NEW YORK (May 25, 2021)— The Black Economic Development Fund (BEDF), managed by the Local Initiatives Support Corporation (LISC), has reached its $250 million goal for capital to invest in Black-led banks, anchor institutions, businesses, and real estate developers, and is now rolling out its first investments.
The BEDF, launched last summer, is part of LISC’s Project 10X, a $1 billion strategy to address racial gaps in health, wealth, and opportunity. The private investment fund has raised capital from 11 public and private corporations, with McKinsey and Company recently coming in with $15 million.
Bridging the Gap (BTG), Pittsburgh: BTG is a private real estate development firm focused on advancing healthy, sustainable developments. The BEDF made a short-term $1.5 million predevelopment loan to support a new project called Fifth and Dinwiddie, which when completed will bring 171 mixed-income apartments to Pittsburgh’s Uptown district. The predevelopment financing was the missing piece of the capital stack for this project, which is one of the largest housing development sites in the city and part of Pittsburgh’s “EcoInnovation” plan for the community.