LISC and State Farm expanded their long-time partnership this week with new funding to boost economic opportunities in 11 cities. "Millions of people are looking for opportunities to earn higher wages and build stronger futures for their families,” said Maurice Jones, LISC president and CEO. "Our partnership with State Farm is vital to advancing this important work.”
The Treasury Department’s CDFI Fund announced a new round of Capital Magnet Fund grants to spur an expected $3.2 billion in affordable housing and economic development. LISC will use its $7.5 million award—the largest in this round of funding—to seed $150 million in development activity in urban and rural communities.
A new $3 million grant from Union Pacific will help underemployed people in Chicago, Houston, Kansas City and Tacoma build the skills they need to compete for good jobs and raise their standards of living. “Union Pacific is investing in American workers and an economic future based on quality jobs,” said Maurice Jones, LISC president and CEO.
LISC and Wells Fargo have a long history of collaboration on work to expand housing, economic development, health, safety and jobs. A new $2.5 million grant from the bank will help LISC expand Financial Opportunity Centers in 15 cities so they can reach more people with more services, and help people raise their incomes and overall standards of living.
LISC has been selected by the Department of Housing and Community Development to serve as fund manager for the District’s new Housing Preservation Fund with the award of $5 million for LISC to invest. As the preservation fund manager, LISC will invest $20 million in ensuring that low income Washingtonians can remain a part of the District’s bright future.Read Full Story