This year, the Federal Reserve is taking a “listening tour” of America in order to update its economic policies and strategy. In an article for Vox, economist Jared Bernstein analyzed a recent Fed panel where LISC CEO Maurice A. Jones described how the tight labor market has the potential to help those the economy has long left in the dust. The Fed, noted Bernstein, would do well to heed that insight.
A deeply-reported MarketWatch article unpacks the incredibly complex process of creating affordable housing by profiling an apartment complex in Washington D.C. that LISC has helped preserve. Extensive interviews with our CEO, LISC D.C. executive director Ramon Jacobson and senior program officer Adam Kent are at the heart of this emblematic story of how we bring together private and public capital partners with developers and residents, and work to empower people to stay in the places they call home. A must read.
The Community Development Financial Institutions (CDFI) Fund, part of the U.S. Treasury Department, announced the recipients of $3.5 billion in New Markets Tax Credit (NMTC) allocations for 2019. The awards include $60 million for LISC, which will be deployed through its subsidiary, the New Markets Support Company (NMSC). Since its inception, NMSC has harnessed $1 billion in tax credits to offer flexible capital for projects that benefit low-income communities across the country--projects ranging from Cincinnati’s CityLink Center, home to 15 social service agencies, to a health clinic-plus-grocery store in Brockton, Mass. to a public library in Petersburg, Va.
In an article for Next City, LISC’s Morgan Harper and Sara Feierstein dig into how “community ownership” acts as a stabilizing force for neighborhoods and has become an integral part of mitigating displacement. The authors look at strategies ranging from business cooperatives to CDCs pooling their resources, and underscore the findings of LISC’s latest research report about the role community land trusts play in promoting community resilience.
LISC CEO Maurice A. Jones and Diane Yentel, CEO of the National Low Income Housing Coalition, make the imperative case for two key housing programs in an op-ed for Affordable Housing Finance. As a new nominee is poised to take charge of the Federal Housing Finance Agency, they write, we must absolutely safeguard the Housing Trust Fund and the Capital Magnet Fund, which have provided essential support for affordable housing creation in the midst of the affordability crisis.