LISC Receives $1.5 Million Grant from Wachovia Corporation to Support Community Development Efforts Nationwide

14 Apr 2005 - New York, NY

Funds to be distributed over three years through LISC offices

Local Initiatives Support Corporation (LISC) today announced that it will receive a $1.5 million grant from Wachovia Corporation. The grant, to be dispensed over the next three years, will support LISC's neighborhood revitalization efforts in 12 cities and rural areas.

"Wachovia and LISC share a commitment to making neighborhoods better and stronger -- that's why we continue to develop our partnership," said Steve Bentley, Wachovia's director of Community Affairs. "We recognize that LISC's efforts to develop and support local community development corporations lead to positive change in communities. We're pleased to be a part of this work."

The LISC markets designated to receive funding through Wachovia include Hartford, Conn., and surrounding areas; Jacksonville, Fla.; Newark/Jersey City; New York City; Philadelphia; Richmond, Va.; South Florida (including Miami and Palm Beach County); Tampa Bay area; Washington, DC; and Winston-Salem, N.C. To mark Wachovia's entry into the Texas market, Houston LISC will also receive funding through this grant. Funding will also be made available to nonprofits working in rural communities through LISC's national rural program.

"This grant provides significant support for LISC's ongoing efforts across the country to help community organizations revitalize struggling neighborhoods," said Michael Rubinger, LISC's president and CEO. "Wachovia's support continues to be critical to our mission of redeveloping urban and rural communities."

The Wachovia/LISC partnership has been a productive one. Wachovia has made more than $4 million in grants and $21.5 million in loans available for a wide range of community-building efforts since 1998. In addition, Wachovia has invested $25.5 million in LISC's affiliate, National Equity Fund, Inc., to build affordable rental housing. Wachovia's investments in LISC have produced 5.8 million square feet of commercial space and 42,000 affordable homes and apartments, totaling $3.8 billion in investment. Meanwhile, Wachovia executives have donated their time and expertise to provide guidance and leadership through LISC's local advisory committees. Currently, 10 Wachovia executives work with LISC's local and rural programs in this capacity.

Each LISC program site will work with local Wachovia representatives and community development corporations to determine what types of developments the grants will support.

About Wachovia

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders' equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

About LISC

LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize underserved neighborhoods. Since 1980, LISC has raised more than $6 billion to build or rehab nearly 160,000 affordable homes and develop 25 million square feet of retail, community and educational space nationwide.

Article Type: Press Release