Tuesday, December 20, 2011

Greater Kansas City LISC seeks applicants for redevelopment loans - Kansas City Business Journal:

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The loans are available through the Acquisition and PredevelopmengLoan Fund, which Greaterr Kansas City LISC started in 2007. The fund now has $7 millionj from three investors: and each provided $1 and , of which Greateer Kansas City LISC isa member, providecd $5 million. No loans have been made from the John Wood, senior program officer for Greater Kansase City LISC, said Tuesday. “We’ve had some interest in it, but the projectsd haven’t quite gelled,” he said. “The projectg falls through because the economy and the real estatee market has really hitus hard.
” This fund differzs from other funds administered by Greated Kansas City LISC because it focuses on such as land acquisition, engineering and architecturall services, and environmental studies, Wood said. Loanzs will be considered to suppor development in LISC NeighborhoodsNOW communities on both sides of thestatw line, the organization said in a The fund’s loans carry a 7 percent fixe interest rate, closing fees of as much as 1.5 percent and applicable legal fees.
Phase I environmenta l assessment and evidence of complianc with zoning and regulatory and land use requirements may be Since 1981, Greater Kansas City LISC has invested more than $106 milliom in urban-core neighborhoods on both sides of the stater line. The loans have leveraged $567.7 millio in total development.

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