With a $5 million award from the CDFI Fund—part of the U.S. Treasury Department—LISC will spur economic growth along retail corridors in low-income neighborhoods and expand access to fresh food in entrenched food deserts. "The goal is to build economic opportunities, create jobs, and improve residents overall quality of life," says Elise Balboni, LISC Senior VP for lending.
LISC wins $5MM from CDFI Fund to bring economic revitalization, healthy food to low‐income areas
NEW YORK (September 2, 2014)—The Local Initiatives Support Corporation (LISC) will use $5 million in new federal grants to spur development along commercial corridors in low-income neighborhoods and expand access to fresh food in entrenched food deserts.
The Community Development Financial Institutions Fund (CDFI Fund)—part of the U.S. Department of Treasury—announced the LISC grants as part of more than $195 million in awards to 185 organizations.
"The CDFI Fund has been an invaluable supporter of community development efforts all over the country," said Michael Rubinger, LISC president and CEO. "These grants will have a significant, lasting impact on everything from property values and jobs to crime and health. Low-income people will live better as a result," he said.
LISC will use $2 million to seed a new $10 million fund that has been established to spur development of retail and mixed-use projects along commercial corridors. "The goal is to build economic opportunities in these areas and create jobs," said Elise Balboni, LISC's senior vice president for lending. "The fund will be used to attract local businesses as well as provide needed community services."
With an additional $3 million for healthy food projects LISC will continue its work serving food deserts in nine urban areas. LISC already has a pipeline with $6 million from previous federal awards. The latest money will be used to help launch new grocery stores, farmers markets, community kitchens and food production facilities in Detroit, Houston, Indianapolis, Kansas City, Los Angeles, Milwaukee, Philadelphia, San Diego, and the San Francisco Bay Area.
"People who live in communities with limited access to fresh food also tend to have higher rates of disease," said Balboni . "By changing their ability to buy this food, LISC and its partners hope to improve residents overall quality of life."
LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize distressed neighborhoods. Since 1980, LISC has invested $13.8 billion to build or rehab 310,000 affordable homes and apartments and develop 51 million square feet of retail, community and educational space. For more, visit www.lisc.org.