The Local Initiatives Support Corporation (LISC) has leveraged a $5 million grant from the federal Capital Magnet Fund and a $19 million loan from Morgan Stanley to launch the Neighborhood Revitalization Loan Fund. The fund is expected to fuel $100 million in affordable multifamily rental development and preservation by providing early financing and loan guarantees required by investors and construction lenders and will focus primarily on LIHTC projects. This additional funding support is especially critical to developers looking to complete and operate projects in an environment where investors are uncertain about federal funding commitments. The fund will be disbursed through 30 LISC urban programs around the country, as well as through Rural LISC.
To read the LISC press release, click here.