An article in Next City details how LISC’s NYC Inclusive Creative Economy Fund is connecting local cultural institutions and artisanal manufacturers to much-needed capital, like the venerable La MaMa theater in the city’s East Village, where real estate has become prohibitively expensive. LISC is working to extend a $3.2 million line of credit to La MaMa, filling a critical financing gap for the theater, which must renovate its historic home in order to serve artists and audiences on into the future. The excerpt below is from: Experimental Theater Pushes Boundaries to Preserve Itself By Oscar Perry Abello, Next City
LISC has named George Ashton as its new managing director for strategic investments. He plans to lead LISC’s work on Opportunity Zones with a clear-eyed view of the potential for community gains—focusing not just on how much capital can be raised, but on deploying it in ways that fuel lasting benefits for residents. “We are going to drive opportunities that make sense for places we are trying to serve and the systems that we are trying to change,” noted Maurice A. Jones, LISC president and CEO.
Ovenly is a beloved Brooklyn-based bakery and small business committed to providing quality jobs for people who have been denied access to economic opportunity. It is also the first recipient of a loan from The Good Jobs Fund, a cutting-edge initiative from our affiliate, the New Markets Support Company, that funnels transformative private equity capital to businesses dedicated to creating living-wage jobs in under-resourced communities.
An article in The Atlantic delves into the ways LISC’s Bridges to Career Opportunities program, with support from Citi Foundation, is helping people in underserved communities across America skill up for satisfying jobs in growth industries. The program’s wrap-around services and links to local employers, explains LISC CEO Maurice A. Jones in the article, are the key to “not just a job” but a “transformation of life.”
Maurice A. Jones and Congressman Fred Upton (R-MI) co-authored a blog for The Hill, making a strong case for how Opportunity Zones can attract unprecedented capital to underinvested places—if the necessary oversight and guiderails are in place. Under the right circumstances, OZs could channel some $6 trillion into American communities, leveraging local talent, assets and inclusive development already underway.