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LISC is a Community Development Financial Institution (CDFI) that offers financing during all stages of projects, from predevelopment to permanent financing, across a wide variety of community development project types, from large affordable housing projects to small business loans. 

We seek to strike the right balance between taking risks consistent with our role as a charitable lender and recovering our capital so we can make funds available to future projects.



2014 LISC Lending Products thumbnail

2014 LISC Lending Projects thumbnail

Click on images to download PDF files


  • Predevelopment - For early stage investments in planning, design, and environmental and structural assessments for projects that are proceeding to construction. Proceeds are used to pay due diligence expenses, deposits and other predevelopment costs.
  • Acquisition - Loans to borrowers to help them pay the purchase price and closing costs for property acquisition. These loans are generally made when construction and permanent financing have been secured or preliminarily committed.
  • Construction - Construction loans to projects, either as a sole source of financing or in concert with other lenders. Construction loans are provided for hard and soft building and improvement costs, including new construction, substantial or moderate renovations, and leasehold improvements.
  • Mini-Permanent - LISC makes longer term, partially amortizing loans for certain projects, including rental housing, community facilities and economic development projects. LISC’s mini-permanent loan is typically originated as a construction loan that converts to mini-perm when certain conditions are met, such as issuance of a certificate of occupancy.
  • Permanent - Long-term financing or refinancing of acquisition, construction and renovation projects in low-income areas or that serve low-income populations for certain project types.
  • Bridge - Financing to bridge the timing gap between expenses needing current payment and receipt of cash from committed or anticipated sources of capital not yet available, including capital campaign commitments, public contracts or note proceeds, earned developer fees and tax credit capital contributions.
  • Working Capital Line of Credit - LISC fills a credit gap for its strongest borrowers by providing flexible working capital lines of credit to meet organizational cash flow needs or pay project-based expenses.


Funds may be used for bridge, working capital, predevelopment, acquisition, construction, mini-perm and permanent loans for the planning, development and/or improvement for the following projects:

  • Charter Schools - Eligible borrowers include individual charter schools, charter school networks or management organization, special purpose entities or subsidiaries managed by school operators, and nonprofit or for-profit real estate developers which lease to school operators.
  • Child Care - Eligible borrowers include nonprofit and for-profit early childhood program operators; community development corporations and other mission-driven development organizations providing space for early childhood centers.
  • For-Sale Housing - Eligible borrowers include community development corporations; nonprofit and for-profit affordable housing developers.  
  • Healthcare - Eligible borrowers include Federally Qualified Health Centers, FQHC Look-Alikes, community health centers, special purpose entities or subsidiaries managed by centers.
  • Healthy Foods - Eligible borrowers include nonprofit and for-profit operators of health food businesses including retail food stores, farmers markets, food coops and other health food production or distribution activities. Nonprofit and for-profit development organization providing space for healthy food operations.
  • Rental Housing - Eligible borrowers include community development corporations; nonprofit and for-profit affordable housing developers.  
  • Small Business - A collaboration between LISC's New Markets Support Company (NMSC), Morgan Stanley and CDC Capital Markets to bring SBA 504 first mortgage loans to businesses in disinvested areas at below-market rates.
  • Community Advantage Small Business - Community Advantage is an SBA-guaranteed loan program to help entrepreneurs launch or expand small businesses, particularly in low- to moderate-income communities.
  • Healthy Futures Fund - In partnership with Kresge Foundation and Morgan Stanley, LISC is deploying a $100 million Healthy Futures Fund to LISC communities.  The fund will support the development of affordable health care and housing in qualified census tracts and low- to moderate-income communities. Participants in the Healthcare Facility loan funds will be able to take advantage of favorable terms including pricing in the 3.3% to 3.5% range with an interest only introductory period and 2 years loan forgiveness in the event of refinance after the 7-year term.
    NMTC-enhanced loans to finance the expansion of Federally Qualified Health Centers - PDF
  • Nonprofit/Other


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