The Jessie Ball duPont Fund has made a $3 million Program-Related Investment (PRI) in LISC that will support affordable housing, community facilities and small business development in the Jacksonville, Florida urban core and surrounding areas.
The PRI is in the form of a 10-year loan, with an interest rate of 1%, awarded to LISC’s national organization in New York, with assurances that all of the investment will be used in Northeast Florida.
“The full amount of the loan will only be deployed in Northeast Florida, emphasizing Jacksonville’s urban core,” said Maurice Jones, President and CEO of LISC’s national office. “Specifically, we expect the funds will be used to finance affordable housing rehabilitation and development, community facilities rehabilitation and development, and small business development in low-income neighborhoods.”
Janet Owens, executive director of LISC Jacksonville, said the organization was ready to deploy the funds immediately.
“This pivotal financing will support affordable housing and economic development projects that are key to the revitalization of our neighborhoods,” Owens said. “Immediately, we will be able to integrate this investment into a mix of complex projects in Downtown, Northwest Jacksonville and Springfield/Eastside, and look forward to using this resource in other neighborhoods as well.
PRIs are a tool used by many foundations such as the Jessie Ball duPont Fund that want to have a deeper impact than is achievable through traditional grantmaking. PRI funds often are used to leverage other sources of funding, both private and public. For example, LISC anticipates that it will invest “approximately $34 million into Jacksonville’s Urban Core neighborhoods over the first 4 years of the duPont Fund’s PRI,” Jones stated.
This is the second major PRI benefitting Jacksonville made by the Jessie Ball duPont Fund in the last year.
In October, the Fund invested $3 million in Self-Help, one of the nation’s premier community development financial institutions, to support its expansion into Jacksonville. The Fund’s $3 million investment, when fully matched and leveraged, will generate $50 million that Self-Help will use to build assets in economically-marginal Jacksonville communities.
“The Jessie Ball duPont Fund is committed to supporting vulnerable communities in Jacksonville and other places where we work,” said 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.”