For the past two years, DC LISC has provided underwriting due diligence for the Neighborhood Investment Fund (NIF) Predevelopment Grant Program, a program of the Office of the Deputy Mayor for Planning and Economic Development.
The NIF was created by the Mayor and City Council in 2004 to finance and support economic development and neighborhood revitalization activities in 12 targeted areas: Anacostia, Bellevue, Brookland/Edgewood, Bloomingdale/Eckington, Brightwood/Upper Georgia Avenue, Columbia Heights, Congress Heights, Shaw, Logan Heights, Deanwood Heights, Washington Highlands, and H Street NE.
The program is funded through an annual appropriation of 15% of personal property tax, not to exceed $10 million for a period of 10 years.
LISC was selected through a competitive RFP to provide guidance and due diligence review for the predevelopment grant program funded through the NIF.
The purpose of the program is to provide grants to support predevelopment and project financing activity for the construction and rehabilitation of affordable housing, mixed use and community-based facility projects in one or more of the 12 NIF target neighborhoods.
Using our knowledge of community development and nonprofit finance, over the course of 3 grants rounds in 2008, 2009 and 2010, LISC has completed due diligence reviews of 97 predevelopment grant requests seeking $29.8 million. Following these recommendations, the Deputy Mayor for Economic development has awarded 60 grants for $12.2 million.