JPMorgan Chase connects low-income residents to financial stability, jobs with $1MM grant to LISC

NEW YORK, Sept. 19, 2014 /PRNewswire-USNewswire/ -- The Local Initiatives Support Corporation (LISC) will use a new $1 million grant from the JPMorgan Chase Foundation to help thousands of low-income people grow their incomes, better manage debt, boost their credit scores and save for the future.

LISC has developed a network of 71 Financial Opportunity Centers across the country that integrate long-term financial counseling with a tailored mix of financial services to help families lift themselves out of poverty. In 2013 alone, more than 20,000 people accessed multiple FOC services to improve their economic outlook.

The JPMorgan Chase grant, announced today at a conference in Washington, D.C. will enable even more people in need of financial stability to take advantage of these services.  It will particularly support efforts in Chicago, Detroit, Cincinnati, Houston, Indianapolis, Milwaukee, Peoria, San Diego and the San Francisco Bay Area.  The grant will also help LISC gather and analyze data so that it can create a lineup of best practices that can be replicated in other places to help struggling families.

JPMorgan Chase's grant to LISC is part of a broad national commitment by the foundation to strengthen low-income communities by increasing economic opportunity. Read more about the announcement here.

"To help families struggling to manage their daily finances, we need to think beyond traditional financial literacy," said Sally Durdan, head of Consumer & Community Banking Strategy at JPMorgan Chase. "Our partnership with LISC is an example of how we are working with leading community partners to provide families the tools and resources to manage their daily finances, weather unexpected emergencies and achieve their long-term financial goals."

FOCs are part of LISC's comprehensive efforts to transform blighted neighborhoods into good places to live, work, do business and raise families.  They operate in many of the same communities where LISC is supporting new affordable housing, revitalized commercial areas, good schools, safer streets and better health for residents.

"Right now, when economic mobility is illusive for so many, we need FOCs and partners like JPMorgan Chase to help families change their outlook," said Michael Rubinger, LISC president and CEO. "When we help disadvantaged families succeed, we also improve the economic health of the places where they live."

About LISC
LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize distressed neighborhoods. Since 1980, LISC has invested $13.8 billion to build or rehab 310,000 affordable homes and apartments and develop 51 million square feet of retail, community and educational space. For more, visit www.lisc.org.

Contact:
Seung Kim, LISC Program Director
312-422-9579 or [email protected]

SOURCE LISC