LISC will leverage ‘philanthropic equity’ to grow its capacity to fuel businesses, jobs in ‘Slate Z’
LOS ANGELES (April 26, 2018)—The Citi Foundation has named LISC LA to its elite cohort of Progress Makers for 2018 and awarded the social enterprise $500,000 to catalyze economic opportunity in Los Angeles.
The funding is part of the $20 million Community Progress Makers Fund, a two-year initiative by the Citi Foundation to support high-impact community organizations that are bringing together residents, nonprofits, businesses, and municipal agencies to drive new economic opportunities.
LISC LA joins a cohort of 40 organizations working in Chicago, Los Angeles, Miami, New York City, San Francisco Bay Area, and Washington D.C., that were all named as Progress Makers today. The LISC LA grant is one of two to LISC local programs, with another $500,000 awarded to LISC NYC.
“LISC thanks Citi Foundation for its generous investment. It will enable us to help residents get jobs, help entrepreneurs build and expand businesses, help communities attract new businesses and spur economic dynamism,” said Maurice Jones, president and CEO of LISC, which includes 32 urban program offices and a national rural community investment effort. “We are excited to work with all the members of the cohort as we help people transform their lives and communities.”
LISC LA will use the award to build out a promising economic development strategy focused on Slate Z—the South Los Angeles Transit Empowerment Zone (which is also a federal Promise Zone). LISC is connecting anchor institutions like hospitals and universities to robust efforts that expand the skills of the local workforce, support neighborhood businesses, and link procurement programs to nearby entrepreneurs. The strategy includes work in Vernon-Central, South Park, Florence, Exposition Park, Vermont Square, Leimert Park, and Crenshaw.
It is the latest chapter in LISC LA’s decades-long support for affordable housing, community safety, education and health, in addition to significant investments in businesses and jobs.
“For us, economic development is about being catalytic,” noted Tunua Thrash-Ntuk, executive director with LISC LA, “Our neighborhoods are filled with potential. We need to build up their assets and support new opportunities, while also ensuring that long-time residents and business owners aren’t displaced by rapid growth. That balance is critical to the health of our communities and to our local economy.”
The Community Progress Makers funding is building on the success of the program’s initial cohort in 2016-2017. The first 40 Progress Makers used their grants to help more than 14,700 low-income people secure financial assets; build more than 10,500 affordable housing units; strengthen more than 1,100 small businesses; and connect 1,800 young people to jobs in their communities.
“We launched this program in 2015 as our version of ‘venture philanthropy’ – a chance to invest in the vision and mission of these organizations who are helping positively transform their communities,” said Brandee McHale, president of the Citi Foundation. “We’re pleased with the results from our inaugural Community Progress Makers and are looking forward to implementing the lessons we’ve learned with this next, impressive group of community leaders as they scale, innovate and drive impact.”
View Citi Foundation’s announcement for more on the 2018 Community Progress Makers.
About LISC
With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families. Since 1980, LISC has invested more than $18 billion to build or rehab 376,000 affordable homes and apartments and develop 63 million square feet of retail, community and educational space. LA LISC’s mission is to work with local leaders to invest in housing, health, education, public safety, and employment – these basic needs must be tackled at once so that progress in one is not undermined by neglect in another. For more, visit www.lisc.org/los-angeles.
About Citi Foundation
The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant cities. The Citi Foundation's "More than Philanthropy" approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.