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LOS ANGELES (October 18, 2013) – The City of Los Angeles has tapped the Local Initiatives Support Corporation (LISC) to lead a significant new effort that will develop strategies to expand affordable housing, businesses, schools and community facilities in low-income communities located along burgeoning public transit corridors. LISC’s Los Angeles program has committed an initial $100 million in development capital to new transit-oriented projects around the city. LISC will also be conducting community-specific market assessments over the next 18 months, working closely with local nonprofits and developers to draw up blueprints for focused local investment in communities where transit expansion is either planned or underway.
In an Op-Ed for the Long Beach Register, Los Angeles LISC Executive Director Claudia Lima detailed the tremendous impact that quality medical care in local facilities can make on individuals' lives and the strength of a neighborhood. Lima writes about The Guidance Center, a mental health clinic that was able to consolidate its staff in a newly refurbished building, improving both its patient care and the entire neighborhood, thanks to LISC.
LISC-NEF funds $30,000 grant for Westside Residences through the Homeless Veterans Initiative "Bring Them Homes", funded with grant dollars from Northrop Grumman. LISC-NEF provided a grant that will pay the renovation of three support services spaces on the Westside Residences Campus. These three support services include a computer lab where veterans will search for job opportunities and receive employment support; a classroom space where veterans will receive group instructions on job search, life skills, sobriety support and other valuable courses and; the recreation room flooring where veterans can engage in peer to peer activities and strengthen their support in their path to independence. The renovation budget includes durable, vinyl-plank wood flooring in each space, new workstations for job search, paint, proper cooling and new durable furnishings.
Southern California is in the midst of a transformation driven by an influx of investment in public transportation. Developing affordable homes near transit is critical if we are to reduce congestion, strengthen neighborhoods and bring people closer to jobs. LISC's partner Public Counsel today released an important white paper on transit-oriented development (TOD). Entitled Transit Laws’ Impact on Local Joint Development: An Explanation of Real and Perceived Barriers to Affordable Housing it addresses pressing issues surrounding TOD. Primarily, it lays out a strategy to promote affordable housing in collaboration with the Los Angeles County Metropolitan Transportation Authority (Metro), which, in addition to providing public transit, functions as a landowner and developer.
LA LISC has partnered with Pacific Coast Regional(PCR) a small business development corporation, to provide small business loans through the California Small Business Loan Program. This program is designed to assist small businesses with accounts receivables, inventory, permanent working capital, equipment, leasehold improvements, real estate and business expansion. Read more for details.
Community Advantage is an SBA-guaranteed loan program to help entrepreneurs launch or expand small businesses, particularly in low- to moderate- income communities. It is an excellent choice for clients who want a loan between $50,000 and $250,000, but are not up to bank standards, whether it be due to lack of available collateral, low cash flow, credit history slips, debt leverage ratio that’s too high or a combination of these. The loans can be used for business expansion.
When states juggle money to meet the bills, schools sometimes don't get the cash they need to operate. That's happening in California, where LISC has stepped in to bridge the gap--making sure the classroom lights stay on, the teachers get paid and the children keep learning. Read the Los Angeles Times' column lauding how LISC low-interest loans keep kids from feeling the brunt of fiscal balancing acts. Read more.
The Local Initiatives Support Corporation is excited to announce the release of Reconsidering Redevelopment: A Closer Look at Neighborhood-Based Economic Development in Los Angeles, co-authored by more than a dozen community-based groups working in some of Los Angeles’ poorest areas. The report finds that last year’s dissolution of the Los Angeles Community Redevelopment Agency in California has eliminated effective programs that were providing jobs and homes in Los Angeles’s poorest communities. Census data reveals that the poverty rate in Los Angeles’ redevelopment project areas, where redevelopment dollars were required to be spent, is double that of the rest of the City of Los Angeles and that project areas also have disproportionate numbers of people of color. Reconsidering Redevelopment highlights the need to fill this void with new programs to address the region’s most distressed communities.
LISC is excited to announce the launch of the Healthy Futures Fund first-of-its-kind, is a $100 million investment fund to expand access to health care and affordable housing for low-income residents. It is being launched by Morgan Stanley, The Kresge Foundation, and the Local Initiatives Support Corporation (LISC).
The new fund includes $43 million managed by the New Markets Support Company to finance Federally Qualified Health Centers; $50 million managed by the National Equity Fund to finance 500 units through the Low Income Housing Tax Credit that are linked to health services; and $7 million in predevelopment loans, guarantees and grants.
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