CATALYZING OPPORTUNITY

Philadelphia

LISC2017 ANNUAL REPORT

Total Impact Since 1980

Philadelphia 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.

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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.

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What We Do

Invest 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 FINANCED

2017 AT A GLANCE

OUR PRIORITIES

LENDING AND IMPACT INVESTMENTS

AFFORDABLE, HEALTHY HOUSING

ECONOMIC DEVELOPMENT

EQUITABLE COMMUNITY DEVELOPMENT

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Housing 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 TDC

Esperanza 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)

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Transformational projects advancing neighborhoods of opportunity

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LENDINGAND IMPACTINVESTMENTS

$78MINVESTMENT LEVERAGED

200STUDENTS ENJOY A NEW SCHOOL

120CHILDREN GAIN ACCESS TO QUALITY CHILDCARE

Investing 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 children

With 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 HOUSING

Providing community partners with tools, know-how, and capital

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166AFFORDABLE APARTMENTS COMPLETED

42HOMES RECEIVED CRITICAL REPAIRS

$420,000 IN NEW RECOVERABLE GRANTS

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A 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 PIDC

Strengthening 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 organizations

by conducting assessments and providing

one-on-one coaching to staff and board members.

• As a founding sponsor of Shift Capital’s Kensington

Avenue Storefront Challenge, LISC helped Shift provide

9 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 completed

occupation skills training

• 110 clients placed in jobs

Partners: 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.

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Investing in people, partners, and places

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ECONOMICDEVELOPMENT

200JOBS CREATED

91RESIDENTS OBTAINED AN INDUSTRY-RECOGNIZED CREDENTIAL

20COMMERCIAL CORRIDORS IMPROVED

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Community Benefits in West PhiladelphiaAs part of the Fair Future Strategy, LISC’s technical

assistance enabled community partners to obtain a

$3.1 million Community Benefits Agreement. This will

advance community priorities in affordable housing,

jobs, education, and capacity building.

Trauma-Informed Community Development in KensingtonLISC and Scattergood Foundation assisted

New Kensington CDC and Impact Services

to develop a new model to foster a healthier, safer

neighborhood, applying principles of trauma-informed

care to community engagement.

Community Connectors: Meeting Residents Where They AreLISC supports partners to hire residents as Community

Connectors, who engage their neighbors and share

information and resources.

• People’s Emergency Center (PEC) and APM’s Community

Connectors made 200,000 connections with residents,

to help them learn about programs, services, and

volunteer opportunities.

• New Kensington CDC and Impact Services Community

Connectors pursued a strategy to develop a network

of micro-communities across Kensington.

Making Residents Central in Eastern North Supporting Residents in a Choice Neighborhood

LISC supported community building at the Norris Homes

public housing development—in the context of pending

demolition, redevelopment, and relocation.

• Provided training and funding to teams of residents,

community organizations, and police for three community

safety projects.

• Commemorated the community through a mural,

yearbook, and digital photographic archive.

• Delivered a teen leadership program that helped

39 individuals develop 21st-century skills.

A People-Centered, Arts-Based Approach

The Village of Arts and Humanities improved the Germantown

Avenue commercial corridor while expanding opportunities

for residents and businesses.

• 86 paid youth internships

• 17 paid artist apprenticeships

• 9 internships for women in re-entry

• 22 businesses supported

Refreshing the Vision for Eastern North

Thanks to a Wells Fargo Regional Foundation grant, APM

and residents kicked off an update of their Eastern North

Quality of Life Plan.

Resident-engaged neighborhood revitalization

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EQUITABLECOMMUNITY DEVELOPMENT

50COMMUNITY PARTNERS

25NEIGHBORHOODS

200,000 COMMUNITY CONNECTIONS

LISC is the Local Initiatives Support Corporation

Philadelphia LISC 718 Arch Street

Suite 500 South

Philadelphia, PA 19106

(215) 923-3801

lisc.org/philly

@LISC_Philly

National LISC 501 7th Avenue

New York, NY 10018

(212) 455-9800

lisc.org

Report design by: SAYGRID

Edited by: Alison Rooney Communications

Funding Partners, Staff, and Board

Private Sector Funding Partners

5601 Foods LLC

Bank of America

Barra Foundation

Broadnu Enterprises

Citizens Bank

Drexel University

ESPN

Fresh Grocer

Housing Alliance of Pennsylvania

Knight Foundation

Kresge Foundation

National Equity Fund

NFL Foundation

Panaphil Foundation

Pew Charitable Trusts

The Philadelphia Foundation

PNC Bank

Robert Wood Johnson Foundation

Santander Bank Foundation

Scattergood Foundation

State Farm

Surdna Foundation

TD Bank Charitable Foundation

United Way of Greater Philadelphia

and Southern New Jersey

Uphill Foundation

Walmart Foundation

Wells Fargo Bank

William Penn Foundation

Public Sector Funding Partners

City of Philadelphia Commerce Department

City of Philadelphia Division of Housing and

Community Development

Corporation for National and Community Service

Mayor’s Fund for Philadelphia

Pennsylvania Department of Community

and Economic Development

Pennsylvania Housing Finance Agency

U.S. Department of Housing

and Urban Development

U.S. Department of the Treasury’s CDFI Fund

Staff

Andrew Frishkoff, Executive Director

Dana Hanchin, Deputy Director

Rachel Brooks, Program Officer

Melissa Kim, Program Officer

Katya Noreika, Program Officer

Carolyn Placke, Program Officer

Nicholas Mulligan, Senior Administrative Assistant

Jessica Collazo, Assistant Program Officer

David Ferris, Assistant Program Officer

Veronica Ayala-Flores, Community

Development Assistant

Nigel Charles, Community Development Assistant

Advisory Board

Paige Carlson-Heim (Chair), TD Bank

William Smith (Vice-Chair), Community

Development Consultant

Stephen Briggs, Wells Fargo & Company

Glenn Bryan, University of Pennsylvania

Monica Burch, Citizens Bank

Thomas F. Burns, Urban Ventures Group

Beverly Coleman, Temple University

Kevin Dow, United Way of Greater Philadelphia

and Southern New Jersey

Anne Fadullon, City of Philadelphia Dept.

of Planning and Development

Eva Gladstein, City of Philadelphia Dept.

of Health and Human Services

Aaron Graves, Bank of America Merrill Lynch

James E. Hartling, Urban Partners

Don Haskin, retired

Michael Johns, Mdesigns + MWJ Consulting LLC

Lucy Kerman, Drexel University

Randy Kunkle, AHP Partners

Kafi Lindsay, PNC Bank

Mitch Little, Mayor’s Office of Community

Empowerment & Opportunity

Rick Sauer, Philadelphia Association of Community

Development Corporations (PACDC)

Dina Schlossberg, Regional Housing Legal Services

Theresa Singleton, Federal Reserve Bank of Philadelphia

Craig Williams, retired