2013 Annual Report

It takes
all of us.

Investing in change.

From the Corner Office

Where there’s a will for change, LISC finds the way

This has been a year of growing concern about the plight of millions of Americans who can’t make ends meet. We believe there is much that can be done to help them. And at LISC, that is our mission.

Every day, LISC works with local nonprofits and community coalitions to equip struggling neighborhoods with the capital, strategy and know-how they need to become places where people can thrive.

The key word is local. We believe the best ideas for progress and change start with the residents themselves, because no one knows a community better than the people who live there. Our job is to take those homegrown ideas and do what struggling communities often can’t—connect them with the expertise and critical resources that turn ideas into actions.

That is the philosophy behind our guiding strategy we call Building Sustainable Communities, a holistic approach to revitalization that looks at all of a community’s needs—decent and affordable homes, good schools, safe streets, quality health care, and jobs that can support a family. With this approach, LISC is building paths to prosperity in the places others have left behind.

This is no easy task, especially with key government funding ever more uncertain as Washington slashes budgets. In the face of these challenges, LISC continues to find new ways to push onward. In 2013, we harnessed the power of partnerships and worked together with leaders in the public, private and philanthropic sectors; we amassed a host of new tools.

The key word is local. We believe the best ideas for progress and change start with the residents themselves, because no one knows a community better than the people who live there.

This freshly stocked tool kit will bolster our efforts for a sustainable impact in the communities we serve—change that lasts. As a partner in the U.S. Treasury Department’s ground-breaking CDFI Bond Guarantee Program, LISC is spurring new development by investing $50 million in the construction of affordable housing and charter schools.

With our Community Advantage license from the U.S. Small Business Administration, we can stimulate economic development by providing small businesses with the loans they need—as much as $250,000 each—to grow and create jobs. We are one of a few mission-oriented groups in the nation licensed to do this kind of lending.

In 2013, we also teamed up with The Kresge Foundation and Morgan Stanley to launch a new $100 million Healthy Futures Fund that will expand access to quality health care by financing the construction of community health centers.

Additionally, the U.S. Department of Justice gave us $2.5 million to guide a growing group of cities (now 29) involved in its Byrne Criminal Justice Innovation Program. We are now combining our decades of experience in forging community-police partnerships with the insights of top criminal justice experts to bring down crime in neighborhoods around the country. In addition to launching new tools, LISC is expanding those that are tried and true. Last year we opened our 72nd Financial Opportunity Center (FOC). In 2013 alone, our FOCs helped more than 20,000 people get quality job training, apply for public benefits, build good credit and more. By providing a comprehensive array of services under one convenient roof, our FOCs are designed to help people seize opportunities that once lay beyond their reach.

In 2013, we went to the White House to brainstorm with President Obama on new federal policies that could help build back struggling neighborhoods, and brought community development officials from across the country to Washington, D.C. to discuss how to bring the latest innovations to scale.

LISC is able to launch innovative programs and keep years-long partnerships because we have a track record people trust. Since 1980, we have invested $13.9 billion in changing the trajectory of America’s most forgotten neighborhoods. These investments have helped build or rehabilitate 313,400 affordable homes and apartments and develop 51 million square feet of commercial and community space.

We’re a national organization with more local offices than any other nonprofit in our field—and that includes a robust network of partners in rural areas across the country. By leveraging our experience and sharing our expertise, we make it possible for local community groups to get funding from some of America’s biggest foundations and corporations, and use it to build a better future in the neighborhoods they serve.

As we look ahead, LISC is committed to finding new ways to create opportunity in the neighborhoods where we are already on the ground. That’s why in 2013, we went to the White House to brainstorm with President Obama on new federal policies that could help build back struggling neighborhoods. That’s why we brought community development officials from across the country to Washington, D.C. to discuss how to bring the latest innovations to scale. And that’s why year after year; we pound the halls on Capitol Hill to advocate for funding federal programs that finance community transformation.

