BostonLISC.org

Supporting Affordable Housing

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We Provide Critical Early Capital to Support Affordable Housing

Current Initiatives
 
Overview
Affordable housing is a core focus for Boston LISC. It is a basic need for low and moderate income families and an increasingly important issue for the state’s economy. The Greater Boston Housing Report Card published in October of 2008 described Boston’s housing market as changing, but a gap remains between incomes of low and moderate-income residents and the price of housing in many communities. Affordable rental housing continues to be a special challenge. According to the 2008 Greater Boston Report Card, more than half of the region’s renters continue to pay more than 30% of their income for rent, thus indicating rent burden for these households. The Report Card also notes that 30% of the region's apartments had asking rents greater than $1,250 per month. At this level, a household must earn an annual income of $45,000 in order to comfortably afford rent payments, a figure that is well above the income earned by our region’s low-wage workers.
 
Boston LISC’s Role
In response to this housing situation, Boston LISC plays an important role in affordable housing development through our critical predevelopment and early stage capital loans. In addition, Boston LISC periodically operates a recoverable grant program, which has been an effective tool for early, very risky project support. These funds allow CDCs to properly analyze project feasibility early on without diminishing their own limited development capital.
  
Boston LISC loan capital is deployed in a strategic and disciplined manner that minimizes risk of loss (Boston LISC has traditionally had loan losses of less than 3%). This track record reflects our thorough and sophisticated understanding of community development funding and financing systems, and strong relationships with CDCs. Our ability to offer flexible, tailored loans to meet specific project needs has allowed us to provide important assistance to many projects.
 
For more on Boston LISC’s current efforts to support affordable housing, read about our Financing Products and Green Initiatives
 
Our Impact
Since 2007, our loan and recoverable grant capital has supported the development of more than 650 affordable homes. The breakdown of this support is as follows:
 
 
2007
2008
2009 2010
Loans
$1,763,234
$2,992,500
 $1,100,000 $1,162,800
Grants
$165,000
$15,000
 $465,000 $160,000
Homes
151
206
 154 164
 
 
 

 

 

 

LISC Supported Housing

Bowdoin-Geneva (Dorchester Bay EDC)
Bowdoin-Geneva (Dorchester Bay EDC)
Blessed Sacrament (JPNDC)
Blessed Sacrament (JPNDC)
Levedo Building (Codman Square NDC)
Levedo Building (Codman Square NDC)
Talbot Homes (Codman Square NDC)
Talbot Homes (Codman Square NDC)
Dudley Village (Dorchester Bay EDC)
Dudley Village (Dorchester Bay EDC)
Bigelow (CASCAP)
Bigelow (CASCAP)
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