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The loans are available through the Acquisitioh and PredevelopmentLoan Fund, which Greater Kansas City LISC started in 2007. The fund now has $7 milliob from three investors: and each provided $1 and , of which Greater Kansas City LISC is a provided $5 million. No loans have been made from the fund, John Wood, senioer program officer for Greater Kansas City said Tuesday. “We’ve had some interesy in it, but the projects haven’t quite gelled,” he “The project falls through because the economy and the real estatwe market has really hitus hard.
” This fund differsw from other funds administered by Greater Kansas City LISC because it focused on predevelopment, such as land acquisition, engineerint and architectural services, and environmental studies, Wood said. Loane will be considered to support development in LISC NeighborhoodsNOW communities on both sides of the state line, the organization said in a release. The fund’s loanse carry a 7 percent fixedinterest rate, closing fees of as much as 1.5 percentf and applicable legal fees.
Phase I environmenta assessment and evidence of compliance with zoning and regulatoru and land use requirements may be Since 1981, Greater Kansas City LISC has invested more than $106 million in urban-core neighborhoods on both sidex of the state line. The loan s have leveraged $567.7 million in total development.
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