The Community Development Financial Institutions Fund (CDFI Fund)—part of the U.S. Department of Treasury—has awarded $700,000 to LISC for intensifying economic development in underserved rural communities. The money will seed a $10 million Fund for Rural Progress to boost investment in infrastructure, business development and job creation, all vital to combating population loss and persistent poverty in rural America.
LISC wins $700,000 from CDFI Fund to drive investment in rural communities
NEW YORK (September 20, 2018)—The Local Initiatives Support Corporation (LISC) has been awarded $700,000 in federal funding to fuel investment activity in under-served rural areas.
LISC will use the capital to seed a $10 million Fund for Rural Progress. The Fund’s objectives are to combat population loss and other macro-economic factors in rural markets by building infrastructure, fostering business development and creating new employment opportunities so that households can remain in their communities and prosper, said Connie Max, LISC senior vice president for lending and chief risk officer.
“We have seen an opportunity gap – reflected in disparities in health and wellbeing, employment, wealth and financial security, and overall quality of life – dividing urban and rural counties,” Max said. “This new capital will fuel businesses and employment, develop new infrastructure and increase access to opportunity. It will help reduce inequities between our rural and urban communities.”
The Community Development Financial Institutions Fund (CDFI Fund)—part of the U.S. Department of Treasury—announced the LISC grant today as part of $202.2 million in awards to 302 organizations
“We see firsthand how a lack of access to capital markets affects rural communities,” said Suzanne Anarde, LISC vice president and Rural LISC director. “We tackle these challenges head on by providing affordable and flexible financing to spur investment and impact in rural America. And we do this together with our 86 community partners working in rural places all across the country.”
The new funding will support a range of products across asset classes, including single and multifamily housing, commercial, and business development and entrepreneurship opportunities. LISC has used prior CDFI Fund awards to finance arts-related lending, small businesses, and real estate based mixed-use, commercial and light industrial projects.
For more on our Fund for Rural Progress, visit: http://www.lisc.org/rural/our-model/lending
LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize distressed neighborhoods. Since 1980, LISC has invested $18.6 billion to build or rehab 376,191 affordable homes and apartments and develop 63 million square feet of retail, community and educational space.