We are a key partner in the Ivy City Housing Initiative, a multi-year, multi-partner effort to help stabilize Ivy City, a small neighborhood with the highest concentration of vacant property and foreclosures in the city. This initiative will replace 37 vacant and abandoned properties with 58 units of affordable homeownership housing.
Several years ago, LISC partners Mi Casa, Manna and Habitat for Humanity were selected through the City’s RFP process to be the developers for this initiative. Acting as a convener, investor, funder and broker, LISC is working in partnership with the developers, the City’s Department of Housing and Community Development, the Office of Planning and the Deputy Mayor for Planning and Economic Development.
LISC provided Mi Casa an $872,000 construction loan and a $25,000 grant to help incorporate green features into 8 units that are now complete and for sale. LISC is also providing Habitat for Humanity a $75,000 low cost loan and a $25,000 grant to incorporate green features into their first phase of 12 Ivy City properties. We are also providing funds for a marketing firm to help attract prospective buyers.
Our investment in Ivy City is not only helping to revitalize the physical housing stock and put vacant land back into productive use, it is helping to provide deeply affordable, healthy homes to over 50 first time homebuyers who will have a stake in the neighborhood.