LIIF Receives $2 Million in Recovery Act Funding from U.S. Treasury
The Low Income Investment Fund (LIIF) received the maximum $2 million award from American Reinvestment and Recovery Act funding announced today by Treasury Secretary Timothy Geithner. LIIF was one of 59 organizations nationwide to receive a portion of the $90 million allocated in the Recovery Act for economic development in low income communities.Of the announcement, LIIF President and CEO Nancy O. Andrews said, “This award is a meaningful investment in LIIF and the people we serve. We are excited about being able to put more capital to work on behalf of low income families. We appreciate the leadership of Secretary Geithner and CDFI Fund Director Donna Gambrell in bringing attention and resources to neighborhoods hardest hit by the recession.”
LIIF will use the funds to continue to invest in the development of affordable housing, education, child care and community facilities in economically distressed neighborhoods across the country. For example, LIIF provided a loan last year to Bronx-based Part of the Solution (POTS), an emergency food and social service agency located in the neighborhood Secretary Geithner visited for today’s announcement. The New York City Food Bank estimates that 54 percent of the residents in the Bronx had trouble affording food in 2008, the highest rate in the city. POTS is using LIIF’s loan to expand its facility, which will allow the organization to serve 30 percent more meals each year. Since its inception in 1984, LIIF has leveraged grants such as this to spur private capital investment in projects that have served over 620,000 people.
Corey Carlisle, Director, Federal Policy and Government Affairs at LIIF, noted, “LIIF gratefully acknowledges House Speaker Nancy Pelosi, Congressman José Serrano, and Senators Christopher Dodd and Jack Reed for recognizing the critical role community development financial institutions play in serving low income communities during this economic crisis.”
Media Contact: Corey Carlisle, Director, Federal Policy and Government Affairs, (202) 772-3133, email@example.com