The Jessie Ball duPont Fund in Jacksonville, Florida, has awarded a $3 million program-related investment to the Local Initiatives Support Corporation (LISC) in support of affordable housing and economic development activities in Jacksonville's urban core and surrounding areas.
The ten-year below-market-rate loan was awarded to LISC's national office, with assurances that the entire investment will be deployed in northeast Florida. According to Janet Owens, executive director of LISC Jacksonville, the funding initially will be applied to a mix of projects in downtown Jacksonville, northwest Jacksonville, and Springfield/Eastside, and later will be deployed in other neighborhoods.
In October, the duPont Fund invested $3 million to support the expansion of Self-Help, one of the nation's leading community development financial institutions, into Jacksonville. When fully matched and leveraged, the fund's investment in the organization is expected to generate $50 million in support of its efforts to build assets in the city's economically vulnerable neighborhoods.
"The Jessie Ball duPont Fund is committed to supporting vulnerable communities in Jacksonville and other places where we work," said duPont Fund president Sherry Magill. "By making significant, long-term investments in communities and bringing resources such as Self-Help and LISC to the table, we help to position places to be successful at overcoming the challenges of economic disruption and long-term neglect."