2023 Annual Report

INVESTING IN A FUTURE FOR US ALL

▶ Message from Leadership
▶ Our Impact Stories
▶ By the Numbers
▶ Our Partners
▶ Our Funders
▶ Our Team

MESSAGE FROM LEADERSHIP

ON BEHALF OF THE LISC PHILADELPHIA TEAM, I want to thank all of you who collaborated with us in 2023 to advance sustainable affordable housing, economic opportunity, and resident-driven community development initiatives. And thank you for trusting us to be a partner with you in the work that you lead on behalf of your communities.

The challenges that our residents and business owners face are complex and well-documented: historic discrimination; segregation; education, income and wealth inequities; and displacement, among others. Thankfully, you are among a growing corps of resident leaders, entrepreneurs and community developers who bring a collective spirit of innovation and determination to counter these challenges. It is LISC’s job to support you in this work in whichever of our roles you need us to play – investor, capacity builder, advisor, convenor or systems change partner.

This report highlights some of the work we have done together in the past year. In some cases, this is just the latest chapter of work we have done together for forty years. In others, we hope this is just the beginning of a beautiful partnership. In all cases, we hope that the successes we achieved together in 2023 will improve the circumstances of residents and business owners in 2024 and beyond.

Thank you and we look forward to continued partnership and success.

Andrew Frishkoff Executive Director LISC Philadelphia

OUR IMPACT STORIES

Video provided by NPPI supporter TD Bank, N.A.

2023 Results

9 non-profit housing owners received $930,000

712 units supported for preservation

240 residents in 100 households received direct services (75% at or below 30% area median income)

$26.3M in development costs leveraged by non-profits

The Non-Profit Preservation Initiative

Supporting non-profit organizations to develop and preserve affordable housing is central to LISC Philadelphia’s mission. Since 2017, one of our priorities has been capacity building and predevelopment investment to support non-profit organizations who need assistance with preserving their affordable housing. Since 2019, LISC Philadelphia has also served as the convener of the Preservation Network, a collaborative of more than forty public, private, and non-profit organizations and agencies committed to preserving and protecting publicly assisted affordable rental properties in Philadelphia.

In 2023, LISC launched the Non-Profit Preservation Initiative (NPPI) in response to the findings of its earlier report, ‘The Preservation Challenge: Projections & Policies for Maintaining Non-Profit Affordable Rental Housing in Philadelphia. NPPI is a multi-faceted strategy to preserve buildings and help residents to remain in safe, quality and affordable housing. The initiative is a citywide effort, with a priority focus in Eastern North and West Philadelphia neighborhoods where residents are at a higher risk of displacement due to rising rents and loss of affordable housing.

2023 Focus Areas:

  1. Feasibility and predevelopment to support preservation of properties;
  2. Organizational business plans and asset management strategies;
  3. Housing stability, eviction prevention, and economic mobility to support residents and building owners to sustain and maintain properties; and
  4. Advocacy for funding and policies that support preservation and resident well-being.

The Non-Profit Preservation Initiative

Supporting non-profit organizations to develop and preserve affordable housing is central to LISC Philadelphia’s mission. Since 2017, one of our priorities has been capacity building and predevelopment investment to support non-profit organizations who need assistance with preserving their affordable housing. Since 2019, LISC Philadelphia has also served as the convener of the Preservation Network, a collaborative of more than forty public, private, and non-profit organizations and agencies committed to preserving and protecting publicly assisted affordable rental properties in Philadelphia.

In 2023, LISC launched the Non-Profit Preservation Initiative (NPPI) in response to the findings of its earlier report, ‘The Preservation Challenge: Projections & Policies for Maintaining Non-Profit Affordable Rental Housing in Philadelphia. NPPI is a multi-faceted strategy to preserve buildings and help residents to remain in safe, quality and affordable housing. The initiative is a citywide effort, with a priority focus in Eastern North and West Philadelphia neighborhoods where residents are at a higher risk of displacement due to rising rents and loss of affordable housing.

2023 Focus Areas:

  1. Feasibility and predevelopment to support preservation of properties;
  2. Organizational business plans and asset management strategies;
  3. Housing stability, eviction prevention, and economic mobility to support residents and building owners to sustain and maintain properties; and
  4. Advocacy for funding and policies that support preservation and resident well-being.

