Local Initiatives Support Corporation

Empowering communities: Ally commits nearly $1 billion to housing initiatives

Retrieved on: 
Tuesday, July 11, 2023
Workforce, Partnership, Housing, ROC, Local Initiatives Support Corporation, Pathway, Rebuilding Together, The Salvation Army, LMI, Homewise, Covenant, Woman, LISC, Habitat for Humanity, History, Ally McBeal (character), Organization, Relatives, Covenant House, Community, Investment, Sola, CRA, AMI, Humanity, LIHTC, Ally Financial, Barker House (Michigan City, Indiana), Empowerment, NYSE, Allied Banking Corporation, Safety, Fair, Real estate, Pharmaceutical industry, Ally

DETROIT, July 11, 2023 /PRNewswire/ -- Ally Financial Inc. (NYSE: ALLY), the nation's largest all-digital bank, today announced nearly $1 billion in giving and capital deployment in 2023 to address the wealth gap and barriers to economic mobility through housing initiatives. More than $4 million in grants and investments will be deployed in Ally's hometowns of Detroit and Charlotte to support affordable housing initiatives. Ally and the Ally Charitable Foundation will help 17 organizations across its hometowns provide underserved communities greater access to safe and affordable housing and create pathways to homeownership.

Key Points: 
  • More than $4 million in grants and investments will be deployed in Ally's hometowns of Detroit and Charlotte to support affordable housing initiatives.
  • "It's important we show up as an ally and support affordable housing and homeownership initiatives that create lasting, positive impact where we work, live and serve."
  • To help increase access to affordable housing, the Ally Charitable Foundation made a $3 million equity investment in Housing Impact Fund II to acquire existing affordable housing properties in Mecklenburg County, N.C., which are also known as "NOAH" or naturally occurring affordable housing.
  • Ally Bank's Community Reinvestment Act (CRA) efforts deploy approximately $1 billion in loans and investments annually around affordable housing.

Big Wave Group Announces $12.5M Construction Financing and General Contractor for Bay Area Housing Project for Adults with Disabilities

Retrieved on: 
Tuesday, July 11, 2023
Poverty, Housing, Partnership, Failure, Senior Community Service Employment Program, Disability, Local Initiatives Support Corporation, LISC, Cerebral palsy, Sale, OSBI, Down syndrome, IDD, North East Autism Society, Spectrum, Bay, Disability studies, Big Wave, Caregiver, Residential care, San Francisco Bay Area

HALF MOON BAY, Calif., July 11, 2023 /PRNewswire/ -- Big Wave Group has officially announced the closing of up to $12.5 million in construction financing from the Bay Area office of Local Initiatives Support Corporation (LISC), a nationwide organization specializing in non-profit community development for underserved communities. Big Wave Group plans to utilize the LISC funds to complete the construction of a $30 million residence for adults with IDD to help address the severe housing crisis in San Mateo County. Additional funding will be supplied by the sale of residential memberships via a community housing cooperative, grants and private donations.

Key Points: 
  • Big Wave Group plans to utilize the LISC funds to complete the construction of a $30 million residence for adults with IDD to help address the severe housing crisis in San Mateo County.
  • Additional funding will be supplied by the sale of residential memberships via a community housing cooperative, grants and private donations.
  • Swenson Builders, a leading Northern California developer and general contractor based in San Jose, CA, has been selected to build the 50,000-square-foot two-story residence and 10,000-square-foot courtyard.
  • "We have a massive housing supply problem in the Bay Area and it's more extreme for adults with disabilities," said Sally Smyth, Senior Community Development Underwriter for LISC Bay Area.

House members introduce 'Neighborhood Homes Investment Act' to expand affordable homeownership opportunities and revitalize communities

Retrieved on: 
Friday, June 9, 2023
National Association of Affordable Housing Lenders, Housing, Senate, Senior, Local Initiatives Support Corporation, National Community Stabilization Trust, Volksgemeinschaft, Congress, Dream, Investment, Economic development, Policy, National Association, House, GameChanger, Legislation, Property insurance, Health insurance, Real estate

WASHINGTON, June 9, 2023 /PRNewswire/ -- Today, Representatives Mike Kelly (R-PA) and Brian Higgins (D-NY) introduced legislation to create a new tax incentive that would produce 500,000 starter homes in under-resourced communities over the next decade. The Neighborhood Homes Investment Act ("Neighborhood Homes") would address the needs of families throughout the country who are struggling to purchase homes as costs continue to rise and the supply of homes remains limited.

