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LISC Hopes to Collect $40M to Fuel Redevelopment

DETROIT-At least seven groups are expected to seek financial support from Local Initiatives Support Corp. for their redevelopment proposals in Detroit and its inner-ring suburbs.

By Dan Heaton | Updated on February 23, 2005

DETROIT-Local Initiatives Support Corp. has launched a three-year, $40-million campaign to support redevelopment efforts in Detroit and itsinner-ring suburbs. The LISC’s plans to combine $15 million in public and private grants, $8 million in real estate development loans and $17 million in equity through low-income housing tax credits and credits for commercial development.

The LISC says its last campaign exceeded its goals and raised $15 million while leveraging more than $282 million in neighborhood development. Seven planning groups are expected to be among those that submit redevelopment proposals to the agency this summer. Up to five proposals will be selected for funding help for the three-year term.

Among those expected to submit development plans:

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