By sharing stories of how the Low Income Housing Tax Credit, the New Markets Tax Credit, the Social Innovation Fund, and other key federal initiatives have transformed the landscape of America’s most beset neighborhoods, LISC is making the case for change and laying the foundation for growth.

As our funders, supporters and partners, you all play a critical role in making change possible— even in the most challenged places. Coast to coast, block by block, your support is helping to build strong communities, strong neighborhoods, and strong families. On the following pages, we hope you will be encouraged by the gains we have made and inspired to join us in the work that lies ahead.


Partners in Safety

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Watch the video

Every high crime neighborhood is different, but the ingredients for safety are often the same: residents, police officers and community developers working together in the same places to solve problems and restore hope.

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Watch the video

Public safety is fundamental to the health and vitality of neighborhoods. That is why LISC is supporting safety partnerships that are bringing down crime in communities across the nation.

LISC Community Safety in 2013

  • As much as
    in violent crime
  • cities engaged
  • As much as
    in crime in retail areas
  • residents took part to plan
  • visitors attracted to neighborhood activities
  • police departments trained
  • -57% in violent crime
  • 36 cities engaged
  • -26% in crime in retail areas
  • 2,000 residents took part to plan
  • 10,000 visitors attracted to neighborhood activities
  • 12 police departments trained

It Takes All of Us

The Power of Partnership

After 30-plus years of working to help struggling communities transform themselves into quality places where families can thrive, LISC is proud to be part of countless success stories. We emphasize the words part of, because the credit is never ours alone. Poverty is a stubborn cycle, and the key to breaking it can be captured in one word: partnerships.

Building solid partnerships is at the heart of how we work at LISC. It was our core strategy back when we started in the 1980s with a focus on affordable housing. And it remains central to our work today, even as our mission broadens to a more holistic approach that helps people secure not just the homes they need, but also the quality jobs, schools, shops, health care, and sense of safety that define a “good place to live.” We call that Building Sustainable Communities.

But a well-reasoned vision isn’t enough. No one program, no one funding stream, no one group can revive long-troubled places. We can only do that together. And that means forging rich and lasting relationships that bring the for-profit, public, and non-profit worlds into a shared sense of mission fueled by creative thinking and lasting commitment.

Because after three decades on the ground in hundreds of urban and rural places, we can tell you that community development is patient work. There is no straight line from decline to prosperity—you have to be in it for the long haul. The partnerships that succeed are the ones staunch enough to support projects even when they stumble, and persistent enough to push past the inevitable economic obstacles they face.

Our relationships are seasoned; LISC is a trusted name in the community development world. Yet the way we use those alliances is creative and fresh. While we tend to our longstanding partners, we are always seeking out new ones to keep pace with an ever-changing community development landscape.

LISC partners with residents to understand their needs and hear their ideas for change and growth where they live. Just as importantly, we partner with those who want to see that change happen and have the means to get it done. Matching the need with the resource that can meet it is the essence of what we do here at LISC.


WCSmith LISC and WCSmith have helped revitalize Congress Heights, with more affordable housing, a retail center, and the iconic Town Hall Education and Recreation Campus (THEARC), a community center where residents comes together to learn and grow.

Our For-Profit Friends… For a prime example of our strong partnerships with the business sector, have a look at Washington, D.C., where LISC has a long-term partnership with WCSmith, a developer proving that reviving communities is both good work and good business. In the Congress Heights neighborhood, WCSmith has taken the lead in developing a retail center, quality housing, the iconic Town Hall Education and Recreation Campus (THEARC), a baseball field, and a host of other essentials and amenities—working closely with LISC to get many of them off the ground. Where others saw blight and decline, CEO Chris Smith saw promise. He and his team brought investment capital, philanthropic contributions and ongoing volunteerism to the neighborhood, improving the overall quality of life for the people who live there.

Cloudbreak Communities - Bring Them Homes

Cloudbreak Communities The roof deck at Travis Street Apartments in Houston is a haven for Veterans who are making a fresh start at this new supportive housing development, built by Cloudbreak Communities with financing from LISC's National Equity Fund.