Key Points: 
  • The Neighborhood Homes Investment Act ("Neighborhood Homes") would address the needs of families throughout the country who are struggling to purchase homes as costs continue to rise and the supply of homes remains limited.
  • This will in turn make homeownership more feasible and support broader revitalization and economic development strategies in disinvested urban and rural communities.
  • The credits can only be claimed for homes developed or rehabilitated in eligible low-income communities, and only after the homes are sold and occupied by lower or middle-income families.
  • Now, the Neighborhood Homes Investment Act will allow homeowners and developers to more affordably restore beautiful homes and create more affordable housing in communities that need it the most," Representative Kelly said.

Foot Locker Foundation Announces $4.5 Million for Community Grants through LISC

Retrieved on: 
Wednesday, May 24, 2023
Partnership, Employment, LEED, Local Initiatives Support Corporation, LISC, Research, Mentorship, Supernova (The Echoing Green album), Black, Organization, Foot Locker, Community, Economic development, City, BIPOC, Health, Bias, Nursing, Education

The Foot Locker Foundation Community Empowerment Program was launched in 2021 as part of Leading in Education and Economic Development (LEED), the company's $200 million commitment focused on education and economic development within the Black community.

Key Points: 
  • The Foot Locker Foundation Community Empowerment Program was launched in 2021 as part of Leading in Education and Economic Development (LEED), the company's $200 million commitment focused on education and economic development within the Black community.
  • It also connects to LISC's broad-based work on economic opportunity, including its decade-long Project 10X strategy to promote racial justice.
  • Through its first two years, the competitive grant program has awarded $2.7 million in grants to 36 organizations.
  • The Community Empowerment Program responds to clear and persistent racial disparities, including a gap in philanthropic funding for Black-led organizations.

Entrepreneurs of Color Fund launches in Miami to spur small business growth, address systemic racial barriers

Retrieved on: 
Tuesday, May 16, 2023
JPMorgan Chase, Small business, Partnership, Employment, Rockefeller Foundation, Education, Face, Local Initiatives Support Corporation, COVID-19, Reyes, Woman, LISC, Organization, Prudential Financial, Oportunidades, Work, MBF, Economic development, Growth, City, National Lottery Community Fund, BIPOC, Health, County, Fifth Third Bank, Drug, Management, Bank, U.S. Bancorp

Para leer esta información en español, haga clic aquí

Key Points: 
  • Para leer esta información en español, haga clic aquí
    A national program, EOCF operates in 10 cities and is specifically designed to break down racial barriers to small business financing.
  • The first three— Ascendus , the Community Fund of North Miami Dade , and the Miami Bayside Foundation —will participate as small business lenders, while Prospera will provide a range of technical assistance.
  • The partners will coordinate closely to share referrals and resources so they can best support diverse Miami small businesses.
  • https://www.ascendus.org/
    The Community Fund of North Miami Dade (CFNMD) helps small businesses access capital to grow and be better prepared to face difficult times.

LISC names Tom Kroma to lead investments to support Toledo's priorities in housing, economic opportunity to advance racial equity

Retrieved on: 
Thursday, May 11, 2023
NeighborWorks America, Private sector, Housing, University, Institute of technology, Culture, Local Initiatives Support Corporation, LISC, Research, Rail transport by country, History, TMACOG, Bowling Green State University, Family, Work, Mercy Health, Economic development, Growth, Community development, Kroma Entertainment, Transport, St. Vincent's Hospital, Conference, Ohio Conference, United Church of Christ, Management, Renewable energy, Nursing

"Investing in affordable housing is not just about building or renovating structures," Kroma said.

Key Points: 
  • "Investing in affordable housing is not just about building or renovating structures," Kroma said.
  • They support good jobs, thriving small businesses, family health, community safety, and contribute to how well kids do in school.
  • By investing in affordable housing, we have the chance to fuel economic opportunity and local growth," he said.
  • In addition to his housing expertise, Kroma also has broad experience in other core aspects of community development.

Yellow Banana Closes $26.5 Million Transformative Investment in Six Grocery Stores on Chicago’s South and West Sides

Retrieved on: 
Monday, April 24, 2023
Supermarket, Retail, Other Retail, Food, Beverage, Yellow Banana, Lighting, Military, Yale Law School, Estate, Local Initiatives Support Corporation, Save-A-Lot, Organization, HVAC, NMTC, City, U.S. Bancorp, Walmart, Economic development, Harvard Business School, Capital Impact Partners, Community development, Piper, Meat, DLA Piper, CNI, Real estate

Yellow Banana, the owner and operator of eight Save A Lot locations in the Chicagoland area, today announced the March 31, 2023 closing of a $26.5 million investment into grocery stores on the South and West Sides of Chicago.

