JPMorgan Chase is funding expansion of an innovative collaboration between LISC and Mission Asset Fund to extend the reach of Lending Circles, a group lending-borrowing program that helps low-income neighbors build their credit and savings as they work to stabilize their financial outlook. LISC Financial Opportunity Centers in several cities are offering the program as part of integrated toolkit of financial and employment counseling services, with two new sites in Cincinnati announced this week.
New York Attorney General Eric T. Schneiderman announced a new program—Cities RISE—that provides local governments with innovative technology to help transform problem properties that fell into disrepair following the foreclosure crisis. LISC and Enterprise Community Partners are administering the funds. The program will “hone in on pressing property problems, target resources and track progress around quality of life measures. We’re excited to be part of it,” said LISC Executive VP Denise Scott.
For the first time in its history—and the first time ever for a Community Development Financial Institution (CDFI)—LISC is tapping the bond market to raise $100 million in capital that it will use to help energize local economies. “This new capital will not only help us fuel businesses, jobs and large-scale redevelopment efforts, but also help address the persistent social and economic challenges preventing people from maximizing economic opportunities," says LISC CEO Maurice Jones. The bond offering received a 'AA' rating from Standard & Poor’s.
LISC is deploying a new $3.8 million grant from Bank of America Charitable Foundation to attract jobs and businesses to underserved communities, and to help low-income people build the skills they need to compete for strong employment opportunities.
LISC is helping three local nonprofit organizations in Michigan, Maine and Washington, D.C. develop Pay for Success programs as part of $1.3 million in funding from the Social Innovation Fund (SIF). The programs will focus on families, youth and health, and tie public funding commitments to specific outcomes. SIF is part of the Corporation for National and Community Services, the federal agency that also oversees AmeriCorps.