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 receives $3.8 million from Bank of America to spur economic gains for low-income families, communities
NEW YORK (March 15, 2017)—The Local Initiatives Support Corporation (LISC) today announced a $3.8 million grant from the Bank of America Charitable Foundation to support programs focused on reviving local economies, including efforts to help residents build employment skills required to compete for middle-class jobs.
As part of a broad effort to connect low-income residents to new economic opportunities, LISC is working with Bank of America to promote business and job growth in disinvested areas.
“The health of our communities rests squarely on the well-being of the people who live there,” noted Maurice Jones, LISC president and CEO. “This grant provides vital operating capital to help attract grocery stores, health centers and manufacturers to areas undergoing transformation, while also supporting efforts to increase neighborhood safety and provide families with tools to build a more stable financial future.”
Toward that end, LISC expects the three-year grant to help its Financial Opportunity Centers provide 22,000 people with educational services, skills-based training, job placement and financial coaching to improve their incomes, build credit, manage debt and save for the future.
“We’re honored to partner with LISC to support the economic needs of local communities across the U.S.,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “Providing people with the tools and resources they need to obtain meaningful employment is an important part of the journey toward economic independence.”
The funding will support LISC’s work in 21 of its urban program offices, as well as LISC’s national rural investment program. The funding is flexible enough to be used to respond to a wide range of local needs. For example:
Altogether, the funds will bolster community development efforts through LISC programs in Boston, Buffalo, Chicago, Connecticut (statewide), Detroit, Hartford, Houston, Jacksonville (Fla.), Kansas City, Los Angeles, New York City, Newark, Philadelphia, Phoenix, Rhode Island (statewide), San Antonio, San Francisco Bay Area, San Diego, Virginia (statewide), Washington State and Washington, D.C. It will also fund Rural LISC efforts, as well as support national LISC operations.
LISC equips struggling communities with the capital, program strategy and know-how to become places where people can thrive. It combines corporate, government and philanthropic resources. Since 1980, LISC has invested more than $16 billion to build or rehab 348,000 affordable homes and apartments and develop 56 million square feet of retail, community and educational space.
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March 15, 2017