstone of Our Work
A safe, affordable home is one of the basic requisites of life—a key to individual health and well-being, and the foundation for sustainable, eco-nomically vibrant and diverse neighborhoods.
Housing is where LISC started. LISC continues to make quality, affordable housing available to low-income and vulnerable residents—from seniors to veterans to the formerly homeless—in underserved communities. LISC invests in all kinds of affordable housing.
We help develop new multi-family rentals and preserve existing ones that could be lost to market forces or deterioration. We finance sustainable, “green” construction and rehabilitation, which makes for lower operating costs and has been proven to boost health outcomes for occupants and entire neighborhoods. And we lead foreclosure interventions that help people keep their homes, or that reinvigorate communities where foreclosure has created a downward spiral for communities.
Since 1980, LISC NY has financed more than 45,000 homes
To make this all happen, LISC provides grants, loans and equity for nearly every aspect of development, from planning and acquisition to construction and renovation. We offer technical assistance and we advocate for good housing policy at all levels of government.
NYCAF Loan – MURAL Hillside Avenue
Description: Acquisition and Predevelopment Loan of $24.7M between the New York City Acquisition Fund and LISC NY. Project will produce 230 units of affordable housing and 20,000 sq ft of ground floor retail space. Project closed in February 2024.
Developer: MURAL Real Estate Partners LLC (Certified MWBE)
- $24,700,000 NYCAF Loan
- 230 new units of affordable housing between 30-120% AMI
- 20,000 Sqf. of Residential & Community/Commercial Space
- 30-Month Loan Term
Construction Loan – 110 Lenox Avenue Cluster
Description: Substantial renovation of four buildings consisting of 55 affordable housing units and four ground-floor commercial spaces in West Harlem, NY. The four buildings. Project represents a partnership with the NYC Department of Housing Preservation & Development (“HPD”) to rehab and convey buildings to newly formed limited equity cooperatives through HPD’s Affordable Neighborhood Cooperative Program (“ANCP”). Project closed in December 2023.
Borrower: CB-Emmanuel Realty
- $8,367,648 Construction Loan
- 55 new affordable homeownership units
- 3,333 Sqf. of Community Space
- 36-Month Loan Term