Affordable Housing
LISC and our partners believe the protection and preservation of affordable housing is key to advancing racial justice and closing the gap on historic inequities and housing instability.
According to the most recent data from The Pew Charitable Trusts, "Despite Philadelphia’s relatively low housing costs, many city residents simply do not have enough income to find housing they can afford. The problem is particularly acute for renters with incomes below $30,000 per year; 88% of them are cost-burdened, with 68% severely cost-burdened, meaning they spend at least 50% of their income on housing. The city’s supply of low-cost units is inadequate to meet the needs of this large group of households—there are nearly twice as many low-income renter households as housing units they can afford."
LISC’s knowledge and capacity derives from its network of 38 offices in cities across the nation and its experience in helping develop and preserve 366,000 affordable homes and apartments during the past 38 years. In Philadelphia, LISC has invested more than $400M producing and preserving over 8,500 affordable homes, as well as 2.2 million square feet of commercial and community space..
We work alongside community partners to preserve and develop affordable housing as part of neighborhood revitalization plans, to protect residents from displacement and meet community needs for affordable, equitable, and mixed-use housing options. We offer project-based technical assistance, recoverable grants, financing, and equity to help community partners innovate, solve problems, and build capacity to achieve their housing goals.
LISC works to protect long-term residents from displacement and meet community needs for affordable, equitable, and mixed-use housing options. Our priority housing activities include home repair, preservation of affordable rental housing, mixed-use development on commercial corridors, and equitable development and workforce housing in gentrifying neighborhoods.
We offer project-based technical assistance, recoverable grants, financing, and equity to help community partners innovate, solve problems, and build capacity to achieve their housing goals.
We tackle Philadelphia’s affordable housing challenge using a multi-faceted approach:
- Policy
LISC partners with community organizations and the City of Philadelphia to advance housing policies and leverage funding to create new or expanded resources, like Philadelphia’s Basic System Repair Program and the Affirmatively Furthering Fair Housing Plan.- In 2018, LISC and its research partner, PennPraxis were the lead consultants for the City of Philadelphia’s first housing action plan, “Housing for Equity: An Action Plan for Philadelphia.”
- In 2019, the Preservation Network’s Regulations Strategy Committee was instrumental in supporting the Preservation of Affordable Housing Bill (190860-A).
- Strategy
LISC leads or supports various housing initiatives, like the neighborhood-based Home Preservation Initiative in West Philadelphia and a city-wide plan to preserve publicly assited affordable rental housing-The Preservation Network. - Projects
LISC provides financing and equity to preserve and build affordable housing. This includes feasibility and predevelopment; acquisition, construction and permanent financing; and Low Income Housing Tax Credit (LIHTC) equity investments. We also offer one-on-one technical assistance to community partners to help solve problems and build capacity.
