Economic Development
In today’s New York, market pressures are straining our neighborhoods, putting critical aspects of neighborhood culture at risk of displacement. At LISC NY, we believe that the ownership and stewardship of spaces owned by nonprofits and other mission-oriented entities is necessary to ensure that low-income residents share in the city’s growth and prosperity. LISC NY is actively growing its pipeline of economic development lending and technical assistance in the following areas:
- Industrial development and maker spaces
- Mixed-use developments combining residential and commercial uses
- Health care facilities
- Arts & culture
- Community facilities
Construction Loan, The Bushwick Starr Theater
Description: Renovation of a 5,000 square foot performance space with street level lobby and 99-seat black box theatre in the Bushwick section of Brooklyn New York. Project closed in April 2023.
- Developer: The Bushwick Starr Theater
- $4,300,000 LISC NY Construction Loan
- $7,250,000 Total Development Cost
- Renovation of 5,000 square foot performance space
- 33,137 Sf. of Residential & Community/Commercial Space
Predevelopment Loan - African Heritage Food Co-op
Description: Predevelopment loan to further the development of the African Heritage Food Co-op (AHFC) flagship store. AHFC currently distributes produce boxes sourced from local farms to over 300-members. Project closed in May 2023.
Developer: African Heritage Food Co-op
- $268,000 Predevelopment Loan (with HFFI)
- 3,800 Sf. of Residential & Community/Commercial Space
- The project is anticipated to receive NY State Historic Tax Credits, as well as numerous other grant and philanthropic gifts
