Citi Announces Investments for Los Angeles and San Diego Through its Commercial Revitalization Initiative

LOS ANGELES, Dec. 9, 2011 /PRNewswire-USNewswire/ -- Citi announced a $60,000 donation to the Local Initiatives Support Corporation (LISC), a strategic partner with offices throughout the United States. The investment is targeted to the Los Angeles and San Diego LISC offices to help spur revitalization in Southern California.

Through the coordinated efforts of the two LISC offices, the focus will be on commercial corridor improvements. Community engagement will involve local governments, business owners, developers, business associations and other local stakeholders to define neighborhood market potential and develop strategies to advance community development.

"Citi's investment is innovative and greatly needed," said Mariano Diaz, LISC vice president for its Western Region Program, "to enable LISC to help many of Southern CA's best community organizations develop solutions to neighborhood challenges during tough economic times. This provides us with an opportunity to strengthen and showcase the potential economic engines of our neighborhoods."

In Los Angeles, LISC will launch a study to identify the most effective revitalization approaches that will be used as a tool by select community development organizations to help with their work to improve commercial corridors. Targeted areas include 1st Street in the Boyle Heights neighborhood and Central Avenue in the Vernon-Central neighborhood.

The LISC San Diego office will implement the economic development activities of community-based organizations working to revitalize the El Cajon Boulevard commercial corridor area. Community partners include El Cajon Business Improvement Association, the Little Saigon Foundation in City Heights and the Horn of Africa organization.  In addition, the grant will support the hiring of one LISC AmeriCorps member to assist with these initiatives.

"This grant will help us do what LISC does best – leverage resources to maximize the impacts of projects and programs in urban neighborhoods for the people that need it most," said Joe Horiye, executive director of LISC San Diego.

San Diego LISC and its affiliates have invested more than $186 million in equity, grants and loans to support and rebuild communities throughout the region. These investments leveraged more than $778 million in additional capital and have contributed to the development of 5,438 multi-family and single-family homes, and 919,504 square feet of commercial, retail and community space.

In California, LISC and its affiliates have invested nearly $1.3 billion in grants, loans and equity over the last 30 years, enabling the organization to leverage $5 billion to develop 30,248 affordable homes and 3,911,618 square feet of retail and community space – including seven supermarkets.  LISC has collaborated with 361 California community development organizations to benefit low-income communities challenged by extended periods of disinvestment.

"We are proud to support LISC and its innovative commercial corridor revitalization project," said Gustavo Bidart, senior vice president-Citi Community Development. "This program provides the expertise and technical assistance to help community development corporations and other nonprofits to drive economic growth and to revitalize and stabilize low- and moderate-income neighborhoods. LISC's programs reinforce our own community development efforts and ongoing commitment to the community."  Further, Citi Community Capital, a Citi business, has made a $10 billion commitment to reinvest in communities. In 2010, Citi completed over $650 million in construction and permanent loans in California.

About LISC
The Local Initiatives Support Corporation (LISC) is dedicated to helping community residents transform distressed neighborhoods into healthy and sustainable communities of choice and opportunity — good places to work, do business and raise children. LISC is Building Sustainable Communities by achieving five goals:  Expanding Investment in Housing and Other Real Estate, Increasing Family Income and Wealth, Stimulating Lifestyles.  For more, visit www.lisc.org.

About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.

SOURCE Local Initiatives Support Corporation