NEW YORK, Oct. 24, 2013 /PRNewswire-USNewswire/ -- The Local Initiatives Support Corporation (LISC) will use a new $1 million grant from JPMorgan Chase to support affordable housing development in six cities, focusing on neighborhoods where low-income families struggle to find decent homes within their means.
The new funding enables LISC to deliver seed capital and technical assistance to get new housing projects off the ground and to expand LISC's capacity to help preserve and increase affordable housing with an innovative loan product. The grant will help fund work in Chicago, Houston, Los Angeles, New York, San Diego and the San Francisco Bay area. They are six of 30 cities where LISC has urban program sites.
"Affordable housing is the cornerstone of the work we are doing with JPMorgan Chase to improve the quality of life for low-income residents across the country," noted Michael Rubinger, LISC president and CEO. "Together, we can give families the chance to raise their children in a safe, decent home and boost the economies of the communities where we work."
JPMorgan Chase and LISC have long partnered to invest in low-income communities. To date, the bank and its foundation have worked with LISC on nearly $50 million in grants, more than $109 million in loans and $1.9 billion in tax credit equity for affordable rental housing and commercial development.
"Expanding access to affordable housing isn't just the right thing to do – it is a smart, effective strategy for empowering entire communities. LISC has been promoting that approach for decades and we are proud to support their efforts to expand their work in cities nationwide," noted Sally Durdan, Executive Vice President, Consumer & Community Banking, JPMorgan Chase.
LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize distressed neighborhoods. Since 1980, LISC has invested $12.9 billion to build or rehab 298,300 affordable homes and apartments and develop 49 million square feet of retail, community and educational space.
Beth Marcus, LISC Senior VP
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SOURCE Local Initiatives Support Corporation