2012 Annual Report

It starts with hope.
We help people and places thrive.

From the Corner Office

LISC drives sustainable, scalable solutions

Whatever the pace of economic recovery might be in America, people in the neighborhoods that rely on LISC and its partners are getting by with less.

One of the most disturbing realities is the widening gap between the wealthy and everybody else. Five years into recovery, the top 10 percent of U.S. earners are roaring ahead while the rest of America falls further behind. And evidence suggests this income inequality won’t cycle itself away.

While the country debates what to do about this stalled mobility, LISC has identified an important part of the solution. Since 2007, our Building Sustainable Communities (BSC) approach has delivered comprehensive investments that are place-based, scalable and sustainable. We support local groups in low- and moderate-income communities to carry out their missions effectively. We leverage investments from government dollars to foundation grants and private capital to forge creative solutions in neighborhoods whose streets aren’t safe, housing is crumbling, and businesses have long since fled.

BSC is now at work in 111 different neighborhoods, with a ground game flexible enough to meet each one’s unique needs.  In each of 42 of these neighborhoods, LISC has invested at least $3 million for a total of $619 million; that has been used to leverage another $2.7 billion in development.

That financing supports the full spectrum of LISC’s program agenda. Thousands of families, including returning veterans and youth aging out of foster care, now live in permanent housing. Crime-infested parks are now safe for kids to play. Supermarkets and farmers’ markets provide lower cost, healthier food. Small businesses open and expand on revitalized commercial strips. New, more accessible clinics serve neighborhood health needs. And so much more.

Percentage of FOC participants who see financial improvement in the following areas:







Our approach has been tested through the worst downturn since the Great Depression and our research shows clear results: BSC communities have held on through hard times while other, comparable neighborhoods have not.

This past year, LISC helped 12,000 families nationwide move into desirable, affordable homes. We also increased our loan volume 21 percent and opened an office in hard-hit Peoria. With offices in 30 cities and partnerships in dozens of rural areas, LISC is on the ground in more places than any other non-profit in our sector.

We also opened our 71st Financial Opportunity Center (FOC). Thousands of low-income families in some of America’s most forgotten zip codes come to these centers to learn how to find and keep a good job, live on a budget, build good credit, apply for public benefits–in short, how to create a solid foundation for financial stability.

When we help people find jobs and improve their credit, their net income increases on average $550 a month. Initial data show higher net income among 75 percent of FOC participants, higher credit scores among 43 percent and higher net worth among 46 percent. As we open more FOCs, we continue to fine tune the model. We look forward to sharing more research that drills deeper into our expanding impact.

This past year we also helped lead the New York area’s response to Superstorm Sandy with a $75-million fund that supports our partners in Staten Island, Queens and Brooklyn in addressing pressing local needs, like a new HVAC system for a seniors’ rental project and repairs so a small business could re-open. Mayor Michael Bloomberg turned to LISC to administer a $15-million program to treat mold in 2,000 water-damaged homes. We were able to move quickly because we were already deeply rooted in the affected communities before disaster struck. And we’re still there, for the short term and the long haul, for rapid relief and long-term recovery.

But even as we work to expand LISC’s impact across the country, our attention must turn to a looming threat in the nation’s capital. As Congress and the White House grapple with budget cuts and tax reform, all of our critical public support is on the table–the Low Income Housing Tax Credit, the New Markets Tax Credit, the Social Innovation Fund, and HUD’s Section 4 capacity-building program, to name a few.

We cannot overstate the value of these resources—they are the nuts and bolts of community development. LISC’s programs, staff and policy agenda are girded to protect these crucial tools for redressing America’s ominous income inequality. This fight will be as hard as it is important. We are counting on your support.


It's About Jobs

Click to play main video

Watch the video

LISC opened its 71st Financial Opportunity Center. We are now in 30 cities across the country helping families gain financial stability.

Financial Opportunity Center Results in 2012

  • people received services
  • placed
    in jobs
  • improved net income
  • improved credit score
  • improved
    net worth
  • 18,000 people received services
  • 4,800 placed
    in jobs
  • 4,300 improved net income
  • 2,700 improved credit score
  • 2800 improved
    net worth

View additional client testimonials:

It Starts with Hope

Finding the American spirit

Think for a moment about the image of the enduring American spirit: communities where people are hard-working and independent, but neighbors have each others’ backs; where setbacks are met by resilience and dreams are possible. Then think about neighborhoods across America where life is a chronic struggle to get by, where jobs are scarce, schools are substandard and the streets are dangerous. It might seem as if that pioneer American spirit has somehow passed those places by.

