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In today’s New York City, market pressures are straining our neighborhoods, putting critical aspects of neighborhood culture at risk of displacement. At LISC NYC we believe that the ownership and stewardship of spaces owned by nonprofits and other mission-oriented entities is necessary to ensure that low-income residents share in the city’s growth and prosperity.
In 2016, LISC NYC was awarded $500,000 from the Citi Foundation’s Community Progress Makers Fund, which recognizes visionary nonprofit organizations and new approaches to long-standing urban economic challenges in the United States. The generous grant from the Citi Foundation supports our efforts to grow impact development initiatives, real estate development focused on creating space for economic uses that have the potential to generate middle skills jobs for LMI New Yorkers.
In 2018, the Citi Foundation selected LISC NYC for a second Community Progress Makers Fund award. LISC NYC will use the $500,000 grant to advance its emerging strategy for inclusive economic development. That includes financing, technical assistance and thought leadership to support real estate projects focused on the needs of underserved areas, making sure critical economic, social and cultural assets can take root and thrive. LISC NYC is working with a variety of stakeholders in this effort, including impact investors from artist-endowed foundations and civic-minded individuals who are being engaged for LISC’s new Inclusive Creative Economy Fund. LISC NYC is also working with government partners to strengthen the policy and subsidy environment for this work.
LISC NYC is actively growing its pipeline of real estate lending and technical assistance in the following areas: