Home » In Philanthropy » Innovative fund to fuel equitable development in transit-oriented neighborhoods

Innovative fund to fuel equitable development in transit-oriented neighborhoods

Post date: 
December 19th, 2014
Article Type: 
AGM Member News
Article Topic: 
Economy

Boston’s Local Initiatives Support Corporation (LISC), together with The Hyams Foundation, The Boston Foundation, and the Commonwealth of Massachusetts, has launched the $5 million Accelerator Fund to jump start equitable transitoriented housing development in Boston and throughout the state.The new loan fund will leverage $30 million of additional early stage financing to help spur the development of affordable and mixed-income housing along light rail corridors and other transit rich areas.

The Boston Foundation and The Hyams Foundation have each committed $1.5 million in low interest loans to be distributed through the fund, and the Commonwealth’s Executive Office of Economic and Housing Development working with MassDevelopment has dedicated $1 million to the initiative. The Barr Foundation supported start-up costs associated with establishing the fund, and Nixon Peabody provided pro bono legal assistance. LISC Boston has committed up to $1 million and will serve as fund manager.
www.lisc.org

133 Federal Street, Suite 802 | Boston, MA 02110
Phone: 617.426.2606 | Fax: 617.426.2849
© 2014 Associated Grant Makers