Key Points: 
  • Yellow Banana, the owner and operator of eight Save A Lot locations in the Chicagoland area, today announced the March 31, 2023 closing of a $26.5 million investment into grocery stores on the South and West Sides of Chicago.
  • This transaction marks the next step in Yellow Banana’s ongoing commitment to underserved communities throughout the City of Chicago and the U.S.
  • The investment combines a $13.5 million Community Development Grant that the City previously awarded to Yellow Banana in July 2022 with New Markets Tax Credits, third-party financing and funding from Yellow Banana.
  • Yellow Banana is owned by 127 Wall, which was co-founded by Michael Nance, Ademola Adewale-Sadik and Walker Brumskine.

The Women's Center for Entrepreneurship Names Tomas Poturas to Board

Retrieved on: 
Wednesday, April 19, 2023
Wells Fargo (1852–1998), Small business, Corporate social responsibility, Marketing, Local Initiatives Support Corporation, Woman, LISC, CSR, WCEC, Community Reinvestment Act, Community, CRA, U.S. Army Community Relations, Knowledge, Greater Newark Conservancy, Wells Fargo, EDC, Management, Entrepreneurship

CHATHAM, N.J., April 19, 2023 /PRNewswire-PRWeb/ -- The Women's Center for Entrepreneurship (WCEC), a 501c3 nonprofit and U.S. Small Business Administration Resource Partner, today announced community relations and civic leader Tomas Porturas has joined its Board. Porturas brings extensive experience in nonprofit board leadership to the WCEC. He currently serves as Wells Fargo's Community Relations Vice President for New Jersey, responsible for region-wide Corporate Social Responsibility (CSR) initiatives, Community Reinvestment Act (CRA) compliance management, team member volunteerism, and external stakeholder engagement to help strengthen the communities Wells Fargo serves. Porturas also serves on the boards of directors and advisory councils of the UCEDC, Local Initiatives Support Corporation (LISC) Greater Newark, and the Elizabeth Development Company (EDC).

Key Points: 
  • CHATHAM, N.J., April 19, 2023 /PRNewswire-PRWeb/ -- The Women's Center for Entrepreneurship (WCEC), a 501c3 nonprofit and U.S. Small Business Administration Resource Partner, today announced community relations and civic leader Tomas Porturas has joined its Board.
  • Porturas brings extensive experience in nonprofit board leadership to the WCEC.
  • "We are delighted to welcome Tomas to the board of the WCEC.
  • "By leveraging the skills of Tomas and our other talented business leaders on the board, the WCEC is closer to its vision of a world where all entrepreneurs have the support they need to thrive in business," said WCEC Board President Alyce Hackett.

Walmart Foundation teams up with LISC to expand equitable food access, fuel community-based nonprofits

Retrieved on: 
Wednesday, April 5, 2023
Food, Community-based economics, Employment, Education, New Town (Jacksonville), Farmer, Local Initiatives Support Corporation, The Bridgespan Group, LISC, Supernova (The Echoing Green album), Walmart, Life expectancy, Veteran, Organization, Community gardening, Economic development, Knowledge, Research, Health, Tourism, Nursing

"This grant to LISC will help provide communities with more food and nutrition security."

Key Points: 
  • "This grant to LISC will help provide communities with more food and nutrition security."
  • Our collaboration with the Walmart Foundation promotes food justice as part of larger strategies to improve community health."
  • The Equitable Food Access grant program is part of larger efforts at Walmart Foundation and LISC focused on economic opportunity and racial equity.
  • Through the Walmart Foundation, the Walmart.org Center for Racial Equity is supporting solutions for healthy food while also driving economic development and building capacity in predominately Black communities that do not have adequate food access.

Citizens, LISC Team up to Help Workers Build Digital Skills That Open Doors to Strong Jobs, Economic Opportunity

Retrieved on: 
Wednesday, March 29, 2023
Professional Services, Philanthropy, Other Philanthropy, Finance, Foundation, Banking, Workforce, Digital divide, Employment, Housing, Internet, Culture, Local Initiatives Support Corporation, Woman, LISC, FOC, Simons Foundation, Citizens Financial Group, Investment, Reading, Transport, Creative industries, Management, Citizenship

“Citizens is committed to helping our communities thrive, and equitable access to digital literacy is key to economic vitality,” said Bruce Van Saun, Chairman and CEO, Citizens Financial Group.

Key Points: 
  • “Citizens is committed to helping our communities thrive, and equitable access to digital literacy is key to economic vitality,” said Bruce Van Saun, Chairman and CEO, Citizens Financial Group.
  • “Basic digital skills and access to technology and the internet are essential to participate in society and the economy,” said Katrin Sirje Kärk, LISC’s director of workforce innovations.
  • The grant is supporting one-on-one training, digital literacy workshops, ongoing digital coaching, and job training for the information technology field.
  • Citizens has been a long-time supporter of LISC and FOCs, with more than $4 million in funding since 2018.