Finding the American spirit

At LISC, we know that’s not the case. Because for more than 30 years we have worked in those very neighborhoods, and every day we see folks joining forces to build a better life.

Theirs may be a steeper climb, but they want what we all want: a chance to earn a decent paycheck, to shop at a well-stocked grocery store, to sit in a café with friends on a Sunday afternoon, to watch their children excel in schools that are safe and sound.

That takes more than a handful of affordable apartments here or a park clean-up there. It takes a kind of holistic vision that considers the unique strengths and challenges of every neighborhood on every front: affordable housing, good schools, thriving shops, safe streets. That broad vision is at the heart of what we at LISC call Building Sustainable Communities.

The idea is to break the cycle of poverty and despair that traps so many communities. We start by asking neighbors what they think would make their town a better place to live. What we hear back are ideas laced with resilience and hope. That’s really what we leverage—when neighbors hold the hope, then LISC takes the financial risk, attracting investors with capital to places they might never consider.

How do we do that? We use crucial tax credits, we line up grants and seed money, we provide essential loans and, most importantly, we help investors look past a neighborhood’s struggle to see its potential.

Now in our 32nd year, LISC is on the ground in 31 urban communities and dozens more rural ones all across the country, listening for the enduring spirit that lies just beneath its troubles, and asking neighbors, “What would it take?”

Here are just a few examples of what we heard them say, and what we helped make happen all over the country.

Bell Building, Detroit

Bell Building (Detroit, Michigan) With almost $3 million in loans and equity financing, LISC supported the rehabilitation of this abandoned, historic building into 155 affordable apartments for the homeless with supportive services.

It Takes Affordable Housing. This past year, we heard the hopes of folks in a section of Detroit, where the iconic Bell Building that printed phone books in its manufacturing heyday was a 12-story monument to obsolescence and decay. Then LISC and its partner, the National Services Organization, secured the financing to give that neglected landmark new life and the neighborhood something it needed—155 fully-furnished, one-bedroom apartments that offer Detroit’s chronically displaced not only a home to be proud of, but addiction treatment, nutrition classes, a computer room, even a gym.

Elberon Senior Apartments, Cincinnati

The Elberon (Cincinnati, Ohio) Greater Cincinnati LISC provided $280,000 in grants and loans to rebuild this historic landmark, now home to 36 seniors and once again, a meeting place for neighbors.

We helped do the same thing in Cincinnati, where the beloved, historic Elberon Building, abandoned and blighted, stood as a promising gateway for the Price Hill neighborhood’s revitalization. With help from LISC and its partners, the Elberon opened in April 2012 as 36 beautiful, affordable senior apartments, and a symbol of the neighborhood’s resurrection.

Hope Manor, Chicago

Hope Manor (Chicago, Illinois) Hope Manor provides 80 homeless veterans with affordable housing and intensive social services thanks to $8.6 million in equity and loan financing from LISC and NEF.

We listened some more in Chicago, where one in three homeless people is estimated to be a military veteran. LISC and its partners lined up millions in capital and in May 2012 Hope Manor opened its doors, providing affordable housing and intensive social services to 80 homeless veterans, not to mention an economic boost to the East Garfield Park neighborhood. And its eco-friendly design means lower energy costs so resources can be used to give those who served the critical services they so deserve—like computer training, legal assistance, job readiness and placement services, and health and wellness counseling.

Project RENEW, Pawtucket R.I.

Project RENEW (Pawtucket, Rhode Island) With over $100,000 in support from RI LISC and LISC Community Safety Initiative, Project RENEW provides free social and health services to commercial sex workers to empower them to get off the street.

It Takes Safe Streets. For years Barton Street in Pawtucket R.I., was best known for prostitution; young people walking to school saw it every day. Law enforcement was a revolving door between jail and the streets. But with the help of LISC and its partners, Barton Street is today evidence of what can happen when neighborhoods and police join forces not to arrest women, but to empower them. Direct street outreach is giving these women access to mental health treatment, jobs, HIV testing, food and other basic needs. Arrests are down 90 percent. And Project RENEW—Revitalizing and Engaging Neighborhoods by Empowering Women—stands as a statewide model, one of the few programs in the nation to focus on providing help to commercial sex workers.

