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Carmen Maldonado and David Almonte, community development officers for
LISC, are pictured in front of Thurgood Marshall Academy.
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THROUGHOUT THE COUNTRY, many neighborhoods that were once unpopular and undesirable have been beautifully restored. One of the leading community development corporations showing how new approaches to old problems can make positive change is The Local Initiatives Support Corp. (LISC) - and now 501 Seventh Avenue is proud to welcome LISC as one of the newest members of the 501 community.
LISC has leased 50,000 square feet on the building's sixth and seventh floors, and there were two good reasons for that, says Erika Dilday, the organization's Director of Communications: the space availability and layout at 501 Seventh made it an ideal fit, and the simplified leasing structure made it an easy choice.
"There's always a bit of apprehension when a search for new office space is required, but we were quite thrilled with the process at W&H Properties,™ "she says."From the beginning, they did everything they could to get us in as quickly as possible."
LISC raises money from a mix of corporations, foundations and private individuals to provide funding for neighborhood redevelopments across the country; it also receives some public funding. Its board includes, among others: former Treasury Secretary Robert Rubin, National Football League Commissioner Paul Tagliabue, and Seth Waugh, the chief executive officer of Deutsche Bank Americas.
In its first areas of concentration - the South Bronx, Boston and Chicago - LISC provided initial funding, matched by local contributions from businesses and individuals, for a host of improvement projects. In New York, LISC's flagship program has been its Neighborhood Homes initiative. Under the program, which started in 1998, more than 100 homes have been renovated; by the end of 2004, another 158 will be remodeled.
But housing is not LISC's only interest. LISC received $65 million from the U.S. Treasury Department as part of its New Markets Tax Credit economic stimulus program. That program provides funding to stimulate both residential and commercial development in low-income communities. The program allows businesses that invest in the program to recoup up to 39 percent of their investment through tax incentives that are amortized over a seven-year period.
And one of LISC's units, the Center for Commercial Revitalization, works with local leaders to revitalize commercial corridors, in keeping with its broad community approach.
Ms. Dilday says neighborhoods will always need a mix of real estate projects in order to thrive, which is why LISC continues to get involved in new communities.
"Since our primary focus is redeveloping communities, we're keenly aware that requires an emphasis on both residential and commercial real estate,"Ms. Dilday says."That's why, in addition to single and multifamily housing, we've also been a big supporter of mixed-use projects.
"We are trying to create healthy communities, and that means commercial and residential development," Ms. Dilday says."People have to have places to work, shop and do business."
