Creative community investments recognize long-term opportunity, not just short-term risk. They can fuel transformative change for people and communities, even when conventional capital is not available.
Creative community investments recognize long-term opportunity, not just short-term risk. They can fuel transformative change for people and communities, even when conventional capital is not available. That long-proven truth is why LISC, so often, invests in multiple ways to help communities meet their goals, while also amplifying the important work of other organizations that support inclusive growth.
For example, in Hopewell, Va.—a riverfront city 21 miles south of Richmond—LISC is supporting an effort by the Hopewell Redevelopment and Housing Authority (HRHA) to replace the aging public housing portfolio with 64 units of new, high-quality, affordable rental homes. LISC provided financing for the agency to consolidate an open acquisition loan for the new site and conduct critical pre-development work, all in advance of assembling an estimated $18.5 million for the development effort.
“Projects like this one need affordable capital to demolish deteriorating units and build new ones that offer a good quality of life for residents,” explained John Bolton, program officer with LISC Virginia, who pointed to options like tax exempt bonds and the Low-Income Housing Tax Credit program to support major affordable housing developments. “But, before that, they need early money to acquire land and do the planning that allows these efforts to move forward,” Bolton explained. “This loan helps lay the groundwork for quality homes for Hopewell families and, in the process, connects to other investments in the region that are focused on economic development, health, safety and jobs.”
LISC is also working with HRHA to identify other opportunities for impact in Hopewell, including programs focused on youth, workforce development, and commercial corridor revitalization.
“When we expand local access to flexible, affordable capital, we can catalyze opportunities that have a sustainable impact on quality of life for residents and support long-term growth in the region,” Bolton said . “This is what LISC does every day, both here in Virginia and all across the country.”