Football program, Indianapolis

Arsenal Tech High School Field (Indianapolis, Indiana) With support from the NFL, LISC invested $200,000 to build a new synthetic turf field for use year-round by the school and neighborhood residents.

And in Indianapolis, we heard that kids needed a safe place to play. So LISC invested $200,000 and helped line up an additional $14.3 million in New Market Tax Credits for a premiere synthetic football field at Arsenal Tech High School and a new full-service neighborhood recreation center. Built and baptized by the 2012 Super Bowl teams—the New York Giants practiced on it before the big game—the field was then gifted to the Indianapolis Public School District and Arsenal Tech H.S. in August 2012. Now more than 2,600 kids a year play football, soccer and track on a field that not only helps keep them healthy and safe, but memorializes the first Super Bowl championship ever played in their home state.

Edward W. Brooke Charter Schools, Boston

Edward W. Brooke Charter Schools (Boston, Massachusetts) A LISC loan for $3.5 million helped the Edward W. Brooke Charter Schools acquire, renovate and refinance two schools that provide free K-8 education for under-served students in the Boston area.

It Takes Good Schools. Neighborhoods can’t succeed if their children aren’t given opportunities to learn. We know that all parents, not just the affluent ones, want a good education for their kids. And it’s no secret that great teachers and high expectations drive student achievement. Few have had greater success helping underserved students get to and through college than the Edward W. Brooke Charter Schools in the Boston area. With a $3.5 loan from LISC secured in November 2012, two Brooke schools in low-income neighborhoods will continue to offer excellent teaching and free enrollment for 475 students grades K-8.

Garfield Elementary School, Oakland, Ca.

Garfield Elementary School (Oakland, California) Thanks to a $135,000 investment by LISC, Lotus Bloom doubled its enrollment of students in pre-K education at Garfield Elementary to improve their preparation for Kindergarten.

But LISC also knows that a child’s academic career starts well before the first day of Kindergarten. So in Oakland, Calif., where one third of families live in poverty, LISC and its partners helped established Pre-K programs at Garfield Elementary School to better prepare children for Kindergarten. A LISC grant expanded the early childhood education program—Lotus Bloom—at Garfield, doubling the number of children and parents enrolled. Academic achievement is improving and Garfield is becoming a full-service community school.

Milwaukee LISC

Milwaukee Commercial Corridors (Milwaukee, Wisconsin) In five neighborhoods, LISC invested almost $1.5 million to rebuild retail districts and support small businesses, such as Mr. Sebass, a Peruvian restaurant opened by 19 year old Sebastian Ludena.

It Takes a Thriving Business Community. The business district is often a neighborhood’s front porch; it’s the first thing people see, it shapes a community’s image. Vibrant shops attract residents and visitors, encourage private investment and promote safety. LISC Milwaukee is revitalizing commercial corridors in five neighborhoods with real estate loans, money to help spruce up facades, and technical assistance to make commerce hum. LISC’s Commercial Corridor Program is all part of our big picture efforts to wipe out blight, bring down crime and jump-start a second-life for businesses and residents.

Franklin County CDC, Greenfield, MA

Franklin County CDC (Greenfield, Massachusetts) With $80,000 in Rural LISC grant support, Frankin County CDC created a new business for its community—Food Processing Center—which freezes 100,000 pounds of locally-grown produce for local schools annually.

We know that good business isn’t just about a healthy profit; it’s about giving a community what it needs. And every school kid needs a healthy lunch. So in Greenfield, Mass., about 90 miles outside of Boston, the Franklin County CDC contracts with farmers every season to set a fair price for the school district on locally grown vegetables. With the help of LISC grant money, the CDC hired staff and set up new business ventures—including commercial freezers that process more than 100,000 pounds of fresh produce for local schools. The farmers have been able to shift their cash crop from tobacco to veggies, a new business was born and the kids in Franklin County are eating cauliflower, broccoli, peppers and squash. Everybody wins.

