This year, a $1 million grant from JPMorgan Chase Foundation is helping thousands of low-income people grow their incomes, better manage debt, boost their credit scores and save for the future. LISC has developed a network of 71 Financial Opportunity Centers across the country that integrate long-term financial counseling with a tailored mix of financial services to help families lift themselves out of poverty. In 2013 alone, more than 20,000 people accessed multiple FOC services to improve their economic outlook.
The JPMorgan Chase grant will enable even more people in need of financial stability to take advantage of these services through strengthening the capacity of Financial Opportunity Centers in 10 LISC sites including the San Francisco Bay Area. This generosity supports the development of our credit building tool, and train our local Financial Opportunity Center staff. The grant will also help LISC continue to gather and analyze data nationally to inform best practices including an evaluation of the Financial Opportunity Centers model and the impact on clients. Please review a recently released study on the impact of our Financial Opportunity Centers.
“JPMorgan Chase is proud to participate in the Bay Area LISC’s Local Advisory Committee and to contribute to its efforts to help low-income people increase savings, improve credit and build assets” stated Corinne Ingrassia Vice President of New Markets Tax Credit (NMTC) at JPMorgan Chase. “We are committed to helping families find the tools and resources they need to manage their daily finances, weather emergencies and achieve their long-term financial goals.”
In addition, JPMorgan Chase has been a strong supporter of our local programs. They have provided $840 thousand for our work with small businesses through the Neighborhood Marketplace Initiative program and with affordable housing partners to support affordable housing solutions. JPMorgan Chase continues to demonstrate their deep commitment to affordable housing through their most recent commitment of $150 thousand funding for the pre-development work in the Chinatown, Tenderloin and greater Bernal Heights neighborhoods, which is part of our work with San Francisco’s Mayor Lee’s Public Housing Re-Envisioning Plan.
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