Indeed, collaboration is critical to our work around some of the country’s most pressing issues, and among the most imperative is caring for homeless veterans back from war. Joining forces with Cloudbreak Communities, a developer based in Pasadena, Calif., we’ve helped build new housing in Houston and Phoenix that provide not only affordable housing for homeless vets but nearby support services such as medical care and job assistance. It’s all part of our Bring Them Homes initiative, which targets the needs of this vulnerable, venerable population. Today, more than 2,500 new homes are already up and running.

Choice Neighborhoods - Mott Haven

Choice Neighborhoods LISC is leading the federal Choice Neighborhoods effort in the Mott Haven neighborhood of the Bronx, working with residents to plan a future of better housing, stronger businesses and safer streets.

Our Public Sector Partners… Our long and trusted partnerships with government are critical to bringing much-needed growth and renewal to neighborhoods such as Mott Haven in the Bronx, one of the nation’s poorest communities. The Department of Housing and Urban Development’s Choice Neighborhoods initiative targeted Mott Haven for a revitalization effort to rebuild decaying housing and create jobs.

LISC was selected to lead that important effort. Why? Because our alliance with HUD is proven and strong—from renewing whole swaths of Harlem to organizing recovery efforts after Hurricane Sandy. And our on-the-ground knowledge of Mott Haven is deep; we were already at work there tapping the ideas of residents, community organizations, city agencies, and business leaders to pave the way for change.

Rhode Island - Race to the Top

Race to the Top U.S. Senator Jack Reed (D-RI) visits Beautiful Beginnings Childcare in Providence, financed with help from LISC, to highlight federal efforts to make early childhood education more affordable for families.

Much the same is happening in Rhode Island, where LISC is partnering with the state to leverage the federal Race to the Top program to expand and improve pre-schools for low-income kids. President Obama’s call for universal pre-Kindergarten programs last year increased the urgency around this important work.

But the early education mission isn’t new for LISC or for Rhode Island. Together, we’ve been figuring out how to build quality facilities for our youngest learners for more than 20 years. That experience, and the relationships on which it stands mean we’re well-positioned to attract new funding and support the cutting-edge innovative aspirations of pre-K and child care providers. As a result, kids in Rhode Island will have a better chance to succeed in school and in life. Again, our traditional partnerships spawn innovate change.

Kalamazoo Valley Community College

Kalamazoo Valley Community College LISC is working closely with Kalamazoo Valley Community College on development of a new campus in the Edison neighborhood, including a soon-to-be-built Food Innovation Building that will create jobs and expand access to food for nearby families.

Our Non-Profit Brethren… One of the resources we have regarded as invaluable from our earliest days are the non-profit agencies that live in so many struggling neighborhoods and know the challenges first-hand. We work to support and strengthen existing non-profits so they can respond to the challenges their neighbors face.

In Michigan, for instance, we’re collaborating with an unlikely partner, Kalamazoo Valley Community College, which has an ambitious plan to bring fresh produce, a community health center, expanded mental health services and food production facilities to Kalamazoo’s Edison neighborhood. This is part of their larger effort to develop a new campus.

That could mean as much as $150 million in renewal over the next three years, aligning with LISC’s work already underway to improve affordable housing, commercial corridors, and health services.

Raza Development, Phoenix

Raza Development Fund Encore, the first residential apartment complex built in downtown Mesa, AZ in 25 years, is an 81-unit apartment building for low-income seniors. It benefited from new city codes that support transit-oriented development and funding from LISC.

LISC works on a national scale, but we target local needs. In Phoenix, where sprawl has disconnected so many communities from economic opportunity, the need is for smart transit-oriented development (TOD) that links neighborhoods to jobs. That’s why we joined forces several years ago with the non-profit Raza Development Fund to launch a $20 million TOD fund. By the end of 2013, that alliance had supported more than 500 affordable apartments along Phoenix’s new light rail system, part of a LISC-led TOD model that includes 25 local partners, and is now attracting tens of millions of dollars in new development capital to low-income areas across the city.

