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April 30, 2018  

News from Connecticut LISC 

Helping Neighbors Build Communities in Connecticut

 
When families have a stable, affordable home in a welcoming community, they are healthier, economically stronger and able to thrive. LISC is proud to play a key role in creating these homes and building strong and inclusive communities.
Strategic Investments & Partners


Picturesque Norfolk
Norfolk is one of 46 Connecticut small towns where LISC provides technical and financial support to local groups who create affordable housing for residents whose incomes don't keep up with our real estate prices. LISC works with an organization called the Foundation for Norfolk Living to expand housing choices in their community. They had passion, but needed guidance through the process, so LISC gave FNL technical assistance and a grant to hire a housing consultant. FNL assembled a site consisting of five buildings around the town green and secured financing commitments from the state's Department of Housing, but delays imperiled the process. LISC stepped in with a $500,000 loan that enabled FNL to purchase the properties and begin construction.
 
A second $450,000 loan served as a bridge to the historic tax credits the state had committed, because tax credits don't get disbursed until construction is complete. LISC's loan enabled FNL to finish rehabbing the five buildings plus an addition, creating 12 family apartments. Seven are already home to families and the rest will be occupied, and landscaping completed, by Memorial Day - in time for the local parade to march by!

Historic Hartford
The elegant 1907 brick apartment house at 445 Zion Street in Hartford's Frog Hollow neighborhood was abandoned in the late 1980s. It was damaged badly by fire in 2002 and even inspectors wouldn't enter, for fear of collapse. The City of Hartford donated the building to Mutual Housing Association of Greater Hartford, Inc., a LISC partner with 30 years' experience creating quality, affordable rental housing. MHAGH had been transforming sections of Frog Hollow and wanted to bring the structure back to its former glory.
 
A predevelopment loan from LISC helped with redesign of 15 apartments for seniors, handicap adaptable units, an elevator and a first-floor common area for socializing. LISC also provided a "green grant" to make the building energy-efficient, ensuring reasonable utility costs for low-income households. The roof is now lined with solar panels, and the apartments have hardwood floors with granite countertops. All are environmentally and financially sound choices that minimize maintenance and replacement costs.
 
Noteworthy

Turning Blight Into Beauty
We are pleased to report the Harold Webster Smith Foundation approved an $8,500 grant to LISC to help us coordinate the new Connecticut Blight Remediation Coalition. The group includes blight remediation officials from cities and towns across the state. They want to develop a better toolbox for turning blighted properties into assets for community development. LISC will help them organize, start a list-serve to share information and best practices, coordinate quarterly meetings and develop policy proposals. We look forward to this new project and are grateful to our Local Advisory Committee member Peter Mosbacher, Senior Vice President of Webster Bank, for presenting this opportunity to LISC.
Funder Focus

Thanks for your leadership & suppport!
People's - Border People's United Bank has been a long time LISC supporter, including having Art Casavant, Vice President and CRA Officer, serve on our Local Advisory Committee for Connecticut Statewide LISC. In addition, People's has provided significant financial support for LISC programs throughout LISC's history in Connecticut.    
We also want to recognize Bank of America for their ongoing support of LISC in Connecticut. Susan Moro, Senior Vice President, sits on our Connecticut Statewide Local Advisory Committee. Dean Andrews, Senior Vice President, and Dorene M. Conlon, Senior Client Manager, serve on LISC's Local Advisory Committee for Hartford. Both programs have been the beneficiaries of generous investment from B of A and we are very grateful.
Contact Information
 

The Local Initiatives Support Corporation (LISC) brings financial expertise and resources to urban, rural and suburban communities by partnering with local organizations.  For information about LISC's strategic investments, innovative projects or capabilities, please contact CTnews@lisc.org or call us at 860-525-4821.

 

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