New loan fund begins for urban core projects

Officials today announced the start of a $4 million fund to provide startup loans to urban core projects.

The revolving fund will provide 4 percent loans at two or three-year terms for predevelopment costs such as architectural and financial consultants and more.

The Greater Kansas City Local Initiative Support Corporation (LISC) will manage the fund intended to increase development in low-to-moderate neighborhoods.

It will be for projects like housing, commercial development, community facilities and mixed-use projects in the urban cores of both Kansas Cities.

The loan fund comes from money from LISC, both cities, the Ewing Marion Kauffman Foundation and the Hall Family Foundation.

LISC is among the nationā€™s largest community development financial institutions, officials said, and since 1981 has invested more than $143 million in Kansas City.

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