Local Initiatives Support Corporation

Local Initiatives Support Corporation
Founded 1979
Founder Ford Foundation
Type Non-Profit CDFI
Location
  • Headquartered in New York City, Local Offices in 30 Cities in the USA
Area served
 United States
Method Grants, Loans, Investments
Key people
 Robert Rubin: Chairman of the Board, Michael Rubinger: President
Mission Community Development
Website www.lisc.org

The Local Initiatives Support Corporation (LISC) is a US non-profit community development financial institution (CDFI) that supports community development corporations in 30 urban areas and dozens of rural areas in the United States.[1] LISC was created in 1979 by executives from the Ford Foundation.[2] LISC is affiliated with the National Equity Fund (NEF), the largest national syndicator of Low Income Housing Tax Credits (LIHTC),[3] and the New Markets Support Company, a national syndicator of New Markets Tax Credits [4]

LISC and its affiliates support community development projects through grants, loans and equity investments. In the 2012 fiscal year, it reported grants, loans and investments totaling US$903 million, leveraging $2.8 billion in total development. Since 1980, LISC has been responsible for the creation of 303,500 affordable homes and apartments, 49.4 million square feet of retail and community facilities, 180 schools, 184 child care facilities and 269 playing fields.[5]

History

The idea for LISC was conceived in 1979 by a group of Ford Foundation officials and trustees visiting community development projects in Baltimore. One of the trustees asked Ford Foundation Vice President Mitchell Sviridoff "what he would do if he had $25 million to spend on helping declining cities." Sviridoff responded that he would "identify competent leaders in 50 to 100 communities around the nation and give them as much money and support as possible." [6] Sviridoff went on to become LISC's first president.

LISC was founded in December 1979 and formally announced in May 1980, with $10 million in capital from the Ford Foundation, Aetna, Continental Illinois Bank, International Harvester, Levi Strauss & Co. and Prudential Insurance. LISC's initial areas of concentration were the South Bronx, Boston and Chicago. By 1985, it had raised $100 million and was active in 20 cities. In 1987, LISC created the National Equity Fund to syndicate the Low Income Housing Tax Credit created by the Tax Reform Act of 1986.

In 1995 LISC launched Rural LISC, expanding beyond urban areas in an effort to spur rural economic and housing development. In 1997 it partnered with the NFL to create and refurbish playing fields in low-income urban areas. In that year President Bill Clinton toured Charlotte Street in the Bronx, one of the first LISC projects, saying "Look at where the Bronx was when President Jimmy Carter came here in despair. Look at where the Bronx was when President Reagan came here and compared it to London in the Blitz. Look at the Bronx today. If you can do it, everybody else can do it."[7][8] In 1999, Clinton's Treasury Secretary Robert Rubin became the Chairman of the Board of LISC.[9] In 2002, with support from the Walton Family Foundation, LISC began financing charter schools.[10][11]

Building Sustainable Communities

LISC's development strategy, launched in 2007, is called Building Sustainable Communities (BSC). LISC's programs are designed to meet BSC's five goals:

Expanding investment in housing and other real estate

Affordable housing is the largest LISC program area. While many LISC initiatives finance the construction of new homes,[12] others refurbish existing housing stock.[13][14]

Increasing family income and wealth

LISC supports nationwide job training and financial literacy programs through a network of 71 Financial Opportunity Centers (FOCs). FOCs provide low-income individuals with personal career coaching and job placement programs, financial and credit literacy training and access to public benefits.[15][16][17]

Stimulating economic development

LISC works with local governments and civic groups to finance the construction or redevelopment of retail corridors, arts center and civic institutions. Examples include:

Improving access to quality education

LISC is a major financier of charter schools nationwide.[21] According to the LA Times, at least a dozen schools in California would run out of money without financing from LISC designed to cover shortfalls in state funding.[22]

Supporting healthy environments and lifestyles

LISC partners with the NFL in the "Grassroots" program, which has built or rehabilitated 269 youth and community football fields nationwide [23][24]

In 2012, LISC launched the "Healthy Futures Fund" to create affordable housing units linked with health care and social services.[25]

LISC's Community Safety Initiative works with police departments and local residents to improve police-community relations and reduce crime.[26][27]

Local offices

Nationwide

LISC's national headquarters is located in New York City. Its research and evaluation program, The LISC Institute for Comprehensive Community Development, is also located in New York City, and its national policy team is located in Washington, D.C. These cities host local LISC offices as well. The full list of local LISC offices can be found on the organization's website.[28]

New York City

In January 2013, Mayor Michael Bloomberg announced that LISC New York City would administrate a $15 million mold remediation program through its affiliate, Neighborhood Revitalization NYC. The program is designed to address the epidemic of mold damage caused by Hurricane Sandy [29]

Chicago

LISC Chicago funded the construction of La Casa, a dormitory for students at Chicago-area Community Colleges which opened in 2012. [30]

Washington, D.C.

