LISC announces record results for 2022, with more than $2.8B invested to fuel economic opportunity, racial equity, local income growth

News provided by

Local Initiatives Support Corporation (LISC)

Mar 23, 2023, 14:49 ET

NEW YORK, March 23, 2023 /PRNewswire/ -- The Local Initiatives Support Corporation (LISC) announced today that it invested more than $2.8 billion to fuel affordable housing, small businesses, health, safety, education and jobs in 2022—a record level of investment for the national nonprofit, which supports opportunities for underserved people and communities throughout the country.

All told, LISC's capital helped leverage more than $7.2 billion in development activity during 2022. Investments span both urban and rural communities and are particularly focused on breaking down barriers related to race, class, gender and geography, supporting an inclusive approach to economic growth.

"We were excited to invest more in 2022 than in any single year in our history," said Lisa Glover, LISC CEO. "Those strong numbers reflect the success of our program strategies and financing vehicles, which together create new opportunities for families and business owners. And they speak to the importance of LISC's on-the-ground presence throughout the country, as our staff works directly with local partners to build healthy communities."

LISC is one of the nation's largest community development financial institutions (CDFIs), having invested nearly $30 billion in grants, loans and equity since 1979, which has led to more than $82 billion in total development. In recent years, LISC's Project 10X initiative has attracted nearly $850 million to tackle the systemic underpinnings of racism and the way it affects access to capital, services and opportunities for people of color.

"The economic uncertainty of the last year shows us how important it is to stay the course to bridge gaps in health, wealth and opportunity," said Denise Scott, LISC president. "It's why our approach to community development is so intentional about investing in the people and organizations that are implementing solutions on the ground in communities. It's why we design programs that recognize the difficulty people of color and women face when trying to build a business or rise beyond low-income jobs. And it's why we work hard with so many public and private sector partners to braid resources that will really make a difference in how much families and communities will flourish now and in the future."

LISC operates nationally, with local offices in 38 metro areas, a rural investment program that supports work in more than 2,400 counties and investment affiliates that finance affordable housing, businesses and commercial/community space—all meant to create opportunity for underserved people and places.

About LISC
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 $29.7 billion to create more than 489,000 affordable homes and apartments, develop 81.5 million square feet of retail, community and educational space and help tens of thousands of people find employment and improve their finances. For more, visit www.lisc.org.

SOURCE Local Initiatives Support Corporation (LISC)