The Treasury Department’s CDFI Fund has awarded $1.25 billion in Rapid Response Program grants to support CDFIs in their efforts to provide COVID-19 economic relief—including $1.8 million to advance LISC’s work.
LISC awarded $1.8 M Rapid Response Program grant for COVID-19 economic relief
NEW YORK (June 16, 2021) — The federal government awarded the Local Initiatives Support Corporation (LISC) $1.8 million from the Treasury Department’s Rapid Response Program. LISC’s award will help deliver immediate economic relief in communities impacted by the COVID-19 pandemic.
LISC received the maximum allocation in grants, announced by the Community Development Financial Institutions Fund (CDFI Fund), which is part of the Treasury Department. The $1.25 billion in grants will help 863 CDFIs respond to the economic challenges created by the COVID-19 pandemic, particularly in underserved communities.
LISC will use the CDFI RRP grant to support activities like the development of new financial products, financial services, development services and certain operational activities, as well as to build capital reserves and loan loss reserves. The program was designed to be flexible in order to help CDFIs disburse funds rapidly to address the impacts of COVID-19.
Read more about the RRP awards here.
About LISC
With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families. Since 1980, LISC has invested $24 billion to build or rehab 436,320 affordable homes and apartments and develop 74.4 million square feet of retail, community and educational space.