LISC DC has been credited with using a combination of housing, retail and cultural development to revive Washington D.C.'s Columbia Heights neighborhood after the damage wrought by the 1968 Washington, D.C. riots.[31][32]

Peoria

In 2012, LISC announced that it was opening its first new local office in 15 years in Peoria, Illinois, thanks to a $3 million grant from the Caterpillar foundation.[33][34]

Presidents

Mitchell Sviridoff 1980-1985

Paul S. Grogan 1986-1998

Michael Rubinger 1999–Present

See also

References

  1. ↑ "LISC Homepage (About Us)". LISC. Retrieved May 26, 2013.
  2. ↑ "Case 52: Local Initiatives Support Corporation (LISC)" (PDF). Duke Sanford School of Public Policy.
  3. ↑ "Who We Are "About Us"". Website. NEF. Retrieved May 29, 2013.
  4. ↑ "New Markets Support Company "About Us"". NMSC.
  5. ↑ "LISC.org About Us "By the Numbers"".
  6. ↑ Teltsch, Kathleen (July 6, 1981). "Funds Are Packaged to Aid Communities". New York Times.
  7. ↑ Yardley, Jim (December 11, 1997). "Clinton Praises Bronx Renewal as U.S. Model". The New York Times. Retrieved May 29, 2013.
  8. ↑ Hunt, Terence (December 10, 1997). "NEW YORK President Clinton Tours New York's South Bronx and Proclaims the Urban Neighborhood As a Model for Rest of Nation". AP Associated Press. Retrieved May 29, 2013.
  9. ↑ Swope, Christopher (August 2000). "Robert Rubin's Urban Crusade". Governing. Retrieved May 29, 2013.
  10. ↑ "About Us (History)". LISC. Retrieved May 28, 2013.
  11. ↑ Clinton, Bill (2007). Giving: How Each of Us Can Change the World. New York: Knopf. pp. 125–127.
  12. ↑ "Studio E’s affordable housing "hat trick" – Brisas de Paz opens in Desert Hot Springs!". Studio E.
  13. ↑ "Joshua's Court". Curbed NY. Retrieved May 29, 2013.
  14. ↑ "LISC 2011 Annual Report". http://www.lisc.org/annualreport/2011/highlights/highlights.shtml. Retrieved May 29, 2013. External link in |publisher= (help)
  15. ↑ Rubinger, Michael. "Key is holding a job, not just getting one". Reuters. Retrieved May 29, 2013.
  16. ↑ Walker, Chris. "Scaling Smarter, Scaling for Keeps". Stanford Social Innovation Review. Retrieved May 29, 2013.
  17. ↑ "Financial Opportunity Centers". LISC Website. Retrieved May 29, 2013.
  18. ↑ Newsome, Oramenta (March 22, 2013). "The seeds of the H Street 'Miracle'". The Washington Post. Retrieved May 29, 2013.
  19. ↑ Zimmerman, Julie Irwin (February 11, 2013). "Indianapolis's Non-Profits Move In Together". The Atlantic Cities. Retrieved May 29, 2013.
  20. ↑ Thomas, Pam. "Fishtown on the Rise". The Institute for Comprehensive Community Development. Retrieved May 29, 2013.
  21. ↑ Shalvey, Don. "A Teaching Moment for the Financial Markets". Impatient Optimists. Bill and Melinda Gates Foundation. Retrieved May 29, 2013.
  22. ↑ Hiltzik, Michael (April 16, 2013). "State's Budget Fakery Takes a Toll on Charter Schools". LA Times. Retrieved May 29, 2013.
  23. ↑ Brunt, Stephen. "Carver Football Field of Hope". Brunt Essay. Sportsnet Canada. Retrieved May 29, 2013.
  24. ↑ "Our Work "Youth Development and Recreation"". Website. LISC. Retrieved May 29, 2013.
  25. ↑ Dolan, Matthew (January 13, 2013). "Public-Private Fund Aims at Health Care, Housing Gap". Wall Street Journal. Retrieved May 29, 2013.
  26. ↑ "LISC CSI". LISC. Retrieved May 29, 2013.
  27. ↑ O'Brien, Brandon (April 29, 2013). "LISC, police department create director of community safety position". Neighborhood News Service Milwaukee. Retrieved May 29, 2013.
  28. ↑ "Where we work "Local Offices"". Website. LISC. Retrieved May 29, 2013.
  29. ↑ "MAYOR BLOOMBERG ANNOUNCES NEW PROGRAM TO ADDRESS WATER DAMAGE AND MOLD IN NEIGHBORHOODS HARDEST HIT BY HURRICANE SANDY" (PDF). Press Release. Office of the Mayor of the City of New York. Retrieved May 29, 2013.
  30. ↑ Winerip, Michael (November 2, 2012). "A Dorm for All Colleges". The New York Times. Retrieved May 29, 2013.
  31. ↑ Broder, David S. (September 25, 2005). "A Quiet Partnership is Beating Blight". The Washington Post. Retrieved May 30, 2013.
  32. ↑ Schwartzman, Paul (March 4, 2008). "A Rapid Renaissance in Columbia Heights". The Washington Post. Retrieved May 30, 2013.
  33. ↑ Sullivan, Michele. "Why LISC? It starts with a cold call". The Caterpillar Foundation.
  34. ↑ Schwartzman, Paul (March 4, 2008). "A Rapid Renaissance in Columbia Heights". The Washington Post. Retrieved May 30, 2013.

Further reading

External links

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