LISC Rhode Island

Rhode Island is putting forth a bond for $120 million to provide funding for the creation of affordable housing. That bond issue will be voted on during the November 2024 election and hopefully will be passed by the voters. It's a great start at addressing the housing crisis in Rhode Island, but progress won't be made without everyone working together to achieve the goal. This is an all-hands-on-deck moment for our local economy. Read the Op-ed by LISC Rhode Island's Senior Executive Director Jeanne Cola thanking the advocates and State leadership for their work, and asking for others to step up and help. https://lnkd.in/dsh6m-Db

It's crucial that we advocate for increased support to address the nation's affordable housing crisis. Many thanks to Ranking Member Maxine Waters (D-CA) for including Local Initiatives Support Corporation (LISC) the discussion of the proposed legislative housing package that would equitably address affordable housing and homelessness. If passed, the measures would increase the housing supply, preserve existing affordable housing stock, and provide opportunities for underserved families to achieve homeownership. The housing crisis is a national "all-hands-on-deck" moment. Many thanks to our Rhode Island Representatives who look for solutions: Seth Magaziner Gabe Amo

We hope you enjoyed the long weekend! To help kick off your podcast list this week, check out this insightful interview with LISC's President and CEO, Michael T. Pugh, and Denver Frederick, host of the Business of Giving podcast. They discuss the pillars of LISC's work in investing in communities, what the future holds for the CDFI under his leadership more: https://lnkd.in/en_7WuRm

Funders for the new Summer Street project for Crossroads Rhode Island received a tour today to see the exciting progress. LISC provided $1.7 million in pre-development funding to get the project started and then LISC subsidiary, National Equity Fund, Inc., was able to invest $37.8M into the project through LIHTC syndication. AND we were only one of 20 investors needed to put together the capital stack. That's a lot of partners on the tour, including Senators Jack Reed and Sheldon Whitehouse. The timeline has the ribbon cutting targeted for next fall. TBT: https://lnkd.in/egSJmPFs

BankNewport is a true champion for Rhode Island. We had the privilege of attending the ribbon cutting for their brand new Community Lending Center in Central Falls when the bank took the opportunity to announce a $250,000 contribution to LISC to support our affordable housing programs!! That funding will help provide the local matching requirement that will help us tap into federal funds and invest millions into Rhode Island's economy. In the past 18 months alone, LISC has invested -- or committed to invest -- more than $110 million in affordable housing, community space and child care facilities. It's because of partners like BankNewport that we're able to do that. Thank you for your support. #ItsTheLeverage https://lnkd.in/enezhERU

The Reinvestment Fund — in partnership with LISC and prepared for the RI Dept. of Human Services — delivered an assessment of child care capacity gaps, and developed recommendations for targeted strategies to improve equitable access to quality child care for all Rhode Island families. The result is a first-of-its-kind interactive and searchable story map of Rhode Island that details areas of child care shortages on a granular level. @LISC_HQ https://lnkd.in/e8zut44C

They're gorgeous. Many congratulations to Omni - especially Sharon Morris - she is a true visionary. We're lucky to have her in Rhode Island working to build communities and create housing.

CRA POLICY UPDATE: LISC’s Matt Josephs takes a look at the long-awaited modernization of the Community Reinvestment Act. Read the blog re: legal challenges that stall implementation of rule and next steps for banks, regulators, #commdev practitioners. https://lnkd.in/ey94SqCy

We learned a lot from the pandemic and were asked to present our key learnings to a national conference of more than 400 people from Departments of Health and public health groups. The special sauce everyone was interested in? The PCF Health Equity Zone. Read more here: https://bit.ly/4bi0UQX