Indianapolis LISC invested $16,399,297 in grants, contracts, loans, and equity in 2013 to support comprehensive urban redevelopment projects and programs. This is approximately a 22% increase over the 2012 investment.
The increase is due to a strong focus by LISC to grow its loan and equity portfolio – which was up 32% over 2012 levels. LISC approved three loans, five recoverable grants, and two equity investments in 2013 totaling $15,060,092.
2013 real estate highlights included:
- Clifton Square –LISC provided a $385,092 predevelopment loan and $9.5 million in equity for predevelopment and construction of this 57 unit, four story apartment complex with retail space on the first level occupied by a health facility tenant. The project replaces two long vacant buildings located at 1100 West 30th Street and will be configured as two four story buildings connected by a breezeway.
- Englewood Lofts – LISC provided $4.8 million in equity for the conversion of the former FriendsChurch building at 13th and Alabama in the Old Northside into 24 unique 1 and 2 bedroom apartments. The renovation restored this 100+ year old historically significant structure into significant use again.
- St. Francis Medical Center – LISC provided $175,000 in financing to support a state of the art medical center expansion together with St. Francis Health in the Irvington neighborhood.
In addition to the loan and equity portfolio, LISC invested $1,339,205 in grants and contracts to support neighborhood development. The 2013 grants helped fund neighborhood community builders and supported housing, economic development, family wealth building, education, and health and wellness.
2013 programmatic highlights included:
- Centers for Working Families – Continuing its strong commitment to providing working families with financial opportunities, LISC provided grant funding to seven Centers for Working Families for a total of investment of $896,353 in 2013, serving more than 2,900 households.
- Indy Food Fund – LISC co-convened and acted as fiscal agent for the Indy Food Council which granted $64,500 to ten food projects that encourage sustainability and link residents to their local food system.
- FOCUS – Through its Fostering Commercial Urban Strategies (FOCUS) initiative, LISC invested more than $250,000 in grants to support façade improvements, brownfield remediation, and commercial corridor redevelopment, which led to 330 new jobs created and 415,780 square feet of commercial space improved.
- Out-of-School Time – LISC has continued to support educational programming in neighborhoods by investing in out-of-school time (OST) activities. In 2013, we worked with a consultant to support OST quality improvements at three community centers. We were also able to provide the HawthorneCenter with early literacy resources – 500+ books for the center library and for families to take home.