All told in 2012, LISC invested more than $900 million to support a range of projects and programs as diverse as the hundreds of neighborhoods we touch. Even on the heels of the worst economy since the Great Depression, we saw progress. Streets got safer. Schools got stronger. Businesses grew. More people found a home.

That hopeful, resilient American spirit isn’t absent when neighborhoods struggle; it’s just a little harder to hear. At LISC, we continue to expand our reach to give residents of low-income neighborhoods a voice, and help them build a community they can be proud of.

We're listening.

All the Work is Local

Across the nation, LISC’s local offices invest in projects and programs that make Sustainable Communities a reality.

By the Numbers

What We Accomplished in 2012

What We Accomplished

Watch it again:

  • Replay All
  • Affordable Homes
  • Retail & Community Space
  • Child Care
  • Schools
  • Playing Fields

What We Invested

  • In 2012
  • Since 1980

We invested $ million

which has leveraged

$ billion in total development.

We invested $ billion

which has leveraged

$ billion in total development.

Our Financials

As of December 31, 2012

Condensed Statement of Financial Position


Cash and investments $ 179,696,770
Contributions receivable   26,330,518
Loans to community development corporations and affiliates, net   118,344,190
Investments in affiliates   54,815,068
Other assets   38,422,191
Total assets $ 417,608,737

Liabilities and Net Assets

Grants payable $ 22,732,79
Loans and bonds payable   163,786,768
Other liabilities   17,689,656
Total liabilities   204,209,220
Net assets   213,399,517
total liabilities and net assets $ 417,608,737

Condensed Statement of Activities and Changes in Net Assets


Contributions $ 51,708,535
Equity in earnings of affiliates   19,099,186
Government contracts revenue, interest, investment income, fees and other   42,229,623
Total revenue $ 113,037,344


Program services $ 81,103,592
Management and general   10,322,254
Fundraising   6,611,762
Total expenses $ 98,037,608
Change in net assets before investments $ 14,999,736
Realized and unrealized gains (losses) on investments   2,520,754
Change in net assets   17,520,490
Net assets, beginning of year   195,879,027
Net assets, end of year $ 213,399,517

Total Net Assets, 1980–2012 (In Millions)

Click to enlarge

Total Net Assets

The condensed financial statements of Local Initiatives Support Corporation (LISC) include the assets, liabilities, revenues of LISC Parent Only as well as its equity interest in the net assets of its controlled affiliates National Equity Fund, Inc. (NEF), New Markets Support Corporation (NMSC), The Retail Initiatives, Inc. (TRI) and Local Initiatives Managed Assets Corporation (LIMAC), LISC Louisiana Loan Fund (LLLF), LLC, Columbia Pointe, LLC, Neighborhood Properties, LLC, and LISC Cook County, LLC. These financials do not consolidate the affiliates nor the entities for which either NEF, NMSC or TRI serves as general partner of managing member of (as prescribed by EITF 04-05, Determining Whether a General Partner or the General Partners as a Group Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights). Copies of the audit reports and the complete financial statements will be available in the fall of 2010 upon request to Tobin Levy, CFO at LISC, 501 Seventh Avenue, 7th floor, New York, NY 10018.

All Thanks to You

Friends & Supporters


LISC’s 2012 operations and programs were supported with grants, loans, contractual agreements and investment capital from the following diverse group of foundations, corporations, public agencies and individuals.

Top All-Time Grantors

  • The John D. and Catherine T. MacArthur Foundation
  • Ford Foundation
  • JPMorgan Chase
  • NFL Foundation
  • Bank of America
  • State Farm
  • John S. and James L. Knight Foundation
  • The Kresge Foundation
  • Lilly Endowment Inc.
  • The McKnight Foundation
  • The Atlantic Philanthropies
  • Living Cities
  • Citi
  • Fannie Mae
  • W.K. Kellogg Foundation
  • The Pew Charitable Trusts
  • Wells Fargo
  • The Rockefeller Foundation
  • The Walton Family Foundation
  • The Annie E. Casey Foundation
  • The Hall Family Foundation
  • Freddie Mac
  • The William Penn Foundation
  • MetLife, Inc.
  • Hartford Foundation for Public Giving

