Since our inception, the preservation and development of affordable housing have been at the core of our work. LISC NYC and its affiliates have invested $2.3 billion, which has leveraged $5.4 billion for low- and moderate-income communities across New York City. This has resulted in over 36,000 affordable homes and 1.6 million square feet of retail and community space, stabilizing both individual families and whole communities.
LISC NYC provides:
- Lending for new construction and preservation housing projects including predevelopment, acquisition, construction, mini-permanent, permanent, lines of credit, and bridge financing. For more information, download the LISC Financial Products Summary of Terms.
- Syndication of Low-Income Housing Tax Credits through the National Equity Fund, a LISC affiliate.
- Technical assistance services including underwriting, project management, Low Income Housing Tax Credits (LIHTC) and other funding applications, Year 15 restructuring (including resyndication and repositioning), and project advocacy.
- Identification and prioritization of physically distressed and at-risk housing.
- Building CDC capacity, through technical assistance and grants, to develop and preserve affordable housing.
- Local and national policy advocacy and program development.
- Acquisition and predevelopment financing through the NYC Acquisition Fund.
Current preservation initiatives include:
- Year 15 Repositioning: LISC NYC works closely with its CDC partners to financially reposition and physically reinvest in LIHTC-financed projects that have reached the end of “Year 15,” the 15-year compliance period. LISC NYC provides valuable technical assistance to recapitalize the projects and perform needed repairs and upgrades to ensure long-term affordability.
- Preservation Initiative Program: In a competitive process, LISC NYC and the National Equity Fund were awarded a contract through New York State Division of Homes and Community Renewal (HCR) to provide syndication services and develop a comprehensive financing plan for the rehabilitation of 53 state-assisted properties across New York State.