2023 Results

9 non-profit housing owners received $930,000

712 units supported for preservation

240 residents in 100 households received direct services (75% at or below 30% area median income)

$26.3M in development costs leveraged by non-profits

Small Business Support

In 2023, LISC Philadelphia partnered with 13 nonprofit organizations to directly impact an estimated 1,000+ small businesses. Our partners included community-based organizations managing local commercial corridors, as well as Business Development Organizations providing technical and financial assistance to entrepreneurs across the city. Thanks to our nonprofit and philanthropic partners, we’ve helped to increase access to critical resources for business owners and promote community economic development and commerce on corridors in Kensington, North and West Philadelphia.

Partner Spotlight: Lancaster Avenue 21st Century Business Association Community Development Corporation (LA21 CDC)

LA21 is a Community Development Corporation (CDC) founded in 2008 and located in West Philadelphia. The organization provides quality business development resources to entrepreneurs and represents businesses, organizations, and residents across 20 city blocks surrounding the Lancaster Avenue corridor.

One of LA21’s key programs is Scale Up Your Business, which provides business training, coaching, and technical assistance over a period of 12 weeks in order to support the next generation of sustainable, scalable, and replicable businesses capable of creating generational wealth. To date, 186 businesses across 8 cohorts have participated, with 21.5% reporting increased revenue as a direct result of the program.

Serial entrepreneur, podcaster, and tech enthusiast Zakia Ringgold, whose journey began with soap making, participated in the inaugural Scale Up cohort in 2020. She knew that she had a passion and a business idea, but she didn’t know how to get started – or if it could even be profitable.

Zakia enrolled in Scale Up so that she could develop a structured business plan which included systems for tracking the pricing and cost of her products. The program equipped her with a solid foundation and strategic insights, and with a subsequent 30% year-over-year increase in revenue, she was able to leave her full-time job to focus on her entrepreneurial endeavors.

In addition to running her businesses, Zakia has moved beyond a participant role and is now a contributor to LA21’s programming. She works part-time as the Alumni Engagement Coordinator managing the Bridge program, which provides six more weeks of support and technical assistance to Scale Up graduates as they implement newly acquired strategies. In this role, she also leverages resources available on the Verizon Small Business Digital Ready platform, which is provided to LA21 in partnership with LISC. Since Zakia started the Bridge program, 45 entrepreneurs have participated, and it has become a staple for ongoing support after completing Scale Up Your Business.

Zakia Ringgold

LISC's strategic support and resource provision help to provide a clear pathway for small business owners to scale their operations and reinforce the importance of education and financial backing in fostering business growth and community development.”

–Zakia Ringgold

2023 BY THE NUMBERS

$19M

invested

$105M

leveraged

1,475

sq. ft. of commercial space

234

units of affordable housing

Latino Equitable Development Collective

  • 12,212 people were connected to 22,180 public benefits and services, and $974,891 in tax credits.
  • 138 interagency client referrals were made and accepted by 6 partners.

Financial Opportunity Centers

  • 188 people accessed FOC services including income support, financial coaching, and job training and placements.

Business Development Organization Network

  • 472 small business owners were connected to 3,550 online training sessions by 3 BDO partners.

Commercial Corridor Revitalization

  • 325 corridor businesses received direct technical assistance from 5 community-based corridor management partners.

Community Connectors

  • 16 Community Connectors from 6 partner organizations received training and small grants to execute local community development projects.

Southwest by Southwest Initiative

  • 3 key Southwest Philadelphia partners (The ECO Foundation, Philadelphia Area Cooperative Alliance, and Empowered CDC) received funds and technical assistance for capacity building, organizational development coaches, stipends for Southwest leaders, and early action projects.

Historic Home Repairs

  • Strawberry Mansion CDC completed 6 home repairs for low-and moderate-income homeowners.

OUR 2023 PARTNERS

Thank you for trusting us to be a partner with you in the work that you lead on behalf of your communities.”

2023 Partners

Asociación Puertorriqueños en Marcha (APM)

Beech Community Services

Ceiba

Community Ventures

Congreso de Latinos Unidos

ECO Foundation

Empowered CDC

Gaudenzia Foundation

Habitat for Humanity Philadelphia

Hispanic Association of Contractors and Enterprises (HACE CDC)

HopePHL

Impact Loan Fund

Impact Services Corporation

Jastech Development Services Inc.

