In the Spotlight
Greater Kansas City LISC Experienced Healthy Year of Lending in Urban Core

$3.5 Million Invested in Kansas City Developments in 2007 with Optimism Prevailing for 2008 Activity

KANSAS CITY, MO (January 14, 2008) — Greater Kansas City LISC announces a seven percent increase in lending and underwriting in 2007 over 2006 with investments in urban core projects totaling $3,512,625. With the addition of its new Acquisition and Predevelopment Loan Fund, Greater Kansas City LISC expects to become a primary catalyst in 2008 for jumpstarting development in urban neighborhoods.

“As a financial intermediary concerned about the future of Kansas City’s urban core neighborhoods, we are pleased to support these high-quality projects that will meet a wide range of needs in the community,” said Julie Porter, Greater Kansas City LISC Executive Director.

Projects benefiting from Greater Kansas City LISC lending and underwriting services included two NeighborhoodsNOW communities, a charter school facility, a youth after-school program, a new mixed-use project complementing downtown Kansas City, Mo. development, and the re-use/conversion of historic structures in the 18th & Vine Jazz District.

Greater Kansas City LISC also launched a $10 million Acquisition and Predevelopment Loan Fund in 2007.  The fund is the

first of its type in Kansas City and is already 80 percent complete with four major investors committed: Central Bank of Kansas City, M&I Bank and Bank Midwest contributing $1 million each, and National LISC committing $5 million. Loans

will support development opportunities in LISC NeighborhoodsNOW communities, enhancing the mission to create positive change and transform communities.

“We are optimistic that 2008 will be another strong year for lending and underwriting due to our proactive position combined with the anticipated success of the new Acquisition and Predevelopment Loan Fund,” said Porter.

The 2007 approved loans were:

• $2,000,000 to the Land Clearance for Redevelopment Authority (LCRA) to fund land acquisition in the Columbus Park Redevelopment Area, located north and adjacent to Kansas City, Mo.  The loan serves as a catalyst to help the developers negotiate the purchase of several key parcels deemed essential to the overall project. Eventually, approximately 360 new single family housing units will be built, along with new retail commercial sites.

• $550,625 bridge loan to the Tax Increment Financing Commission (TIFC) to advance funds into the Blue Hills and Ivanhoe communities for minor home repairs up to $10,000 per unit.

• $542,000 to Pan Educational Institute (PEI) to help acquire a building at 1522 Holmes in the form of a second mortgage. The loan allowed PEI to continue offering visual arts and technology after-school programs to area youth.

• $220,000 to Guadalupe Centers, Inc. to help expand classroom space for the Vista Charter High School located in

the Westside neighborhood.

•  $200,000 predevelopment loan to the Jazz District Renaissance Corp. (JDRC) enabling JDRC to begin pre-development activities for six houses and the old Rochester Hotel in the 18th & Vine Jazz District to rental units for seniors.

LISC is the largest community development organization in the country, serving inner cities and distressed rural areas in 36 states. Greater Kansas City LISC supports redevelopment in more than 100 square miles of Kansas City metro area neighborhoods.  By providing capital, technical expertise, training and information, Greater Kansas City LISC helps transform targeted neighborhoods into healthy, sustainable communities in partnership with their residents. Since 1990, Greater Kansas City LISC has invested more than $89 million into urban core neighborhoods on both sides of the state line resulting in 5,593 new and rehabbed homes and apartments; the development of 1.4 million square feet of retail and commercial space; and over  317,000 square feet of community facilities and sports fields.