LISC Receives $750,000 Grant from Citigroup Foundation to Support Community Development in California

24 May 2005 - Monterey, CA

Funds will provide training for community groups that are developing affordable housing

Local Initiatives Support Corporation (LISC) today announced that it has received a $750,000 grant commitment from the Citigroup Foundation. The grant will support LISC's efforts to strengthen communities in Los Angeles, the Bay Area, San Diego, and in rural California. LISC is the nation's leading community development support organization.

"Citigroup and LISC understand the value of supporting nonprofit community development corporations (CDCs) which are transforming neighborhoods and rural areas throughout the state," said Cheryl Evans, Community Relations Director, Western Division, Citibank. "We're pleased to continue our history of community development involvement in California, and to be working with the highly regarded and deeply committed people at LISC."

The Citigroup Foundation's support will increase the production of affordable housing across the state by helping LISC build the capacity of mature and emerging CDCs through training and technical assistance. LISC expects that more than 485 CDC staff and board members will receive at least 12,000 hours of high-quality, capacity-building training over the next three years, resulting in more efficient, effective business operations.

Rural LISC, for example, will create the Citigroup Foundation Scholarship Fund to provide five $5,000 scholarships annually to staff from partner CDCs. Typically, those scholarships will cover registration fees and expenses for two to four weeks of intensive training. The first scholarships were announced today at the Rural LISC conference in Monterey, where Citibank's Cheryl Evans presented awards to leaders of the selected organizations. Among them was Dennis Lalor, executive director of South County Housing Corporation in nearby Gilroy, California.

With its grant, the Los Angeles LISC office will develop two new one-day workshops that will help community developers focus on recent City of Los Angeles ordinances regarding sites that are available for affordable housing.

Using the Citigroup Foundation grant, LISC will channel $225,000 each to LISC programs in Los Angeles and the Bay Area, and $150,000 each for San Diego and Rural LISC's efforts in California.

"This grant provides significant support to help community organizations revitalize struggling California neighborhoods and rural areas," said Michael Rubinger, LISC's president and CEO. "Citigroup's involvement continues to be critical to our mission of making communities better and stronger."

Nationally, the Citigroup Foundation has been a supporter of LISC for close to 20 years, providing 98 grants to various LISC organizations throughout the U.S. totaling nearly $7.6 million. Citigroup's senior management commits its time and talent through service on the boards of LISC and NEF (National Equity Fund). In addition, Citibank Community Development (CCD) has extended community development financing totaling $36 million to LISC and $250 million to NEF funds. CCD has also invested $181 million in LISC's NEF (National Equity Fund) and $169 million in NYEF (New York Equity Fund) over the past ten years.

About Citigroup

Citigroup, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. The Citigroup Foundation focuses its grants primarily in three areas: building communities and entrepreneurs, financial education, and educating the next generation.

About LISC

LISC combines corporate, government and philanthropic resources to help nonprofit community development corporations revitalize underserved neighborhoods. Since 1980, LISC has raised more than $6 billion to build or rehab nearly 160,000 affordable homes and develop 25 million square feet of retail, community and educational space nationwide.

Article Type: Press Release