Dear Friends,
I am extremely pleased to report that the Obama Administration has awarded LISC a $4.2 million grant from its ground-breaking Social Innovation Fund (SIF) to support the expansion of our growing network of Financial Opportunity Centers. These centers are a critical component of our Building Sustainable Communities approach to revitalizing disadvantaged neighborhoods.
LISC was the only community development organization selected for SIF funding, and we couldn't be prouder to be among this first class of 11 grantees. Our SIF grant will help support new and expanded Financial Opportunity Centers in Chicago, Cincinnati, Detroit, Duluth, Houston, Indianapolis, Minneapolis/St. Paul, San Diego and the San Francisco Bay Area. We are grateful to the Corporation for National and Community Service for acknowledging the impact the Centers are having, and to our own Kevin Jordan—who leads our national Family Income and Wealth Building program—for assembling a top-notch team to spearhead our application process.
LISC's 33 existing Financial Opportunity Centers offer an integrated package of services that connect employment, financial literacy and access to public benefits so low-income families can build their income and assets. They help residents find and retain jobs, increase their earnings and net worth, and improve their credit scores, all while learning how to develop effective budgets, access appropriate mortgage and other financial products, and participate in benefits like the Child Care and Earned Income Tax Credits.
Financial Opportunity Centers are succeeding because of the strength of the model, the commitment of our local program partners and the support of key funders, including Citi, United Way, and the MacArthur and Annie E. Casey Foundations. With this new grant, we will have the opportunity to help more families achieve financial stability, and help more communities move toward growth and opportunity. In the current economic environment, that is more important than ever.
Michael Rubinger, President & CEO
Local Initiatives Support Corporation
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