The Community Development Financial Institutions (CDFI) Fund, part of the U.S. Treasury department, announced the recipients of $3.5 billion in New Markets Tax Credit (NMTC) allocations for 2019. $60 million was allocated to LISC’s subsidiary, the New Markets Support Company. Since its inception, NMSC has harnessed $1 billion in tax credits to offer flexible capital for projects that benefit low-income communities across the count--projects ranging from Cincinatti’s CityLink Center, home to 15 social service agencies, to a health clinic-plus-grocery store in Brockton, MA to the public library in Petersburg, VA.
From the unprecedented $1.5 billion we invested last year in people and communities across the country, to our burgeoning collaborations with sectors ranging from tech and healthcare to sports and local government, the LISC 2018 Annual Report is chock full of good news, good numbers, and good ideas. These resources and strategies propel us on our journey to shape a brighter future for all our nation's residents. And that, in a nutshell, is the heart of LISC's mission. Read on!Read Our Report
Ovenly is a beloved Brooklyn-based bakery and small business committed to providing quality jobs for people who have been denied access to economic opportunity. It is also the first recipient of a loan from The Good Jobs Fund, a cutting-edge initiative from our affiliate, the New Markets Support Company, that funnels transformative private equity capital to businesses dedicated to creating living-wage jobs in under-resourced communities.
Bill Taft, the longtime executive director of LISC Indianapolis, has been named senior vice president of economic development for LISC and will be spearheading our work to grow enterprises and create jobs in the places that need them. In the following Q&A, he talks strategy, practice and what it takes to build inclusive local economies in real life.
Over the next ten years, LISC will direct 50 percent of our annual investments to fuel inclusive economic development in underinvested communities across America. That means preparing people to take on high quality, well-paying jobs. And it means ramping up our work to help small businesses succeed and transforming vibrant commercial and industrial districts. “We have no doubt that this kind of progress is good for residents, good for communities and good for the country,’ says Maurice A. Jones, LISC CEO.