NEW YORK, Sept. 28, 2016 /PRNewswire-USNewswire/ -- The Local Initiatives Support Corporation (LISC) has been awarded $4 million in federal funding to fuel economic activity in low-income areas and expand access to fresh food in entrenched food deserts.
LISC will use the capital to seed $40 million in community investments that build up local businesses, create jobs, make streets safer and reinforce other investments in housing, schools and health, said Elise Balboni, LISC senior vice president for lending.
"A thriving, sustainable community is one where people have meaningful employment opportunities and access to goods and services within their own neighborhood," Balboni said. "This new capital will fuel entrepreneurs and employment, stimulate neighborhood economies and increase local income. It will help neighborhoods become safer, stronger and healthier."
The Community Development Financial Institutions Fund (CDFI Fund)—part of the U.S. Department of Treasury—announced the LISC grants today as part of $185 million in awards to 196 organizations. LISC's funding includes $1 million to create a new $15 million economic development investment fund and $3 million to leverage $25 million in financing for food-related enterprises that advance health goals in low-income areas.
"It's clear that residents who live in communities with limited access to fresh food also tend to have higher rates of chronic disease," said Amy Gillman, LISC senior program director for health initiatives. "We take that on as part of our comprehensive community development efforts--changing their food outlook to help them live better, while growing economic activity in their communities."
The new funding will support development of grocery stores, farmers markets, community kitchens and food production facilities in struggling areas. LISC has used prior CDFI Fund awards to finance supermarkets in Detroit, Kalamazoo, Chicago, Cincinnati, New York and Brockton, Mass., along with a farmers market in Flint, Mich., and a food coop in Minneapolis.
For more on the CDFI Fund grants, visit: www.cdfifund.gov.
LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize distressed neighborhoods. Since 1980, LISC has invested $16 billion to build or rehab 348,000 affordable homes and apartments and develop 56 million square feet of retail, community and educational space. For more, visit www.lisc.org.
Elise Balboni, LISC Senior Vice President of Lending
212.455.9370 or email@example.com
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SOURCE Local Initiatives Support Corporation