Project HOME

Project HOME LISC is helping fuel a massive effort in Philadelphia with partner Project HOME to eliminate chronic homelessness by providing working capital and financing new supportive housing, including the recently opened JBJ (Jon Bon Jovi) Soul Homes and its 55 affordable apartments with social services.

Even as we expand our vision to include all of a community’s needs, LISC continues its commitment to give every person the opportunity for a decent, affordable place to call home. To that end, we enhanced our long relationship with Project HOME—a top nonprofit in Philadelphia that is leading a city-wide plan to end chronic homelessness.

In the first transaction of its kind, LISC tapped federal tax credits to fuel a program that seeks to help 2,200 homeless residents currently unserved by any existing resource. Our aim now is to seed a larger holistic effort that expands beyond decent housing and into education, health care and jobs—all areas where LISC boasts a solid track record of success.

Large-scale efforts like these don’t work without a tremendous range of support. The best ideas start with the people on the ground, and LISC does more than listen. We stand with local people then reach out to our treasured partners to connect homegrown ideas with the expertise and resources that turn those ideas into progress families can see.

That’s how, in 2013, struggling communities across America became better places to live, work, do business, and raise families.

That’s how loyal, experienced partnerships produce innovation and change even in the most distressed places.

That’s how we do it at LISC.

Our Work is Local

LISC and our partners make a difference in communities all across the nation.

Our Impact

What We Accomplished in 2013

Our Financials

As of December 31, 2013

Condensed Statement of Financial Position


Cash and investments $ 172,183,734
Contributions receivable   26,811,423
Loans to community development corporations and affiliates, net   136,658,795
Investments in affiliates   60,416,061
Other assets   44,658,114
Total assets $ 440,728,127

Liabilities and Net Assets

Grants payable $ 24,154,236
Loans and bonds payable   167,993,155
Other liabilities   15,397,528
Total liabilities   207,544,919
Net assets   233,183,208
total liabilities and net assets $ 440,728,127

Condensed Statement of Activities and Changes in Net Assets


Contributions $ 70,916,902
Equity in earnings of affiliates   254,210
Government contracts revenue, interest, investment income, fees and other   52,561,584
Total revenue $ 123,732,696


Program services $ 85,930,346
Management and general   11,736,697
Fundraising   6,498,076
Total expenses $ 104,165,119
Change in net assets before investments $ 19,567,577
Realized and unrealized gains (losses) on investments   216,114
Change in net assets   19,783,691
Net assets, beginning of year   213,399,517
Net assets, end of year $ 233,183,208

Total Net Assets, 1980–2013 (In Millions)

Click to enlarge

Total Net Assets

The condensed financial statements of Local Initiatives Support Corporation (LISC) include the assets, liabilities, revenues of LISC Parent Only as well as its equity interest in the net assets of its controlled affiliates National Equity Fund, Inc. (NEF), New Markets Support Corporation (NMSC), The Retail Initiatives, Inc. (TRI) and Local Initiatives Managed Assets Corporation (LIMAC), LISC Louisiana Loan Fund (LLLF), LLC, Columbia Pointe, LLC, , Neighborhood Properties, LLC, and LISC Cook County, LLC. These financials do not consolidate the affiliates nor the entities for which either NEF, NMSC or TRI serves as general partner of managing member of (as prescribed by EITF 04-05, Determining Whether a General Partner or the General Partners as a Group Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights). Copies of the audit reports and the complete financial statements will be available in the fall of 2014 upon request to Denise Altay, Interim CFO at LISC, 501 7th Avenue, 7th floor, New York, NY 10018.

Our Thanks

Friends & Supporters


Our thanks and gratitude to our many supporters and investors from a diverse group of foundations, corporations, public agencies and individuals.

