NEW YORK, Feb. 24 /PRNewswire-USNewswire/ -- The Local Initiatives Support Corporation (LISC) invested $826MM in equity, loans and grants during 2008 to revitalize disinvested neighborhoods as part of its Building Sustainable Communities work.
Those dollars financed nearly 14,000 affordable homes and 3.5 million square feet of retail and community space -- including 18 schools serving 8,800 students and nine childcare facilities -- among other projects and programs. In all, LISC helped support more than $2.8 billion in total development activity in low- and moderate-income communities during the year.
"I can think of no point in our 28-year history when our Building Sustainable Communities work has been more important," commented Michael Rubinger, LISC president and CEO. "Helping low-income neighborhoods maintain the gains they have made in recent years and manage the intense economic pressure they now face is absolutely critical."
LISC's Building Sustainable Communities strategy is a comprehensive approach to community investment and family well-being that connects low-income residents to the mainstream economy. "This is not just about developing high-quality affordable housing," Rubinger explained. "It's also access to health care and affordable child care. It's high-performing schools, safe streets and retail development. It's recreational facilities and youth programs. And it's job creation. All those things need to be considered together as part of a plan that focuses broadly on people and place," Rubinger explained.
"We're working to make struggling communities good places to live, work, do business and raise families," he continued. "The impact of that goes well beyond the places where we operate. It is important to our national productivity and overall prosperity."
About LISC
LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize distressed neighborhoods. Since 1980, LISC has raised more than $9 billion to build or rehab more than 244,000 affordable homes and develop 36 million square feet of retail, community and educational space nationwide. LISC support has leveraged nearly $28 billion in total development activity. For more information, visit www.lisc.org.
For more information:
Stephanie O'Keefe: 202-739-9371
sokeefe@lisc.org
Colleen Mulcahy: 312-697-2482
cmulcahy@nefinc.org
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