LISC to roll out $75 million investment fund on Oct. 19 to drive economic opportunity in Detroit neighborhoods
Detroit (October 17, 2017) — Local Initiatives Support Corporation (LISC) will announce a bold new community investment strategy on Thursday, October 19, that includes $75 million to finance thousands of affordable homes, businesses and jobs in underserved Detroit neighborhoods.
The new Equitable Impact Investment Fund doubles LISC’s traditional investing and is expected to leverage more than $225 million in total development activity over the next three years.
WHO:
WHAT: Announce and explain LISC’s Equitable Impact Investment Fund, detailing plans to expand grants, loans and equity investments to accelerate growth in Detroit neighborhoods.
WHEN: Thursday, October 19th 6-8pm (Program will begin at 6:40pm)
WHERE: Charles H. Wright Museum of African American History, 315 E. Warren Ave.
LISC has been investing in Detroit for 27 years, including $202 million to address the needs of low-income residents and their communities. The new Equitable Impact Investment strategy builds on that foundation with an increased focus on economic development to attract new businesses to struggling areas and expand local income; outreach to nontraditional partners, especially anchor institutions, and connecting them to community planning efforts; and a clear focus on building the skills and earning power of local residents that have often been marginalized by the traditional economy.
“We are not only raising and committing more capital to our communities,” said Tahirih Ziegler, executive director of Detroit LISC. “LISC is also working to make this work more efficient and effective, building stronger connections between local government anchor institutions, philanthropists, business leaders and local nonprofits. Detroit is filled with passionate, creative advocates for change and we need to better connect them to drive change.”
LISC is setting ambitious benchmarks for success. By the end of 2020, its $75 million fund will support 6,000 new and preserved affordable homes, 5,000 living wage jobs for residents and 100 small businesses, and stabilize neighborhoods and support growth, most notably by shoring up the community development ecosystem of nonprofits and other partners. The fund’s first $20 million has already been committed.
“Detroit has great synergies and investments from many partners working together throughout the city,” says Maurice Jones, president and CEO of LISC. “We are eager to expand our long-standing efforts and support exciting local efforts, like Mayor Duggan’s targeted walkable neighborhoods, commercial corridor infrastructure efforts and commitments to increasing housing opportunities across the city.”
About LISC
LISC, the Local Initiatives Support Corporation, a national nonprofit organization that works to strengthen neighborhoods through affordable housing, better education, health, safety and economic growth. LISC has more than 27 years of experience working as a catalyst for community reinvestment in Detroit. It helps resident-led, community-based development organizations transform distressed neighborhoods into healthy places to live, work, worship, do business and raise families. Since 1990, Detroit LISC has invested over $202 million which has leveraged over $1.2 billion in revitalization efforts in Detroit, financing the creation of over 6,200 units of affordable housing and the development of over 2.9 million square feet of commercial, retail and community space.