The Local Initiatives Support Corp. (LISC) announced recently that it will invest $300 million over the next three years to preserve affordable apartments for low-income families at risk of losing their homes. The goal is to preserve 30,000 affordable apartments by the end of 2007.
This represents a major expansion of LISC’s investment in its Affordable Housing Preservation Initiative, launched in 2001.
Throughout the country, as original affordability agreements expire and as mortgages are prepaid, many affordable housing properties are at risk of becoming market-rate apartments. LISC’s expanded preservation investment is timed to help protect the homes of families and others affected by this crisis.
LISC is lending the money to nonprofit housing organizations for early planning and property acquisition; making equity investments using Low Income Housing Tax Credits through its affiliate, National Equity Fund; and making long-term loans and investments through the Community Development Trust, a real estate investment trust dedicated exclusively to affordable housing and community development.
The expanded housing preservation initiative will also use $2 million from the Community Development Financial Institutions Fund (CDFI Fund) in the Department of Treasury.
For more information, visit www.lisc.org/whatwedo/programs/preservation or call (202) 785-2908.
Organizations and agencies that help low-income clients establish individual development accounts (IDAs) can apply for funding through a federal program, Assets for Independence (AFI).
AFI provides five-year grants to community-based nonprofits, state and local government agencies, community development financial institutions, credit unions and others. IDAs enable low-income people to accumulate savings for long-term assets, such as a house, a small business or a higher education.
Applications postmarked by Nov. 1, 2005, will be awarded by December 2005.
For more information, visit www.acf.hhs.gov/assetbuilding.
Three publications from the Federal Reserve Board explaining various aspects of checking accounts are now available in Spanish. Interested individuals or organizations can download and print them from the Board’s web site at www.federalreserve.gov/pubs/brochure.htm.
The brochures are: Consumer Guide to Check 21 and Substitute Checks, Protecting Yourself from Overdraft and Bounced-Check Fees, and What You Should Know about Your Checks.