Top All-Time Lenders

  • JPMorgan Chase
  • Prudential Financial, Inc.
  • Bank of America
  • Citi
  • Deutsche Bank
  • Mizuho Corporate Bank (USA)
  • State Farm
  • Wells Fargo
  • MetLife, Inc.
  • The John D. and Catherine T. MacArthur Foundation
  • HSBC Bank USA, N.A.
  • Nationwide Mutual Insurance Company
  • TD Bank Group
  • The Rockefeller Foundation
  • Goldman Sachs
  • The Allstate Corporation
  • The Walton Family Foundation
  • Morgan Stanley Bank, N.A.
  • Ford Foundation
  • AXA Group
  • Northern Trust
  • U.S. Bancorp
  • Harvard University
  • PNC
  • Capital One

Our People

Our Family Album

Our Stats

Our Stats

Fun Facts

Fun Facts

LISC Leadership

Executive Officers

Michael Rubinger

President & CEO

Tina Brooks

Executive Vice President for Programs

Michael Levine

Executive Vice President & General Counsel

Tobin Levy

Executive Vice President & CFO

Senior Vice Presidents

Mary Jo Allen

Senior Vice President
Human Resources

Geraldine Baum

Senior Vice President
Marketing & Communications

Kevin Boes

Senior Vice President, LISC
President, New Markets Support Company

Joe DiFilippi

Senior Vice President & Chief Information Officer
Information Technology

Joseph Hagan

Senior Vice President, LISC
President & CEO, NEF, Inc.

Kevin Jordan

Senior Vice President
National Programs

Matt Josephs

Senior Vice President

Greg Maher

Senior Vice President

Beth Marcus

Senior Vice President
Foundation & Corporate Relations

Vice Presidents

Denise Altay

Vice President

Elise Balboni

Vice President
& Chief Lending Officer

Reena Bhatia

Vice President
Education Programs

Barbara Burnham

Vice President
Federal Policy

Mariano Diaz

Program Vice President

Anika Goss-Foster

Program Vice President

Greta Harris

Program Vice President

Celayne Hill

Vice President &
Deputy General Counsel

Elise Hoben

Vice President
Rural LISC

Lily Lim

Vice President & Controller

Patrick Maher

Vice President

Richard Manson

Program Vice President

Larry Oaks

Vice President

Vince O'Donnell

Vice President
Affordable Housing Preservation

Margaret Slane

Vice President
Government Contracts

Michael Tang

Vice President

Christina Travers

Vice President & Treasurer

Chuck Vliek

Program Vice President

Local Executive Directors


Robert Van Meter
Executive Director


Michael Clarke
Executive Director


Susana Vasquez
Executive Director

Greater Cincinnati & Northern Kentucky

Kathy Schwab
Executive Director


Tahirih Ziegler
Executive Director


Pamela Kramer
Executive Director

Hartford & Connecticut Statewide

Andrea Pereira
Executive Director


Amanda Timm
Executive Director


William Taft
Executive Director


Janet Owens
Executive Director

Greater Kansas City

Terri Mueller
Acting Executive Director

Los Angeles

Claudia Lima
Executive Director


Chuck Vliek
Program Vice President

Mid South Delta

George Miles
Executive Director


Leo Ries
Executive Director

New York City

Denise Scott
Executive Director

Greater Newark

Rhonda Lewis
Executive Director


Brandon Holmes
Executive Director


Andrew Frishkoff
Executive Director

Pittsburgh (Pittsburgh Partnership for Neighborhood Development)

Anika Goss-Foster
Program Vice President


Teresa Brice
Executive Director

Rhode Island

Jeanne Cola
Executive Director

San Diego

Vicky Rodriguez
Interim Executive Director

San Francisco Bay Area

Stephanie Forbes
Executive Director


Hugh Grefe
Executive Director

Twin Cities

Andriana Abariotes
Executive Director


Candice Streett
Executive Director

Washington, DC

Oramenta Newsome
Executive Director

Washington State (Impact Capital)

