Citi Foundation Grant Will Support LISC Foreclosure Response Programs in Eight Cities
23 Oct 2008
$500,000 Grant from Citi Foundation to Fund LISC's Local Foreclosure Mitigation Program
Contact:Stephanie O'Keefe, LISC Senior VP/External Affairs Colleen Mulcahy, LISC Communications |
For Immediate Release:October 23, 2008 |
PHILADELPHIA (October 23, 2008)— The Citi Foundation has awarded Local Initiatives Support Corporation (LISC) a $500,000 grant to fund its Local Foreclosure Mitigation Program in eight cities, targeting low- and moderate-income neighborhoods hard hit by the economic crisis.
The grant will support LISC's efforts in Boston, Detroit, Hartford, Minneapolis/St. Paul, Philadelphia, Phoenix and San Diego, in addition to helping underwrite LISC's national work to develop data on the crisis, provide technical assistance to community development practitioners, and develop best practices for the broader marketplace.
"The credit and foreclosure crisis is jeopardizing the futures of many families and the health of the neighborhoods in which they live," commented Michael Rubinger, LISC president and CEO. "With this grant, Citi Foundation is helping LISC and the communities we serve respond quickly to the acute, contagious challenges we now face. We are grateful for their longstanding partnership and their strong commitment to revitalizing distressed neighborhoods," he added. Since 1982, Citi Foundation has provided $11.6 million in grants to support LISC’s work across the country.
The specific intervention plans to be funded by this new grant differ somewhat based on the how the crisis is playing out in each of the eight cities, but they are all designed to prevent escalating blight that depresses property values and destabilizes communities. Toward that end, LISC will utilize Citi Foundation funds to craft long-term redevelopment strategies that stabilize properties and neighborhoods; develop financial products for homebuyers to purchase and renovate foreclosed properties; and support policy and regulatory efforts aimed at foreclosure prevention and mitigation.
Pam Flaherty, President and CEO of the Citi Foundation added, "For nearly 30 years, LISC has been providing community development practitioners with the expertise and technical assistance they require to develop effective solutions to the most pressing challenges facing their communities. Addressing the foreclosure crisis is certainly a daunting task, but through local collaborations and thoughtful, measured approaches I am confident that LISC will help each of these eight communities establish the momentum they need to restore vitality to their communities."
"Low-income communities can be good places to live, work, do business and raise families," Rubinger said. "But the current crisis could seriously undermine their future if we don't act. This Citi Foundation commitment will help us preserve the gains that have been made in recent years and stave off a new cycle of disinvestment and decline."
About LISC
LISC combines corporate, government and philanthropic resources to help community-based organizations revitalize underserved neighborhoods. Since 1980, LISC has raised nearly $9 billion to build or rehabilitate more than 230,000 affordable homes and develop 32 million square feet of retail, community and educational space nationwide. For more information, visit www.lisc.org.
About Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where we work throughout the world. Globally, the Citi Foundation is focusing its giving on Microfinance and Microentrepreneurship, which helps individuals become economically self-sufficient; Small and Growing Businesses, leading to economic expansion and job creation; Education, which prepares young people for personal and professional success; Financial Education, which helps individuals make informed financial decisions; and the Environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment. In the U.S. and Canada, the Citi Foundation supports Community Development programs that help build and revitalize neighborhoods and Education programs that prepare students for college and careers. Additional information can be found at www.citigroupfoundation.com.
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Article Type: Press Release