The Local Initiatives Support Corp. (LISC) has leveraged a $5 million grant from the federal Capital Magnet Fund to launch the Neighborhood Revitalization Loan Fund–an affordable housing loan pool designed to stimulate the development and preservation of multifamily rental housing for low-income residents.
Supported by a $19 million loan from Morgan Stanley, the new fund is expected to fuel $100 million in affordable housing development by providing the early financing and loan guarantees required by investors and construction lenders. The LISC fund will focus on low-income housing tax credit (LIHTC) projects.