Through its Gulf Region Rebuilding Initiative, LISC has made a long term commitment to assist communities damaged by hurricanes Katrina, Rita and Wilma. This effort, which includes a variety of grants, loans, tax credits and technical assistance, involves nearly every LISC national program and affiliate, as well as LISC's Mid South Delta office. LISC's activities include:

• Raising grant, loans and equity to finance new and rehabilitated homes, stimulate economic development, and restore the community infrastructure in Louisiana, Mississippi, and Alabama. LISC's National Equity Fund has established a special equity fund earmarked for Hurricane Katrina redevelopment efforts. In addition, LISC is providing capacity building and predevelopment grants and low cost loans to CDCs in the region.
• Providing technical assistance and expertise to build the capacity of local, community-based organizations.
• Advocating federal funding and tax credits designated for local community redevelopment in the area. This involves four major policy issues: allocating additional Low Income Housing Tax Credits and New Markets Tax Credits for Alabama, Louisiana, and Mississippi; enacting the Home Ownership Tax Credit for Katrina impact areas; supplemental appropriations for Community Development Block Grants, the HOME program, and Section 8; and ensuring that subsidies associated with Section 8, 236, and 221 properties destroyed by Hurricane Katrina be available for replacement housing.