Financing Products

Vacant Site Acquisition Fund

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The City of Boston, LISC, and CEDAC will capitalize a new acquisition fund. The goal is simple: create a loan fund to help qualified nonprofit affordable housing development partners compete in today’s real estate market. This fund will be used to acquire substantially vacant and underutilized parcels of land and buildings for future development as mixed-income and affordable housing. The funding will target Boston neighborhoods that are at risk of gentrification with potential displacement of long term residents. For more information, review the one-pager.



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What we do

It takes local partners on the ground to make any real, lasting change in a community. Local organizations know their neighborhoods the best and any solution must come from the ground up. LISC was founded on that belief with the mission to help these local organizations become strong and stable neighborhood institutions characterized by effective and responsible fiscal management and capable of carrying out a range of community revitalization activities.

$959 million
in grants to local partners

While the bulk of our financial support is in lending and equity investments, much of it could not be done without also supporting the neighborhood groups that have the vision and ideas to get things done. Through our local offices and national programs, we provide grant funding to assist organizations keep the lights on, teach new skills to staff, and stabilize their operations. Grants are designed and provided consistent with local office strategies and local community development needs.

Community meeting, Milwaukee, WI
Community meeting, Milwaukee, WI

What we offer

  • organizational development grants that assist community organizations to improve its administrative structures, management and financial systems, and real estate development and management capacities;
  • strategic planning grants to cover costs associated with the creation of new programs that are important to an organization's overall mission and needs of the community's residents;
  • project grants to help cover costs associated with real estate development that further neighborhood revitalization goals; and
  • other grants including, but not limited to, costs associated with training, consultants and award programs.


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What we do

The work of rebuilding neighborhoods—creating affordable housing, renovating a retail corridor or constructing a new school, recreation center or office building—doesn’t happen without financing. And just as with for-profit ventures, nonprofit development requires significant capital. But community development projects in disinvested neighborhoods have a much harder time attracting capital investment. To help get funding into the places that need it most, LISC created two affiliates—the National Equity Fund, the New Markets Support Company—that bridge the gap between investors and projects in disadvantaged communities and get things built. We also provided initial capitalization to the Community Development Trust, the first real estate investment trust fund specializing in affordable housing.

$12.8 billion
total equity invested
Shops & Lofts, Chicago, IL
Shops & Lofts, Chicago, IL

Investment Companies

The National Equity Fund® (NEF) is a nonprofit, Chicago-based affiliate of LISC and a leading syndicator of Low Income Housing Tax Credits. NEF helps bridge the gap between investors and nonprofit developers. Syndicators like NEF raise money from investors and identify low-income housing projects in which to invest that capital. NEF is focused on building long-term relationships with partners and investing in quality affordable housing projects that raise the standard of living in underserved communities.

National Equity Fund, Inc.

$12.4 billion invested in housing since 1987

10 S. Riverside Plaza, Ste 1700
Chicago, IL 60606



The New Markets Support Company (NMSC) is a Chicago-based, wholly-owned subsidiary of LISC and a syndicator of federal New Markets Tax Credits. We work closely with institutional investors to support a range of developments including major retail developments, manufacturing/industrial sites, charter schools, theaters and urban entertainment districts, athletic facilities/fields, office space and health care centers. NMSC provides syndication services, third-party advisory services, software leasing services and small business lending.

New Markets Support Co.

$897 million invested for economic development

10 S. Riverside Plaza, Ste 1700
Chicago, IL 60606



The Community Development Trust (CDT) is the country's first private real estate investment trust with a public purpose and occupies a unique position to preserve and expand the supply of affordable housing while earning attractive returns for shareholders. Created in 1998 with an initial capital investment from LISC, CDT operates much like a mutual fund, combining the capital of institutional investors to acquire or provide financing for affordable housing. Through its debt and equity programs, CDT makes long-term equity investments and originates or purchases long-term, fixed-rate multi-family mortgages to preserve affordability.

Community Development Trust

$1.2 billion invested to for long-term affordability

1350 Broadway, Suite 700
New York, NY 10018-7702



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Affordable housing, Dorchester, MA

Residents and community groups in underserved places know best what will make their neighborhoods thrive. More affordable housing, better schools, lively shops and businesses, greener parks and safer streets—these are things all residents want. The ideas and vision are there, but too often, what's missing is the capital to get these projects realized. That’s where LISC lending comes in.
Lending is an essential instrument in LISC’s community development toolkit. As one of the largest community development financial institutions (CDFI) in the nation, we work in partnership with local grassroots groups, for-profit developers and government agencies to finance programs and projects that will have a p
ositive, long-term impact.
Why borrow from LISC?
  • We bring national and local investment resources to our network of offices whose staff know their communities well.
  • We are able to provide flexible loan capital in underserved places. 
  • We invest early.
  • We have the expertise in specialized underwriting for such complex projects as schools, health care centers and affordable housing.
  • And we are willing to go to historically risky markets where more traditional lenders may not venture.
What we offer
We want your projects to work. LISC offers a wide range of loans, from pre-development to permanent financing, and we finance a wide variety of projects, from large affordable housing to small business loans. Learn more about our loan products, including the Vacant Site Acquisition Fund and the Equitable Transit-Oriented Development Accelerator Fund.

ETODAF Acquisition

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Summary of Terms

Equitable Transit Oriented Development Accelerator Fund

Acquisition Loans and Acquisition/Predevelopment Loans


$200,000 - $1,500,000


Acquisition gap financing, holding costs, and eligible predevelopment costs for TOD properties meeting the Fund’s TOD criteria.

Eligible projects include:

  • New or preservation affordable housing
  • Mixed income housing
  • Mixed use housing


At least 25% of the units must be affordable to households below 80% of AMI. Higher standards may apply in areas where gentrification is occurring.


Project must comply with the Mass Interagency Agreement Regarding Housing Opportunities for Families with Children (1/2014) and should include 10% 3 bedroom units unless specifically waived.


When combined with Lead Lender loans, up to 100% of appraised value of the real estate and up to 120% of the value when including holding and predevelopment costs.


Non-profit borrowers: Fixed rate of 3.75%

For-profit borrowers: Fixed rate of 4.25%


2-3 years. Repayment is due at earlier of maturity or closing of construction financing.


ETODAF loans are recourse loans


Second priority mortgage on project real estate


1% of loan amount; 50% payable on acceptance of term sheet, remainder due at closing.

Lender Legal Fees to be paid by borrower but every effort will be made to streamline the closing process in coordination with Lead Lender.


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