[Congressional Record (Bound Edition), Volume 151 (2005), Part 16]
[Extensions of Remarks]
[Pages 21377-21378]
[From the U.S. Government Publishing Office, www.gpo.gov]




   CELEBRATING THE 25TH ANNIVERSARY OF THE LOCAL SUPPORT INITIATIVES 
                              CORPORATION

                                 ______
                                 

                           HON. MARCY KAPTUR

                                of ohio

                    in the house of representatives

                      Tuesday, September 27, 2005

  Ms. KAPTUR. Mr. Speaker, I am pleased to announce that tomorrow, 
Wednesday, September 28, 2005, the Local Initiatives Support 
Corporation will celebrate its 25th anniversary here in Washington. 
LISC certainly has a lot to celebrate.
  This national organization was born out of the foresight of Mike 
Svirdoff and the Ford Foundation, with just $10 million and the goal of 
identifying 50 to 100 local economic development organizations worthy 
of support. Even Mr. Svirdoff himself might not have envisioned that, 
within a quarter of a century, LISC would grow into an organization 
that has raised more than $6 billion dollars in grants, loans and 
equity for more than 1,700 community development corporations 
nationwide. These funds support projects in 38 cities and rural areas 
in 37 states.
  LISC's mission is to help ``resident-led, community-based development 
organizations transform distressed communities and neighborhoods into 
healthy ones--good places to live, do business, work and raise 
families.'' It works toward these ends by providing comprehensive 
services to the CDCs it serves, from capital to technical expertise, 
training, and information. In addition, LISC supports the development 
of local leadership and the creation of affordable housing, commercial 
development, industrial and community facilities, and jobs. In short, 
it helps residents build and strengthen their own communities.
  LISC is an intermediary for more than 900 corporations and 
foundations, providing technical and financial resources to help CDCs 
become fiscally sound institutions capable of carrying out a range of 
community revitalization activities. LISC's second focus is in 
improving local community development environments. The strength of the 
organization lies in its abilities to forge partnerships among local 
LISC programs, community organizations, foundations, commercial 
interests, and state and local governments. In addition, LISC branches 
beyond its local focus by advocating for neighborhood-based development 
and informing related public policy decisions at the federal level.
  I have witnessed the value of LISC's work first hand, as our local 
branch has revitalized many of the most distressed communities in 
Toledo, OH. Toledo LISC currently funds one dozen of our community 
development corporations, and over its 15-year presence has funded 
nearly two dozen. As of December 31, 2004, contributions from 
corporations, individuals, small businesses and foundations totaling 
$3.6 million had leveraged nearly $60 million for Toledo CDCs.
  As a result of these investments, redevelopment projects have 
replaced deteriorated homes and buildings with sought-after housing and 
commercial real estate. One such project was the creation of Toledo's 
newest sub-division of market-rate single-family homes. Of the ten new 
homes constructed thus far, nine have already been sold. This 
development was possible in part because of a pre-development loan from 
LISC to the Organized Neighbors Yielding eXcellence (ONYX) CDC. Another 
of LISC's successes is a result of its alliance with the Toledo 
Warehouse District Association. The Association developed a mixed-use 
property with 11 lofts and 10 commercial spaces within walking distance 
of a variety of entertainment venues. This project cost $2.9 million 
and included Historic Tax Credits, Lucas County Linked Deposit, a city 
of Toledo Economic Development Loan, a Congressional special purposes 
grant, and financing through Fifth Third and Sky Bank. Again, the 
project was possible because of start-up funds from LISC.
  Since welcoming LISC into my neighborhood in 1989, it has been my 
honor to be associated with an organization so important to both our 
communities and the nation at large. I congratulate LISC on its past 
successes and encourage corporations, foundations, and individuals 
alike to continue to support LISC and

[[Page 21378]]

its worthy mission of converting blighted neighborhoods into vibrant 
communities.

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