On March 1, Lisa Glover, a longtime LISC board member and former banking executive with decades of experience in community development finance, became LISC’s interim president and CEO. In the interview that follows, she delves into the items that top her agenda as the organization’s new leader, and describes the challenges and great opportunities for actualizing LISC’s commitment to closing racial heath, wealth and equity gaps in post-pandemic America.
Congratulations on being named interim CEO of LISC! Given the nature of an interim position, what do you hope to accomplish during your time leading LISC, both in terms of the organization’s internal operations and its impact in the communities where we work?
Last year was a time of extraordinary challenge for our communities, but also of extraordinary growth and dynamism within the organization. In 2020 alone, LISC invested a record $2 billion to support small businesses and nonprofit partners, build affordable housing and community spaces, and finance other activity that helped residents and communities meet the challenges of a very difficult year. That growth has left LISC well positioned to go deeper in our core work, to continue to innovate and to maximize the impact we have in our communities.
My goal is to keep the forward momentum going. Our mission remains the same: to forge resilient and inclusive communities of opportunity. We have a new strategic framework that will serve as roadmap to achieving that mission, and I plan to hold the course. We have a lot on our plates at LISC, but right now that is a good problem to have. We have the resources. Now, we put those resources to work in communities across the country.
A critical part of LISC’s work last year was responding to the country’s racial reckoning. How do you see the organization elevating that work in 2021 and beyond?
LISC’s board of directors recently approved a new three-year strategic framework. A key element of the framework describes LISC’s commitment to racial equity, and clearly this is a guiding priority of the organization, permeating all aspects of our work. By embracing this plan, the board made a strong statement that LISC is committed to doing our part to change the systems that have kept Black and other BIPOC Americans from opportunity.
At the end of 2020, LISC launched Project 10X, a 10-year commitment to invest in closing racial health, wealth and opportunity gaps and creating systems change to support that. Project 10X is top of mind every day, and 2021 is the year we will see it start to become a reality.
A major first step of Project 10X was launching the Black Economic Development Fund to invest in Black-owned financial institutions and businesses. Likewise, our COVID-19 relief efforts have focused on small businesses that are not well-served by traditional channels, especially those led by minorities. These are just of few examples of what will be ongoing priorities for the organization.
In my first days in this role it was clear to me just how important this principle is to everyone who works here, to our partners and, ultimately, to our communities. And I’d be remiss if I didn’t mention LISC’s DEI&J committee. I find the dedication of this staff-led committee to be incredible, and I am honored to be leading an organization with this kind of passion for promoting diversity, equity, inclusion and justice. With our recent hiring of a director of DEI&J, I expect us to elevate this work even further.
You have deep expertise in affordable housing finance. How do you think LISC can best meet the looming housing crisis from the financial fallout of the pandemic, on top of the affordability crisis that already existed for millions of Americans?
LISC has been a leader in affordable housing finance for 40 years. As the world changes, we change with it, and we will continue to lead the way with innovative solutions for the evolving crisis we face.
We are launching into new work with federal, state and local governments to deliver emergency rent assistance to thousands of families. The need is urgent, and I see LISC playing a huge role in this area. We will drive new production and preservation of affordable rental housing—which was already in short supply before the pandemic. And we will intensify our policy leadership to support rent moratoriums, rental assistance and other policy levers that can help address the crisis.
We will also be looking at making housing more equitable. One of the core elements of Project 10X is supporting ways to increase Black wealth through affordable homeownership. We’re looking at everything from appraisal processes that have historically devalued Black-owned homes to connecting Black homeowners with home repair and refinancing programs.
What are some of the other areas of LISC’s work that you plan to prioritize during your tenure?
For one, we will continue to work with partners to support small businesses and economic development efforts, especially in BIPOC communities, to help folks survive and recover from the economic fallout of the pandemic.
We will also keep emphasizing the imperative of investing in rural America, as we are doing through our Rural Promise initiative to create 20 percent of our impact in rural places.
We will continue building the capacity of our on-the-ground community partners, so they can be effective resources for their communities during the COVID-19 recovery period and beyond.
And we will ramp up investment and programming in community safety and justice efforts, especially in light of ongoing police violence against Black Americans, and the uptick in crime in many communities since the onset of the pandemic.
You are sitting on the board of directors’ committee searching for a new CEO for a second time. What are some of the most important leadership traits the team is looking for in candidates? Have any of your goals for a leader changed since the last search?
LISC has grown tremendously in recent years. We have opened new offices, expanded key programs related to jobs, health and economic development, launched an SBA lender, diversified our base of funders and significantly expanded our impact investing efforts. Perhaps even more importantly, the culture of LISC has evolved since the last search. So, we are looking for a leader of an organization that acts and feels significantly different than it did five years ago.
As chair of the search committee, I’ve had one-on-one conversations with many of our board members about this very question. Clearly we need someone who understands our business. That is table stakes. But more importantly, we need an individual with a heart for this mission. Finding someone who embraces the culture is at the top of our wish list.
You recently retired from a 33-year career at U.S. Bank. What inspired you to return to a demanding leadership role at LISC?
LISC has been a part of my life for almost 15 years, and I have loved every minute. I served on LISC Milwaukee’s local advisory committee for five years and chaired it for three. It was there that I got to see first-hand the impact LISC makes in communities. As the director of community affairs at U.S. Bank, I interacted with LISC offices in LA, Chicago, Minneapolis and Cincinnati, and the knowledge-sharing and collaboration between offices that I observed was amazing. I loved the way the field offices took the raw materials offered by National LISC and molded them into something that worked in their neighborhoods.
When I retired from the bank, my intention was to go back to community development, not in a financial institution, but in the nonprofit world. This new LISC role, however, I didn’t see coming! I’ve always been a person to step up to a challenge, and when the idea of taking this position on an interim basis was floated, I knew I would kick myself later if I didn’t jump in with both feet. I’m incredibly honored to be a part of LISC and I will diligently work to make sure we continue to grow this awesome organization I came to love 15 years ago.