Top All-Time Grantors

  • The John D. and Catherine T. MacArthur Foundation
  • Ford Foundation
  • JPMorgan Chase
  • NFL Foundation
  • State Farm
  • Bank of America
  • John S. and James L. Knight Foundation
  • The Kresge Foundation
  • The McKnight Foundation
  • Lilly Endowment Inc.
  • The Atlantic Philanthropies
  • Citi
  • Living Cities
  • W.K. Kellogg Foundation
  • Fannie Mae
  • The Pew Charitable Trusts
  • Wells Fargo
  • The Rockefeller Foundation
  • The Walton Family Foundation
  • The Annie E. Casey Foundation
  • MetLife, Inc.
  • The Hall Family Foundation
  • Mayor's Fund to Advance New York City
  • The William Penn Foundation
  • Freddie Mac

Top All-Time Lenders

  • JPMorgan Chase
  • Bank of America
  • Prudential Financial, Inc.
  • Citi
  • Deutsche Bank
  • Mizuho Bank (USA)
  • State Farm
  • Wells Fargo
  • Nationwide Mutual Insurance Company
  • MetLife, Inc.
  • The John D. and Catherine T. MacArthur Foundation
  • HSBC Bank USA, N.A.
  • TD Bank Group
  • The Rockefeller Foundation
  • Goldman Sachs
  • The Allstate Corporation
  • The Walton Family Foundation
  • Morgan Stanley Bank, N.A.
  • Ford Foundation
  • AXA Group
  • Northern Trust
  • U.S. Bancorp
  • RBS Citizens
  • Harvard University
  • PNC

Our Team

Our Family Album

Fun Facts

Fun Facts

LISC Leadership

Executive Officers

Michael Rubinger

President & CEO

Denise Altay

Vice President & Interim CFO

Michael Levine

Executive Vice President & General Counsel

Denise Scott

Executive Vice President for Programs

Senior Vice Presidents

Mary Jo Allen

Senior Vice President
Human Resources

Elise Balboni

Senior Vice President

Geraldine Baum

Senior Vice President
Marketing & Communications

Kevin Boes

Senior Vice President, LISC
President, New Markets Support Company

Joe DiFilippi

Senior Vice President & Chief Information Officer
Information Technology

Joseph Hagan

Senior Vice President, LISC
President & CEO, NEF, Inc.

Kevin Jordan

Senior Vice President
National Programs

Matt Josephs

Senior Vice President

Beth Marcus

Senior Vice President
Foundation & Corporate Relations

Vice Presidents

Denise Altay

Vice President

Suzanne Anarde

Vice President
Rural LISC

Reena Bhatia

Vice President
Education Programs

Barbara Burnham

Vice President
Federal Policy

Mariano Diaz

Program Vice President

Anika Goss-Foster

Program Vice President

Celayne Hill

Vice President &
Deputy General Counsel

Lily Lim

Vice President & Controller

Patrick Maher

Vice President

Richard Manson

Program Vice President

Oramenta Newsome

Program Vice President

Larry Oaks

Vice President

William Taft

Program Vice President

Michael Tang

Vice President

Christina Travers

Vice President & Treasurer

Chuck Vliek

Program Vice President

Local Executive Directors


Robert Van Meter
Executive Director


Michael Clarke
Executive Director


Susana Vasquez
Executive Director

Greater Cincinnati & Northern Kentucky

Kathy Schwab
Executive Director


Tahirih Ziegler
Executive Director


Pamela Kramer
Executive Director

Hartford & Connecticut Statewide

Andrea Pereira
Executive Director


Amanda Timm
Executive Director


William Taft
Executive Director


Janet Owens
Executive Director

Greater Kansas City

Stephen Samuels
Executive Director

Los Angeles

Mariano Diaz
Program Vice President


Chuck Vliek
Program Vice President


Leo Ries
Executive Director

New York City

Denise Scott
Executive Vice President for Programs

Greater Newark

Rhonda Lewis
Executive Director

Greater Peoria

Brandon Holmes
Executive Director


Andrew Frishkoff
Executive Director

Pittsburgh (Neighborhood Allies)

Anika Goss-Foster
Program Vice President


Teresa Brice
Executive Director

Rhode Island

Jeanne Cola
Executive Director

San Francisco Bay Area

Margaret Gee
Executive Director

San Diego

Edward Lopez
Executive Director


Hugh Grefe
Executive Director

Twin Cities

Andriana Abariotes
Executive Director


Candice Streett
Executive Director

Washington, DC

Oramenta Newsome
Executive Director

Washington State (Impact Capital)