Lancaster Avenue 21st Century Business Association CDC

Liberty Housing Development Corporation

Make the World Better Foundation

Mission First Housing Group

Mount Vernon Manor CDC

New Kensington CDC

North 5th Street Revitalization Project

Mount Vernon Manor CDC

New Kensington CDC

Nueva Esperanza, Inc.

Philadelphia Association of Community Development Corporations (PACDC)

Philadelphia Area Cooperative Alliance (PACA)

Philadelphia Chinatown Development Corporation (PCDC)

Regional Housing Legal Services

Southeast Asian Mutual Assistance Association Coalition (SEAMAAC)

Stone Sherick Consulting Group

Strawberry Mansion CDC

The Business Center

The Enterprise Center CDC

The Village of Arts and Humanities

The Welcoming Center

We Embrace Fatherhood

Women's Community Revitalization Project

Women's Opportunities Resource Center

Xiente

OUR 2023 FUNDERS

2023 Private Sector Support

Anonymous

Bank of America

Citizens

James Hartling

JPMorgan Chase

John S. and James L. Knight Foundation

Brook J. Lenfest Foundation

Lincoln Financial Foundation

Macquarie Group Foundation

The Panaphil Foundation

William Penn Foundation

The Pew Charitable Trusts

PNC Foundation

The Promise

Santander Bank, N.A.

State Farm

TD Bank

TD Charitable Foundation

Wells Fargo

2023 Public Sector Support

Pennsylvania Housing Finance Agency

U.S. Department of Housing and Urban Development

OUR TEAM

LISC Philadelphia

Andrew Frishkoff, Executive Director

Tara Alexis McCoy, Deputy Director

Amanda Stevens, Assistant Program Officer

Carolyn Placke, Senior Program Officer

Ciarra McPhail, Assistant Program Officer

Daniel Swain, Program Officer

Erika Laster, Intern

Grace Jean-Baptiste, Intern

Jay Sessoms, Program Officer

Jessica Collazo, Senior Program Officer

Julie Haymaker, Development Officer

Nailah Frye, Assistant Program Officer

Oneido Luis, Assistant Program Officer

Shonte Kennedy, Program Assistant

Stephanie Etienne, Program Officer

Local Advisory Committee

Paige Carlson-Heim Director, Office of Charitable and Community Giving TD Charitable Foundation

Jeremy Ben-Zev Market President Truist

Stephen Briggs Vice President, Sr. Community Development Officer Wells Fargo Bank, N.A.

Glenn Bryan Assistant Vice President of Community Relations University of Pennsylvania - Office of Government and Community Affairs

Monica Burch Senior Vice President - Market Manager | Community Development Banking PNC Bank

David Chick Senior Vice President – Business Banking Bank of America

Kevin Dow Executive Director Regional Foundation

Anne Fadullon Director of Planning & Development City of Philadelphia Department of Planning and Development

Eva Gladstein Deputy Managing Director for Health & Human Services City of Philadelphia - Dept. of Health and Human Services

Will Gonzalez Executive Director Ceiba

Aaron Graves Managing Director – Equity, Debt & Structured Finance Cushman & Wakefield

James Hartling Partner Urban Partners

Michael Johns Managing Director Mdesigns + MWJ Consulting LLC

Lucy Kerman Senior Vice Provost for University and Community Partnerships Drexel University

Mitch Little Executive Director Mayor’s Office of Community Empowerment & Opportunity

Ellen Lissy Rosenberg Senior Associate, Community Partnerships, Santander Bank

Rick Sauer Executive Director Philadelphia Association of Community Development Corporations (PACDC)

Dina Schlossberg Executive Director Regional Housing Legal Services

Theresa Singleton Senior Vice President and Community Affairs Officer Federal Reserve Bank of Philadelphia

Bill Smith Formerly Citizens Bank

Alonzo South Senior Director of Community Engagement Children's Hospital of Philadelphia (CHOP)

Sharana Worsley Vice President, Market Manager & CRA Officer | EPA, NJ, DE - Community Development Citizens Bank

Learn more at www.lisc.org/philly

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All photos used in this report are credited to Daniel Jackson for Embassy: Interactive unless otherwise noted. Photo of Zakia Ringgold was provided by Zakia Ringgold.