# Local Initiatives Support Corporation *US non-profit community development financial institution (CDFI)* The Local Initiatives Support Corporation (LISC) is an American nonprofit community development financial institution that finances local development work across the country.[^1] It maintains offices in nearly 40 cities and operates in 2,100 rural counties in 44 states.[^1] Ford Foundation executives established it in 1979.[^2] LISC works through grants, loans and equity investments, and through technical and management assistance, both directly and through its affiliates.[^1] Those affiliates include: - the National Equity Fund, which Wikipedia describes as the largest national syndicator of Low Income Housing Tax Credits; - the New Markets Support Company, a national syndicator of New Markets Tax Credits; - immito, which specializes in SBA 7a lending.[^1] The organization's output figures come from its own reporting. For fiscal year 2020, it reported US$2 billion in grants, loans and investments. It said that sum leveraged $4.4 billion in total development and supported more than 700 partners.[^1] It reports $24 billion invested since 1979, leveraging $69 billion. It credits that activity with 436,000 affordable homes and apartments and 74.4 million square feet of retail and community facilities.[^1] ## History The founding idea came in 1979 from a group of Ford Foundation officials and trustees who were visiting community development projects in Baltimore. The group included foundation president Franklin A. Thomas.[^2] A trustee asked Ford Foundation Vice President Mitchell Sviridoff what he would do with $25 million to help declining cities. Sviridoff answered that he would "identify competent leaders in 50 to 100 communities around the nation and give them as much money and support as possible."[^2] Sviridoff became LISC's first president. Robert D. Lilley, formerly president of AT&T, became the first chair of its board.[^2] LISC was established in December 1979 and publicly announced in May 1980. Its starting capital of $10 million came from six backers: the Ford Foundation, Aetna, Continental Illinois Bank, International Harvester, Levi Strauss & Co., and Prudential Insurance.[^2] In December 1980 it made its first grants and loans, to 27 community organizations. These included housing developers in New York City, child-care facilities in California and economic development organizations in rural Appalachia.[^2] By 1985 it had raised $100 million and was working in 20 cities.[^2] The South Bronx became an early focus. Beyond banks and foundations, LISC drew capital from corporations including Macy's, CBS, MetLife and Time Inc. Wikipedia credits those investments with producing the first private homes built in the Bronx in decades.[^2] ## CEOs LISC's chief executives have been:[^3] - Mitchell Sviridoff (1980–1985) - Paul Grogan (1986–1998) - Michael Rubinger (1998–2016) - Maurice A. Jones (2016–2020) - Lisa L. Glover (2020–2023) - Michael T. Pugh (2023–present) ## Notes [^1]: Wikipedia contributors, *Local Initiatives Support Corporation* (rev. 1381648612, retrieved Oct. 26, 2026) — lead section: status as a CDFI, office and county footprint, affiliates, methods, and the organization's reported FY2020 and cumulative figures. https://en.wikipedia.org/wiki/Local_Initiatives_Support_Corporation [^2]: Wikipedia contributors, *Local Initiatives Support Corporation* (rev. 1381648612, retrieved Oct. 26, 2026) — History section: 1979 conception, Sviridoff exchange, first officers, founding capital, first grantees, 1985 totals, South Bronx work. https://en.wikipedia.org/wiki/Local_Initiatives_Support_Corporation [^3]: Wikipedia contributors, *Local Initiatives Support Corporation* (rev. 1381648612, retrieved Oct. 26, 2026) — CEOs section: list of chief executives and their terms. https://en.wikipedia.org/wiki/Local_Initiatives_Support_Corporation