Local Initiatives Support Corporation History

Local Initiatives Support Corporation has a varied and interesting history. It started in the year 1979, when the Ford Foundation submitted a discussion paper that spoke about creation of an organization that can help the local groups in re-establishing and revitalizing the community groups. This led to emergence of Local Initiatives Support Corporation. The year 1980, saw the formal announcement of LISC.

Local Initiatives Support Corporation started on 23rd May 1980 with the opening capital of ten million dollars. Major supporters of the corporation were Prudential Insurance Co, Ford Foundation, Atlantic Richfield, Continental Illinois Bank, Aetna Life & Casualty, International Harvester, Levi Strauss & Co. The First chairman of Local Initiatives Support Corporation was Robert D. Lilley whereas the Mike Sviridoff was the first president. The year 1982 made the world get up and take notice of Local Initiatives Support Corporation because it had managed to assist 133 community development groups. These groups were spread across 28 states in 59 localities. In the same year Local Initiatives Support Corporation committed over 10 million dollars in forms of grants and loans.

John P. "Jake" Mascotte became the chairman of Local Initiatives Support Corporation in the year 1989. 1989 also saw the launch of National Equity Fund which was created with a view of raising substantial capital through Low Income Housing Tax Credit Program. In the year 1990, the Local Initiatives Support Corporation spread its wings across 26 geographical locations. By the year 1990, LISC was supporting 800 community development programs. In the year 1999, Michael Rubinger became President of LISC and Robert E. Rubin became Chairman of LISC. In the year 2010, LISC has committed to grants worth 1.1 billion dollars in form of grants and loans. This speaks volumes about the work done by LISC in spite of economic challenges and recession.

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