CATALYZING OPPORTUNITY Philadelphia LISC2017 ANNUAL REPORTPHILADELPHIA LISC 2017 ANNUAL REPORT2OUR PRIORITIESLENDING AND IMPACT INVESTMENTSAFFORDABLE, HEALTHY HOUSING ECONOMIC DEVELOPMENT EQUITABLE COMMUNITY DEVELOPMENT p. 4p. 6p. 8p. 10PHOTO: STEVE LEGATOTotal Impact Since 1980Philadelphia LISC and affiliates have invested more than $435 million to build or preserve 8,500 affordable homes and develop 2.3 million square feet of space for commercial, community, and educational purposes. New in 2017Throughout this report you will see programs highlighted with this icon that reflect innovative ideas in community development.LISC is an impact investor and community development financial institution. With residents and local partners, LISC helps to create great places to live, work, visit, do business, and raise families.3What We DoInvest in housing, businesses, jobs, education, safety, and health Our ObjectiveCatalyze resilient and inclusive communities of opportunity Resources We ProvideLoans, equity, program investments, and technical assistance$12.6MIN LOANS AND INVESTMENTS $2.2MIN CAPACITY BUILDING 150,000SQUARE FEET OF NEW COMMUNITY SPACE FINANCED2017 AT A GLANCE 3Housing for Seniors and Homeless Veterans: HELP Philadelphia V$18 million equity and loan $23.5 million total development cost (TDC)In 2017, HELP USA redeveloped and opened this historic Spring Garden school—which was vacant for two decades—into 37 apartments for seniors 55 and over, including 12 for homeless veterans. Equity partner: National Equity Fund (NEF)School Conversion: Roberto Clemente Homes $5.8 million bridge loan$17 million TDCEsperanza started construction in 2017 to transform the former Roberto Clemente Middle School in Hunting Park into a mixed-use building, with 38 affordable apartments and ground-floor commercial space. Lending partner: Reinvestment Fund Hub for Retail and Community Services: New Market West $3.2 million leveraged loan$49.5 million TDC LISC approved a loan in 2017 for this multi-use, transit-oriented development at 59th and Market Streets in West Philadelphia, which will provide nonprofit office space, childcare for 120 children, a direct service healthcare facility, and ground-floor retail. Developed by Mission First Housing Group, the project will create—and retain—approximately 300 permanent jobs. A New Home for Learning: Community Partnership School$1.35 million leveraged loan$13 million TDC A groundbreaking in 2017 means that a state-of-the-art elementary school serving 200 students—80% of whom are low-income—will find a home in a formerly blighted warehouse in the Strawberry Mansion neighborhood. Lending partner: Philadelphia Industrial Development Corporation (PIDC)Transformational projects advancing neighborhoods of opportunity 3 1 2 44LENDINGAND IMPACTINVESTMENTS$78MINVESTMENT LEVERAGED200STUDENTS ENJOY A NEW SCHOOL120CHILDREN GAIN ACCESS TO QUALITY CHILDCARE 2 1 1PHILADELPHIA LISC 2017 ANNUAL REPORT5 4 3 2 1 3 2PHILADELPHIA LISC 2017 ANNUAL REPORT6PHOTO: STEVE LEGATOPHOTO: STEVE LEGATO 3Investing EarlyLISC’s recoverable grants and predevelopment loans helped partners to plan 8 affordable apartment developments. These partners include: ACHIEVEability, Allegheny West Foundation, Esperanza, HACE, HELP USA, Mt. Vernon Manor CDC, People’s Emergency Center CDC, and Women’s Community Revitalization Project.Thanks to our early investments in prior years, partners also advanced affordable preservation projects in 2017: Mt. Vernon Manor CDC completed 46 apartments, and Asociación Puertorriqueños en Marcha (APM), ACHIEVEability, and Orens Brothers began work on a total of 194 apartments.An Affordable Housing Preservation StrategyWith the help of public, private, and nonprofit partners, LISC issued recommendations to preserve the affordability of 14,500 publicly assisted rental apartments in Philadelphia. The strategy has 5 components: create an Affordable Housing Preservation Network, use data, build capacity, support regulations, and increase and leverage resources.Repairing Homes and Preserving Ownership Through its Home Preservation Initiative (HPI), LISC has helped provide high-quality repairs to more than 240 lower-income homeowners since 2012, 42 of which were in 2017. As a result, homes are safer and more energy-efficient, and homeowners experience improved health and well-being.New funding targets asthma in childrenWith Rebuilding Together Philadelphia in the lead, HPI won a national Build Health Challenge grant in partnership with the Philadelphia Department of Public Health and Children’s Hospital of Philadelphia. The initiative seeks to improve housing conditions and reduce asthma in children in West Philadelphia.Jumpstart: Reducing Blight, One Property at a TimeLISC helped developer Philly Office Retail expand its entrepreneurial Jumpstart Germantown program, which helps aspiring local developers fix blighted properties, stabilize neighborhoods, and keep wealth local. This model offers developers a combination of training, networking, mentoring, and financing. LISC provided seed grants to launch Jumpstart programs in Hunting Park, Southwest, and West Philadelphia.AFFORDABLE, HEALTHY HOUSINGProviding community partners with tools, know-how, and capital 2 1 37166AFFORDABLE APARTMENTS COMPLETED42HOMES RECEIVED CRITICAL REPAIRS$420,000 IN NEW RECOVERABLE GRANTSA First Step to EmploymentLISC’s $1.2 million business loan to Atlanta-based First Step Staffing made possible its expansion to Philadelphia, where in the first year it will employ 500 adults experiencing homelessness. Lending partners: Nonprofit Finance Fund, Reinvestment Fund, and PIDCStrengthening 20 Commercial CorridorsLISC helped advance neighborhood commercial districts through creative placemaking, real estate and economic development, and safety initiatives.• LISC built the capacity of 10 local organizationsby conducting assessments and providingone-on-one coaching to staff and board members.• As a founding sponsor of Shift Capital’s KensingtonAvenue Storefront Challenge, LISC helped Shift provide9 businesses with free rent, physical improvements,and technical assistance.Support for Financial Opportunity Centers (FOCs)FOCs connect residents to local employers, job skills training, financial education, and public benefits. • 366 clients served• 218 participants completedoccupation skills training• 110 clients placed in jobsPartners: Asociación Puertorriqueños en Marcha (APM), University City District, and 1199c Training Fund $1.5 Million in Tax Refunds to Families With support from LISC, Ceiba—a coalition of Latino community organizations—helped 845 families with free tax preparation services, with an average refund of $1,650.Investing in people, partners, and places 3 2 18ECONOMICDEVELOPMENT200JOBS CREATED91RESIDENTS OBTAINED AN INDUSTRY-RECOGNIZED CREDENTIAL 20COMMERCIAL CORRIDORS IMPROVED 3 2PHILADELPHIA LISC 2017 ANNUAL REPORT 2 1 2 1 29 3Next >

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