The Citi Foundation will provide $1m to help LISC expand its network of Financial Opportunity Centers to underserved neighborhoods in Houston, San Diego and Newark to increase the economic prospects of local residents, in addition to an ongoing program in Chicago.
Through support of LISC’s Financial Opportunity Centers, the Citi Foundation continues to build on its 10-year, $200m commitment to financial education by funding programs that teach low-income families how to make informed financial decisions and establish a financial safety plan to sustain themselves during times of both economic prosperity and instability. Additionally, Citi staff members in the participating communities sit on LISC’s local advisory boards and community councils, sharing their knowledge and expertise with their local LISC partners as this program expands into new markets.
Financial Opportunity Centers take a holistic approach that bundles career and counseling services together so that they reinforce each other, helping residents move into living wage jobs, which is critical to their long-term success. The centers offer one-on-one counseling that helps families respond to specific financial challenges, such as unmanageable debt or housing affordability issues. And they add ongoing financial coaching that helps clients develop a financial roadmap and achieve long-term financial goals.
Pam Flaherty, president and CEO of the Citi Foundation and a member of the LISC board of directors, said: “Financial security is the backbone of healthy communities. All people, no matter what their income level may be, should have the opportunity to get the professional advice they need to develop a financial plan that helps them grow their assets and build a more prosperous future for their families. Through the commitment of organizations like LISC, low-income residents of Houston, San Diego and Newark will have access to the kind of financial counseling, coaching and workshops that can significantly impact their long-term quality of life.”
Michael Rubinger, president and CEO of LISC, said: “Our goal is to help struggling neighborhoods become better places to live, work, do business and raise families. We call it Building Sustainable Communities. That can’t happen if we don’t help families strengthen their financial outlook. And it can’t happen without the tremendous support of companies like Citi. Their long-standing commitment to LISC and to places in need has been truly transformative for communities across the country. The impact of their dollars and their expertise has been tremendous.”
LISC combines corporate, government and philanthropic resources to help community-based organizations revitalize underserved neighborhoods. Reportedly, since 1980, LISC has raised more than $9bn to build or rehabilitate more than 230,000 affordable homes and develop 32 million square feet of retail, community and educational space nationwide.