Judith Olsen
Chief Executive Officer

National Directors

Administrative Services

Monica Richardson-Pride


Stacey Rapp

Asset Management

Shawn Luther

Community Investment Collaborative for Kids

Amy Gillman
Senior Program Director

Community Safety Initiative

Julia Ryan

Family Income & Wealth Building

Seung Kim

Health Center Financing

Emily Chen

Institute for Comprehensive Community Development

Ginny Tranchik

Public Policy

Barbara Burnham
Director of Federal Policy

Research & Assessment

Chris Walker

Rural LISC

Bob Reeder
Program Director

Rural LISC

Murat Unal
Program Director

Youth Development & Recreation

Beverly Smith
Senior Program Director


National Equity Fund, Inc.

Joseph Hagan
President & CEO

New Markets Support Company, LLC

Kevin Boes

Community Development Trust, Inc.

Joe Reilly
President & CEO

Board of Directors

Robert E. Rubin (Chair)

Former Secretary of the U.S. Treasury
Council on Foreign Relations
New York, N.Y.
Board chair since 1999

Gregory Belinfanti

One Equity Partners
New York, N.Y.
Board member since 2010

Lisa Cashin

New York, N.Y.
Board member since 2007

Audrey Choi

Managing Director
Morgan Stanley
New York, N.Y.
Board member since 2011

Larry H. Dale

National Equity Fund, Inc.
Denver, Colo.
Board member since 1998

Michelle de la Uz

Executive Director
Fifth Avenue Committee
Brooklyn, N.Y.
Board member since 2011

Sally Durdan

Executive Vice President
JPMorgan Chase
New York, N.Y.
Board member since 2013

Tom Espinoza

President & CEO
Raza Development Fund
Phoenix, Ariz.
Board member 1980-95,
re-elected 2011

Dean Esserman

Chief of Police
New Haven Police Department
New Haven, Conn.
Board member since 2011

Ellen Gilligan

President & CEO
Greater Milwaukee Foundation
Milwaukee, Wis.
Board member since 2013

Lisa Glover

Senior VP & Director of Community Affairs
U.S. Bank
Milwaukee, Wis.
Board member since 2010

Colvin W. Grannum

Bedford Stuyvesant Restoration Corporation
Brooklyn, N.Y.
Board member since 2001

Kevin Johnson

City of Sacramento
Sacramento, Calif.
Board member since 2006

Lynette Lee

Executive Director (retired)
East Bay Asian Local
Development Corporation

Oakland, Calif.
Board member since 2007

Tim McFadden

Eastern Market Area Senior Vice President
State Farm Bank
Bloomington, Ill.
Board member since 2014

Brandee McHale

Chief Operating Officer
Citi Foundation
New York, N.Y.
Board member since 2013

Kathy Merchant

President & CEO
Greater Cincinnati Foundation
Cincinnati, Ohio
Board member since 2012

Ronald Phillips

Coastal Enterprises
Wiscasset, Maine
Board member since 2002

Andrew Plepler

Global Corporate
Social Responsibility Executive

Bank of America
Charlotte, N.C.
Board member since 2008

Rey Ramsey

President & CEO
Washington, D.C.
Board member since 2002

Rip Rapson

President & CEO
The Kresge Foundation
Troy, Mich.
Board member since 2006

Michael Rubinger

President & CEO
Local Initiatives Support Corporation
New York, N.Y.
Board member since 1999

Nilda Ruiz

President & CEO
Asociación Puertorriqueños en Marcha
Philadelphia, Pa.
Board member since 2012

Mike Smith *

President & CEO
State Farm Bank
Bloomington, Ill.
Board member since 2013

George H. Walker

Chairman & CEO
Neuberger Berman Group
New York, N.Y.
Board member since 2006

Dennis White

Dennis White
MetLife Foundation
New York, N.Y.
Board member since 2013

*term ended in 2012 or 2013

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