MacArthur Foundation unveils $26M in neighborhood grants
22 May 2007
Chicago's largest philanthropy, The MacArthur Foundation, announced today that it will award Chicago LISC an extraordinary five-year $26,000,000 grant to support its New Communities Program.
NCP is a long-term initiative of Chicago LISC to support comprehensive community development in 16 Chicago neighborhoods. The five-year effort seeks to rejuvenate challenged communities, bolster those in danger of losing ground, and preserve the diversity of areas in the path of gentrification.
"Chicago's neighborhoods, even its poorest, are significant assets, holding tremendous untapped human and economic potential," said MacArthur President Jonathan Fanton. "The work of many dedicated community groups and individuals to turn around these neighborhoods is already showing early signs of success."
NCP projects were first funded by the foundation in 2002 with about $21 million in seed money that foundation officials said has helped generate more than $255 million in new investment in the 16 communities. Foundation officials said they expect their second wave of funding to generate $500 million in new investment.
In a surprise move, Fanton today announced an additional $4 million grant to help expand the Chicago model of the New Communities Program to 10 other cities and regions.
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> Read the announcement on the MacArthur Foundation's website
Article Type: News