PROVIDENCE, February 27, 2018 – LISC Rhode Island has awarded grants to One Neighborhood Builders, Pawtucket Central Falls Development, Smith Hill Community Development Corporation and four other community development corporations (CDCs) in Rhode Island to build capacity and strengthen internal operations. The total amount dispersed for 2017 applicants from this fund was $455,000.
The LISC Rhode Island’s Neighborhood Development Fund (NDF) provides funding for training, resources and technical assistance, and works to build the capacity of organizations whose primary focus is in affordable housing. The application for 2018 funding will open on Friday, March 2.
“Our mission is to create communities where residents can thrive,” said Jeanne Cola, Executive Director of LISC RI. “This funding allows our non-profit partners to develop the expertise and capacity needed to create more housing in Rhode Island while addressing broader community revitalization issues. Developing this resource is a pivotal program in the economic development of our state.”
The NDF was created nearly 27 years ago to specifically support CDCs focused on affordable housing development. Since its inception, the Fund has distributed more than $14 million.
In addition to One Neighborhood Builders, Pawtucket Central Falls Development, Smith Hill Community Development Corporation, 2017 Awardees also included House of Hope CDC in Warwick, NeighborWorks Blackstone Valley in Woonsocket, Church Community Housing Corporation in Newport and SWAP, Inc. in Providence.
The NDF program is funded with a combination of federal Housing and Urban Development (HUD) Section 4 dollars, along with local philanthropic funds. LISC Rhode Island provides operating support grants to qualified organizations and offers training and technical assistance to help organizations become more sound both fiscally and programmatically. LISC Rhode Island staff works with developers to ensure that investments lead to projects that are well structured, appropriately financed, built on time and on budget.
LISC RI recently released its year-end financial snapshot, “By the Numbers,” which shows record-breaking investment in the state during 2017. The totals reported reflect a $26,764,000 investment, comprised of $2,263,112 in grants and $24,500,892 in investments in mission-driven real estate development located around the state. The total dollars invested in 2017 exceeded last year’s total by more than $1.7 million, and surpassed the total in 2015 by nearly $8 million.
LISC Rhode Island — Together with residents, partners, and local leaders, LISC Rhode Island forges resilient and inclusive communities of opportunity across our state – great places to live, work, visit, do business, and raise families. Our strategies – investing in real estate, increasing family income & wealth, stimulating economic development, improving access to quality education, and supporting healthy environments and lifestyles – work together to improve the health and well-being of our neighbors. LISC has invested $372 million in neighborhoods across our state, helping to create more than 7,900 affordable homes and support the development of more than 2 million square feet of commercial, child care, educational, and community space. ##