Featured Project
New Loan Fund Expands Our Impact
A new, innovative financing tool created by Greater Kansas City LISC and enthusiastically supported by area investors will jumpstart redevelopment projects in low- to moderate-income areas. Called the Acquisition and Predevelopment Loan Fund, it is the first of its type in Kansas City and is expected to be operational by year end.
The $10 million Loan Fund is already 70 percent complete with three major investors committed: 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.
The civic community and neighborhood stakeholders have come to rely on Greater Kansas City LISC to guide investments in urban core projects and programs. The Loan Fund is yet another example of our experience and expertise playing a vital role in solving challenges in the bi-state area.
“This financing model is an essential catalyst for more lending and development in underserved communities,” said John Wood, Greater Kansas City LISC senior program officer for lending and underwriting, who is responsible for creating the Loan Fund. “Greater Kansas City LISC has the ability to bring significant private and philanthropic investors to the table and address a financing gap in our community.”
The impact will be significant, addressing a serious concern over the lack of available funding that occurred in recent years. Now, nonprofit and for-profit developers will have a new opportunity to finance expensive upfront costs of predevelopment in urban areas.
Greater Kansas City LISC will manage the Loan Fund with oversight from a Loan Committee. Loan maximums of up to $2 million each will be considered. Applications will go through an extensive review process and be subject to LISC’s standard underwriting practices.
For more information about becoming an investor,
contact John Wood, 816.753.0055, ext. 17 or jwood@lisc.org.