NEW YORK, March 9, 2011 /PRNewswire-USNewswire/ -- The U.S. Department of Housing and Urban Development has awarded the Local Initiatives Support Corporation (LISC) a $19.3 million Section 4 capacity-building grant to help community-based nonprofits lead affordable housing and economic development efforts in low-income communities.
LISC will use the funds to make sub-grants to nonprofits through its 30 community-based urban programs and its national rural initiative. The grants will help support a wide range of work, such as homeless housing for veterans, service-enriched senior housing, commercial corridor revitalization, jobs programs, and development of critical community institutions, like health care centers and improved schools.
"Section 4 is critically important because it represents flexible funds that directly impact the day-to-day work that local nonprofits do to revitalize their neighborhoods," said Michael Rubinger, LISC president and CEO. "Section 4 has a proven track record of success, leverages significant private funds, and is helping change the outlook for many communities."
The Section 4 grant reinforces LISC's efforts to help transform low-income communities into good places to live, work, do business and raise families. In 2010, LISC made more than $1.1 billion in Building Sustainable Community investments to build and preserve 10,800 affordable homes and 2.8 million square feet of retail and community space, including schools, childcare centers, parks and athletic fields, and community health clinics.
"Section 4 dollars have a significant, extensive reach," Rubinger stressed. "Particularly in the current economic environment, these funds are critical to helping distressed areas recover from decline. We are grateful for the foresight HUD has shown in its strong support for this important work and for its commitment in a tough budget environment to efficient, high-impact programs like Section 4."
LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize distressed neighborhoods. Since 1980, LISC has raised $11.1 billion to build or rehab 277,000 affordable homes and develop 44 million square feet of retail, community and educational space nationwide. LISC support has leveraged nearly $33.9 billion in total development activity. For more information, visit www.lisc.org.
SOURCE Local Initiatives Support Corporation