NEW YORK, 20 December 2021 / PRNewswire / – The Local Initiatives Support Corporation (LISC) is moving forward with an innovative new program aimed at strengthening the economic infrastructure of very poor communities, while helping thousands of families stabilize their financial prospects.
This week, LISC announced its local partners for the Economic Mobility Corps (EMC), an effort jointly developed by AmeriCorps and the Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund). With the almost $ 1 million AmeriCorps grant, LISC will support 61 national EMC service members who will be placed in CDFIs in 24 states and Porto Rico provide a range of financial advisory services to local residents. They will address critical issues such as financial management and debt management, including saving for home ownership, while also helping to connect low-income families to affordable financial products.
“Our job, as the national CDFI, is to help build an infrastructure of opportunity in underserved urban and rural communities, and this is especially important now, as we work to emerge from the pandemic,” said Lisa glover, CEO of LISC. “The EMC puts people on the ground, in communities, to build the local capacity of CDFIs and help families find financial stability and homeownership opportunities. It is an incredibly valuable addition to the AmeriCorps program. “
This is the first cycle of the EMC program, initially funded by Congress in 2020, with additional funding slated for 2021.
Senator Chris Coon (D-DE), who introduced legislation to establish the EMC partnership between AmeriCorps and the CDFI Fund and also helped secure funding for the program, said, “The Economic Mobility Corps is responding to the critical needs of residents of the community while simultaneously strengthening the capacities of CDFIs and developing a talent pool for these important community partners. Wilmington, Delaware has been selected to host an EMC member to support its coaching and financial advisory activities. This exciting program highlights the power of national service to expand opportunities and meet critical needs. “
The new program recognizes the importance of leveraging public and private resources to bridge racial and socioeconomic disparities. Of the 46 LISC community loan partners selected for the program, 67 percent are led by CEOs of various races, and 77 percent serve areas of persistent poverty. In addition, LISC encourages its local EMC partners to recruit National Service members from the communities they serve, especially Black and Indigenous of Color, veterans and women, so that new members not only have the chance to gain experience in community service, but also to give back to the places where they live and work. This is the same strategy LISC uses in its nationwide AmeriCorps program, which over the past 27 years has placed more than 3,296 national service members in hundreds of community-based nonprofits working on affordable housing. , health, education, community safety and financial literacy.
LISC’s EMC partners cover the whole country of Alaska at Porto Rico. They include:
- Accion Opportunities Fund (Atlanta and San jose, california)
- Solutions for economic development in Africa (Saint-Paul, Minn.)
- BOC Capital Corp (Brooklyn)
- Brooklyn Federal Credit Union (Brooklyn)
- Community First Fund dba Community First Capital (Philadelphia cream)
- Community investment collaboration (Charlottesville, Virginia.)
- Excite the credit union (San jose, california, and Wilmington, North Carolina)
- Four Band Community Fund Inc (Eagle Butte, SD)
- Greater Newark Business Corporation (Newark, New Jersey)
- Guadalupe Credit Union (Santa Fé, New Mexico)
- Cooperativa de Ahorro y Credito Aguas Buenas d / b / a BUENACOOP (Aguas Buenas, Porto Rico)
- Cooperativa de Ahorro y Credito Barranquitas (Barranquitas, Porto Rico)
- Cooperative of Ahorro y Crédito Florida (Florida, Porto Rico)
- Cooperativa de Ahorro y Credito de Juana diaz (Juana dias, Porto Rico)
- Cooperativa de Ahorro y Credito de la Industria Biofarmaceutica (Caroline, Porto Rico)
- Cooperativa de Ahorro y Credito de Mayaguez (Mayaguez, Porto Rico)
- Cooperativa de Ahorro y Credito de Moca (Moca, Porto Rico)
- Cooperativa de Ahorro y Credito de Oficiales de Custodia de Porto Rico (San Juan, Puerto Rico)
- Cooperativa de Ahorro y Credito de Salinas (San Juan, Puerto Rico)
- Cooperativa de Ahorro y Credito San José (Aibonito, Porto Rico)
- Cooperativa de Ahorro y Credito TUCOOP (San Juan, Puerto Rico)
- Cooperativa Universidad de Porto Rico (San Juan, Puerto Rico)
- Cooperativa de Ahorro y Credito de Lajas (Lajas, Porto Rico)
- Cooperativa de Ahorro de Lares d / b / a LarCoop (Lares, Porto Rico)
- Cooperativa de Ahorro y Crédito Dr. Manuel Zeno Gandía (Arecibo, Porto Rico)
- Cooperativa de Ahorro y Credito Vegabajeña (Vega Baja, Porto Rico)
- IRC Business Opportunity Center, Inc. (Boise, Idaho; Charlottesville, Virginia.; Dallas; Denver; Elizabeth, New Jersey; Los Angeles; New York; Oakland, California; Phoenix; Richmond, Virginia; San Diego; San jose, california; and Turlock, California.)
