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Mayor Faulconer to announce LISC Neighborhood Catalyst Fund

San Diego Mayor Faulconer joined by top elected officials and business/civic leaders to announce that U.S. Bank is investing $2 million into the LISC Neighborhood Catalyst Fund.
San Diego Mayor Faulconer joined by top elected officials and business/civic leaders to announce that U.S. Bank is investing $2 million into the LISC Neighborhood Catalyst Fund.

DATE: Wednesday, December 19, 2018
TIME: 10:00 am – 10:30 am
LOCATION: Sally Wong Building, 4000 University Avenue, City Heights (just off I-15 and University Ave)
CONTACT: Ricardo Flores, LISC San Diego c) 619-384-4353

What:San Diego Mayor Faulconer will join with top elected officials and business/civic leaders to announce that U.S. Bank is investing $2 million into the LISC Neighborhood Catalyst Fund.

When fully capitalized, the fund will provide $50 million of low-interest and longer-maturity loans for pre-development of affordable housing projects.

Funding formula: LISC is providing a 4-to-1 match for ­every contribution made into the fund. Thus, U.S. Bank’s $2 million investment creates a $10 million of low-interest and longer-maturity loans to allow developers such as Wakeland Housing and its community partner, the City Heights Community Development Corporation, to buy the Sally Wong Building, a long-neglected parcel of land from the City and start the process of providing more affordable housing in City Heights.

VISUALS:

Background:

Action item: LISC San Diego is looking for additional investors from philanthropy, business, and local government into the Neighborhood Catalyst Fund.

PHOTO OPP: Mayor Faulconer joins leaders of U.S. Bank and LISC with $2 million check from U.S. Bank

Scheduled Speakers:

Background
About the Sally Wong Building:
 Originally built in 1919, the vacant two-story building has been the subject of multiple efforts at renovation over recent decades. Its basic structure and accessible location represents what could be utilized as a starting point for an affordable housing project, infused with financing from the Neighborhood Catalyst Fund. According to newspaper reports, Sally Wong was an attorney who had an office in the building for years. The building’s legal name is the Dr. Laughlin Commercial Building.

About LISC San Diego: A non-profit funding agency founded in 1991, LISC San Diego has invested $232 million in grants, loans, and equity investments in the city’s low-income communities. This investment has leveraged $1 billion in total development costs, leading to the creation of more than 6,000 affordable rental housing units for San Diego’s most vulnerable families and the development of 1 million square feet of retail and commercial space. 

About LISC National: The Local Initiatives Support Corporation, known as LISC, is one of the nation’s largest nonprofit funding organizations supporting projects to revitalize communities and bring greater economic opportunity to residents. Based in New York City with 31 offices throughout the country, LISC receives funding from banks, corporations, foundations and government agencies to provide financing for loans, grants, and equity for technical and management assistance to local partners and developers.

About U.S. Bank: U.S. Bancorp, with 74,000 employees and $465 billion in assets as of September 30, 2018, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2018 World’s Most Ethical Company. Visit U.S. Bank at www.usbank.com or follow on social media to stay up-to-date with company news.

About U.S. Bank Community Possible: Community Possible is the corporate giving and engagement platform at U.S. Bank, focused on the areas of Work, Home and Play.  The company invests in programs that provide affordable housing, self-sufficiency, and economic development. www.usbank.com/communitypossible

Media contact:
John Freeman
Point PR Communications
c) 619-274-2779
e) john@pointpr1.com