Winter may be hanging on longer than expected (in some parts of the country), but at LISC, the month of March has blossomed like never before. In the last three weeks, we raised $68 million—from longstanding donors such as State Farm and Wells Fargo, through new partnerships with ProMedica, Union Pacific and the San Francisco Foundation, and with expanded public resources from the CDFI Fund and the city of Washington, DC.
We’ll invest it. We’ll leverage it. We’ll use it to lift up underinvested neighborhoods and develop the skills of talented people in our neighborhoods. There’s still much to do to foster economic opportunity in our communities and we are grateful for this support, which helps us do the job. What a month it’s been. And we've still got a week to go!
A Bold New $45 Million Partnership Takes Aim at the Health Gap
A vigorous and unprecedented partnership between LISC and ProMedica, an Ohio-based integrated health system, is set to inject tens of millions of dollars to improve health outcomes and wellbeing in underinvested Toledo neighborhoods. The collaboration, which will serve as a national model, will fund opportunities for employment, income-building, education, community safety and affordable housing—all the social determinants that shape a person’s health. “When we connect [the] talent and resources [of the healthcare industry] to the expertise of community developers, we have an opportunity to drive changes that help people live better—literally adding years to their life,” said LISC CEO Maurice Jones. “That’s incredibly powerful.”
LISC Awarded CDFI Fund’s Largest Capital Magnet Fund Grant
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.
State Farm Announces $4 Million Grant to LISC
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.”
Union Pacific Partners with LISC to Bridge the Skills Gap
A new $3 million grant from Union Pacific will help underemployed people in Chicago, Houston, Kansas City and Los Angeles 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.
Wells Fargo Helps LISC Expand Financial Opportunity
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.
Catalyst Housing Fund Gains Momentum with New Investor
Facebook’s Catalyst Housing Fund marked a leap forward this week, announcing its first outside investor: The San Francisco Foundation (TSFF). The $20 million fund, whose mission is to secure economic opportunity and affordable housing for Silicon Valley residents, began as a partnership of Facebook, Envision Transform Build and Housing Trust Silicon Valley, with LISC as fund manager. TSFF’s investment will help propel the development and preservation of hundreds of affordable homes in East Palo Alto and Menlo Park, near Facebook’s HQ.