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LISC and Bank of America are joining forces to invest $100 million in to low-income neighborhoods through the Treasury Department’s new CDFI Bond Guarantee Program. With this capital, LISC will be able to provide long-term fixed-rate loans for affordable housing, charter schools, community health centers and more.
In certain instances strong community development organization (CDO) sponsors of low‐ income housing tax credit (LIHTC) projects are falling short of requirements being imposed by construction lenders and/or equity investors in the current climate.
The purpose of the nonprofit backstop guaranty (Guaranty) offered by LISC is to induce lenders and investors to participate in LIHTC projects so that more low income families have safe, decent, affordable housing available to them.
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