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Philadelphia LISC is one of 31 local offices of Local Initiatives Support Corporation (LISC), a national nonprofit community development organization and CDFI. Overall, LISC has invested $18.6 billion in neighborhoods and rural communities across the United States.
In Philadelphia, LISC is a catalyst for community change, working with partners on the ground to strengthen neighborhoods and improve the lives of residents. We combine corporate, government, and philanthropic resources and have invested $435 million (and leveraged $1.5 billion) in Philadelphia's neighborhoods to build or preserve 8,500 affordable homes and to develop 2.3 million square feet of retail, community and educational space since 1980. Our goal is to create neighborhoods of choice and opportunity, where every resident has a chance to thrive.
Philadelphia LISC is issuing a Request for Proposals (RFP) that seeks to provide funding to non-profit community based organizations to further advance the preservation of affordable rental housing in the City of Philadelphia in the following ways: (1) LISC will provide recoverable grants for predevelopment activities associated with affordable rental housing preservation and; (2) LISC will provide small catalytic grants to assist non-profit community-based partners in analyzing preservation of affordable rental housing portfolios.
LISC is celebrating a $5 million grant from JPMorgan Chase that will help a collaborative of local community development financial institutions spur growth and opportunity in Philadelphia’s Kensington neighborhood. The grant will support the equitable development work of the Kensington del Corazón Collaborative, which includes LISC and high-impact local partners Impact Services, Impact Loan Fund, FINANTA and Community First Fund. The partners are combining their expertise and capital to offer loans and other support that cultivates local entrepreneurs, attracts new businesses, and finances redevelopment of mixed-use properties along the Kensington commercial corridor. In addition, the collaborative will offer coaching/technical assistance for business owners and provide pathways to homeownership and affordable rental housing for residents.
An article in ImpactAlpha describes early efforts by community development groups, like LISC, and foundations to manage Opportunity Zone funds in a way that will maximize benefits for underinvested communities and the people who live and work there. These strategies deal head-on with the stated goal of the new tax legislation: to spur economic development in places where opportunities for residents are currently few and far between.
One of the most powerful ways to spur economic opportunity is to bridge the skills gap facing millions of people across the country. That’s why Citi Foundation is making the single largest private investment in LISC’s “Bridges to Career Opportunities” program to equip unemployed and underemployed individuals with industry-specific skills for living wage jobs and careers. Two U.S. Senators praise the effort to support workers, which dovetails with the Opportunity Zone legislation.
On Thursday, June 28, The Village of Arts and Humanities, the Sixers Youth Foundation and the Philadelphia 76ers, The City of Philadelphia, and members of the Fairhill-Hartranft community, will unveil the creative placemaking project, “Home Court: The Hartranft Basketball Court Revival.” This 12-month project, designed in collaboration with Local Initiative Support Corporation (LISC), turns the renovation of a vital, but severely disinvested, local basketball court into a “revival” by leveraging this investment in infrastructure to spark a sustainable reawakening of the community’s civic power and cohesion.
Over the next ten years, LISC will direct 50 percent of our annual investments to fuel inclusive economic development in underinvested communities across America. That means preparing people to take on high quality, well-paying jobs. And it means ramping up our work to help small businesses succeed and transforming vibrant commercial and industrial districts. “We have no doubt that this kind of progress is good for residents, good for communities and good for the country,’ says Maurice A. Jones, LISC CEO.