Judith Olsen
Chief Executive Officer

National Directors

Administrative Services

Monica Richardson-Pride

Affordable Housing Preservation Initiative

Vince O’Donnell
Vice President


Stacey Rapp

Asset Management

Shawn Luther

Community Investment Collaborative for Kids

Amy Gillman
Senior Program Director

Community Safety Initiative

Julia Ryan

Family Income & Wealth Building

Seung Kim

Green Development Center

Madeline Fraser Cook
Program Director

Institute for Comprehensive Community Development

Ginny Tranchik


Jake Cowan
Business Manager

Public Policy

Barbara Burnham
Director of Federal Policy

Rural LISC

Suzanne Anarde
Program Director

Rural LISC

Kirk Kolbert
Program Director

Rural LISC

Bob Reeder
Program Director

Rural LISC

Murat Unal
Program Director

Rural LISC

Joe Yarzebinski
Program Director

Research & Assessment

Chris Walker

Youth Development & Recreation

Beverly Smith
Senior Program Director


National Equity Fund, Inc.

Joseph Hagan
President & CEO

New Markets Support Company, LLC

Kevin Boes

Community Development Trust, Inc.

Joe Reilly
President & CEO

Board of Directors

Robert E. Rubin (Chair)

Former Secretary of the U.S. Treasury
Council on Foreign Relations
New York, N.Y.
Board chair since 1999

Gregory Belinfanti

One Equity Partners
New York, N.Y.
Board member since 2010

Kelly Caffarelli*

The Home Depot Foundation
Atlanta, Ga.
Board member 2010-2013

Lisa Cashin

New York, N.Y.
Board member since 2007

Audrey Choi

Managing Director
Morgan Stanley
New York, N.Y.
Board member since 2011

Mary Crego*

Senior Vice President
State Farm
Bloomington, Ill.
Board member 2010-2012

Larry H. Dale

National Equity Fund, Inc.
Denver, Colo.
Board member since 1998

Michelle de la Uz

Executive Director
Fifth Avenue Committee
Brooklyn, N.Y.
Board member since 2011

Sally Durdan

Executive Vice President
JPMorgan Chase
New York, N.Y.
Board member since 2013

Tom Espinoza

President & CEO
Raza Development Fund
Phoenix, Ariz.
Board member 1980-95,
re-elected 2011

Dean Esserman

Chief of Police
New Haven Police Department
New Haven, Conn.
Board member since 2011

Pamela P. Flaherty*

Director, Corporate Citizenship
President & CEO
Citi Foundation
New York, N.Y.
Board member 1996-2012

Lisa Glover

Senior VP & Director of Community Affairs
U.S. Bank
Milwaukee, Wis.
Board member since 2010

Colvin W. Grannum

Bedford Stuyvesant Restoration Corporation
Brooklyn, N.Y.
Board member since 2001

Kevin Johnson

City of Sacramento
Sacramento, Calif.
Board member since 2006

Lynette Lee

Executive Director (retired)
East Bay Asian Local
Development Corporation
Oakland, Calif.
Board member since 2007

Brandee McHale

Chief Operating Officer
Citi Foundation
New York, N.Y.
Board member since 2013

Kathy Merchant

President & CEO
Greater Cincinnati Foundation
Cincinatti, Ohio
Board member since 2012

Ronald Phillips

Coastal Enterprises
Wiscasset, Maine
Board member since 2002

Andrew Plepler

Global Corporate
Social Responsibility Executive

Bank of America
Charlotte, N.C.
Board member since 2008

Rey Ramsey

President & CEO
Washington, D.C.
Board member since 2002

Don Randel*

The Andrew W. Mellon Foundation
New York, N.Y.
Board member 2006-2012

Rip Rapson

President & CEO
The Kresge Foundation
Troy, Mich.
Board member since 2006

Michael Rubinger

President & CEO
Local Initiatives Support Corporation
New York, N.Y.
Board member since 1999

Nilda Ruiz

President & CEO
Asociación Puertorriqueños en Marcha
Philadelphia, Pa.
Board member since 2012

Mike Smith

President & CEO
State Farm Bank
Bloomington, Ill.
Board member since 2013

George H. Walker

Chairman & CEO
Neuberger Berman Group
New York, N.Y.
Board member since 2006

Seth H. Waugh

Chief Executive Officer
Deutsche Bank Americas
New York, N.Y.
Board member since 2002

Bernard Winograd

Chairman of the Executive Committee
Local Initiatives Support Corporation
New York, N.Y.
Board member since 2008

*term ended in 2012

Get Social

Excited by LISC’s work in 2012? So are we.
Help us spread the word via social media.