State Farm announces $2 million grant to LISC to fund financial stability, small businesses, housing, safety and health
Apr 27, 2022, 10:00 ET
BLOOMINGTON, Ill., April 27, 2022 /PRNewswire/ -- State Farm is expanding its decades-long relationship with the Local Initiatives Support Corporation (LISC), a national nonprofit community development organization, with new funding to boost economic opportunity in underserved communities—especially those hit hard by the pandemic.
With a new $2 million grant, State Farm is supporting LISC programs that fuel financial stability for families, strong businesses, affordable housing, and better health and safety, all contributing to vibrant local economies. To date, State Farm has invested more than $151 million in LISC programs and projects.
"For 100 years, State Farm has been a good neighbor in communities across the country," said Apsara Sorensen, State Farm Director of Public Affairs, "A part of our philanthropic mission is to build safer, stronger communities. With that, we are thrilled to continue our support of LISC and their holistic approach to developing and revitalizing communities."
The grant will be deployed throughout 2022 to support LISC's national community development strategies, as well as specific programs in 12 metro areas: Atlanta, Bay Area, Central Illinois (i.e., Bloomington-Normal, Peoria, Springfield), Chicago, Houston, Indianapolis, Milwaukee, Minneapolis/St. Paul, New York, Philadelphia, Phoenix, and Puget Sound.
Programs are tailored to the needs of individual communities and include such priorities as:
- Financial Opportunity Centers, which provide a range of integrated services for workers, from job training and placement to financial coaching and income support, as well as connections to local employers in growth industries.
- Commercial corridor revitalization to support small businesses, quality jobs and dynamic, community-based commerce.
- Affordable housing strategies that expand access to affordable homes and address racial barriers in the development process.
- Community safety programs focused on violence intervention, while also sharing safety data and best practices that benefit the field of community development more broadly.
Implementation strategies vary based on local priorities and collaborations among LISC staff, community organizations, municipal officials, business leaders, and residents.
For example, in New York, LISC is using the new funding to expand its Developers of Color Training Program, which is helping address the city's affordable housing crisis while breaking down barriers in the real estate development industry. In the Twin Cities, the funding will help LISC leverage the power of arts and culture to support economic and social opportunities for residents and businessowners. And in Houston, it will promote place-based community development plans that connect the dots from health and safety to stable housing, quality jobs and rising incomes.
"State Farm has been helping LISC fuel strong communities of opportunity for more than 20 years," noted LISC CEO Lisa Glover. "Especially now, as we work with local partners to promote a robust, equitable recovery from COVID-19, these are critical resources that will help families earn more, help businesses grow more and help communities build a broadly shared prosperity, where everyone has a fair chance to succeed."
Since 2000, State Farm's $151 million in support for LISC has leveraged more than $16 billion to build or rehabilitate 68,000 affordable homes, create more than 23 million square feet of retail, community, and educational space, and serve more than 238,000 people through income- and wealth-building initiatives.
About State Farm®
For 100 years, the mission of State Farm has and continues to be to help people manage the risks of everyday life, recover from the unexpected and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its 19,300 agents and nearly 55,000 employees serve approximately 86 million policies and accounts – which includes auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 39 on the 2021 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.
LISC is one of the country's largest community development organizations, helping forge vibrant, resilient communities across America. We work with residents and partners to close systemic gaps in health, wealth and opportunity and advance racial equity so that people and places can thrive. Since our founding in 1979, LISC has invested $26.7 billion to create more than 463,215 affordable homes and apartments and develop 78.5 million square feet of retail, community and educational space. For more, visit www.lisc.org.
SOURCE Local Initiatives Support Corporation (LISC)
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