Citi Foundation Grant Will Support LISC Foreclosure Response Programs in Eight Cities

Citi Foundation Grant Will Support LISC Foreclosure Response Programs in Eight
Cities

PHILADELPHIA, Oct.23 /PRNewswire-USNewswire/ -- The Citi Foundation has
awarded Local Initiatives Support Corporation (LISC) a $500,000 grant to fund
its Local Foreclosure Mitigation Program in eight cities, targeting low- and
moderate-income neighborhoods hard hit by the economic crisis.

The grant will support LISC's efforts in Boston, Detroit, Hartford,
Minneapolis/St. Paul, Philadelphia, Phoenix and San Diego, in addition to
helping underwrite LISC's national work to develop data on the crisis, provide
technical assistance to community development practitioners, and develop best
practices for the broader marketplace.

"The credit and foreclosure crisis is jeopardizing the futures of many
families and the health of the neighborhoods in which they live," commented
Michael Rubinger, LISC president and CEO. "With this grant, Citi Foundation
is helping LISC and the communities we serve respond quickly to the acute,
contagious challenges we now face. We are grateful for their longstanding
partnership and their strong commitment to revitalizing distressed
neighborhoods," he added. Since 1982, Citi Foundation has provided $11.6
million in grants to support LISC's work across the country.

The specific intervention plans to be funded by this new grant differ somewhat
based on the how the crisis is playing out in each of the eight cities, but
they are all designed to prevent escalating blight that depresses property
values and destabilizes communities. Toward that end, LISC will utilize Citi
Foundation funds to craft long-term redevelopment strategies that stabilize
properties and neighborhoods; develop financial products for homebuyers to
purchase and renovate foreclosed properties; and support policy and regulatory
efforts aimed at foreclosure prevention and mitigation.

Pam Flaherty, President and CEO of the Citi Foundation added, "For nearly 30
years, LISC has been providing community development practitioners with the
expertise and technical assistance they require to develop effective solutions
to the most pressing challenges facing their communities. Addressing the
foreclosure crisis is certainly a daunting task, but through local
collaborations and thoughtful, measured approaches I am confident that LISC
will help each of these eight communities establish the momentum they need to
restore vitality to their communities."

"Low-income communities can be good places to live, work, do business and
raise families," Rubinger added. "But the current crisis could seriously
undermine their future if we don't act. This Citi Foundation commitment will
help us preserve the gains that have been made in recent years and stave off a
new cycle of disinvestment and decline."

About LISC
LISC combines corporate, government and philanthropic resources to help
community-based organizations revitalize underserved neighborhoods. Since
1980, LISC has raised nearly $9 billion to build or rehabilitate more than
230,000 affordable homes and develop 32 million square feet of retail,
community and educational space nationwide. For more information, visit
www.lisc.org.

About Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for
underserved individuals and families in the communities where we work
throughout the world. Globally, the Citi Foundation is focusing its giving on
Microfinance and Microentrepreneurship, which helps individuals become
economically self-sufficient; Small and Growing Businesses, leading to
economic expansion and job creation; Education, which prepares young people
for personal and professional success; Financial Education, which helps
individuals make informed financial decisions; and the Environment with a
focus on sustainable enterprises that generate jobs and stimulate economic
growth while preserving the environment. In the U.S. and Canada, the Citi
Foundation supports Community Development programs that help build and
revitalize neighborhoods and Education programs that prepare students for
college and careers. Additional information can be found at
http://www.citigroupfoundation.com/.

For more information:
Stephanie O'Keefe, 202-739-9271
sokeefe@lisc.org

Colleen Mulcahy, 312-697-2482
cmulcahy@nefinc.org

SOURCE Local Initiatives Support Corporation

Stephanie O'Keefe of LISC, +1-202-739-9271, sokeefe@lisc.org; or Colleen
Mulcahy of National Equity Fund, +1-312-697-2482, cmulcahy@nefinc.org