- JUST Community, LLC (Austin, Texas)
- Latin Economic Development Center of Minnesota (Saint-Paul, Minn.)
- LHOME: Louisville Housing Opportunities & Micro Enterprise Community Development Loan Fund (Louisville, Ky.)
- Mission Community Loan Fund LLC dba Fondo Adelante (San Francisco)
- Asian American National Coalition (Daly City, California)
- Neighborhood finance company (Des Moines, Iowa)
- Neighborhood Housing Services Baltimore (Baltimore, Maryland.)
- Neighborhood Self-Employment Initiative, Inc., dba Business Ownership Initiative of Indiana (BOI) (Indianapolis)
- New Orleans Federal Firefighters Credit Union (Métairie, La.)
- Rio Grande Valley Multibank (Brownsville, Texas)
- River City Capital Investment Corp (Memphis, Tennessee.)
- River City Federal Credit Union (San Antonio, Texas)
- Southside Community Federal Credit Union (Chicago)
- Spruce Root, Inc. (Juneau, Alaska)
- Stepping Stones Community Federal Credit Union (Wilmington, Del.)
- Toledo Urban Federal Credit Union (Toledo, Ohio)
- TRP Lending LLC (Chicago)
- WESST Corp: Women’s Economic Self-Sufficiency Team (Albuquerque, New Mexico)
- Women’s Opportunities Resource Center (Philadelphia cream)
“Inclusiv is pleased that the financial cooperatives of Porto Rico participate in the Economic Mobility Corps created by the CDFI Fund with AmeriCorps and administered by our partner LISC ”, stated Cathie Mahon, CEO of Inclusiv, a CDFI intermediary serving CDFI credit unions across the country. “This joint initiative will increase the capacity of these critical financial institutions to create and impact in the communities they serve. Over the past year and a half, Inclusiv’s commitment to our Porto Rico The network has helped many of the island’s cooperatives achieve CDFI certification, connecting them with funding and resources that will be a catalyst for new community development initiatives and that will provide new economic opportunities for people.
EMC is an opportunity for members representing diverse communities to join and gain experience in the CDFI sector, making their voices heard as a way to strengthen local leadership. Members will serve 12-month terms in selected CDFIs, earn a $ 20,000 living allowance and have access to health insurance and childcare allowances, just like in the traditional AmeriCorps program. Once their service has been successfully completed, they can access a $ 6,345 scholarship through AmeriCorps to return to school or to pay off debt on an existing qualifying student loan.
For more information on the Economic Mobility Corps, visit https://americorps.gov/newsroom/press-release/americors-cdfi-fund-launch-economic-mobility-corps
LISC is one of the nation’s largest community development organizations, helping to forge vibrant and resilient communities across America. We work with residents and partners to close systemic gaps in health, wealth and opportunity and advance racial equity so that people and places can thrive. Since its creation in 1979, LISC has invested $ 24 billion to create more than 436,320 affordable homes and apartments and develop 74.4 million square feet of commercial, community and educational space. To find out more, visit www.lisc.org.
SOURCE Local Initiatives Support Company (LISC)