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As a Community Development Financial Institution, LISC Chicago provides a range of loan products to support community development efforts throughout metropolitan Chicago.

Most of our lending is short term, used to fill a gap or bridge the receipt of construction or permanent financing, capital campaign or specific funding proceeds. LISC loans do not replace traditional financial facilities, such as those offered by private banks. Instead, they may cover the higher risk portion of a development – the predevelopment phase of a project in a low-income community – that most lenders are unable to finance due to their underwriting thresholds. 

Borrowers can be not-for-profit or for-profit mission-driven companies. LISC will make loans to support a variety of real estate developments, including:

  • Rental housing
  • For-sale housing
  • Community facilities, such as recreation centers, charter schools, child care facilities, art and cultural centers, and health care facilities
  • Retail or industrial development 

LISC loans are used for:

  • Acquisition costs
  • Pre-development expenses (architect, feasibility, environmental tests, legal)
  • Construction
  • Bridge loans to advance public or private funding contracts
  • Mini-permanent or leveraged loans
  • Permanent financing for Low Income Housing Tax Credit (LIHTC) projects

LISC terms are generally:

  • Loan size can range from $50,000 to over $2 million.
  • Short term, less than three years, but mini-perm loans may be up to seven years
  • Permanent loan up to 29 years for LIHTC developments
  • Interest is due monthly
  • Collateral is required for all loans
  • Loans are at recourse/guaranteed by the borrower
  • Borrower must reflect a strong financial condition
  • Borrower must demonstrate experience to complete the proposed project

Learn more about LISC Lending Projects

Project Initiation Loans or PILs - Uses:

  • Early high risk predevelopment expenses associated with a real estate project (environmental, architect, option, application fees)
  • Feasibility costs related to establishing a Special Services Area (SSA)


  • No greater than $25,000
  • No interest charged, no collateral required
  • 24-36 month term
  • Repayment expected unless associated project does not move forward

To further discuss your loan needs, please contact Barbara Beck , or 312-422-9553.

Lending a Hand
It’s clearer than ever how loans from LISC play a critical role in redeveloping communities across the city.
Shops & Lofts Lesson: Never Give Up
Mixed-use miracle at 47th & Cottage re-energizes Bronzeville and reaffirms the power of perseverance.
Ribbon Cutting for ‘Little Heaven’ on Armitage
Community leaders and public officials celebrated the official opening of Zapata Apartments on April 24.
TRP Plans 45 Apartments at 17th and Damen
The Resurrection Project will build 45 units of affordable family housing on a former silo yard near Orozco Community Academy. The development will be named Casa Querétaro.
POAH opens The Grant at Woodlawn Park
New 33-unit, mixed-income rental apartment building is the second phase of the Woodlawn Park redevelopment.
'Suite' Deal Helps Stabilize Wheelworks
Innovative relocation strategy and timely loan from LISC help save affordable housing in historic Pullman
Worth the Wait: Hispanic Housing’s North & Talman
Affordable apartments in some converted buildings on West North Avenue in the Humboldt Park neighborhood were a long time coming, and for good reason. See what took so long.
Viceroy Hotel Gets New Life
The former Viceroy Hotel on Chicago's Near West Side has been transformed into an 89-unit affordable apartment building, thus preserving a landmarked structure and providing shelter to people who…
New Pillars Lend Support to Woodlawn Renewal
Woodlawn is rising again … though the challenges, like gravity, seem never to go away. Its comeback slowed by the Great Recession, its people saddened by the death of a beloved leader, the…
At Last, Bronzeville’s 'Alleluia'
Study in perseverance: Quad Communities’ seven-year struggle brings retail back to a key corner of Chicago’s South Side

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About LISC Chicago

Local Initiatives Support Corporation Chicago connects neighborhoods to the resources they need to become stronger and healthier.

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