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Economic Development

LISC NYC’s economic development work aims to improve the health of neighborhoods by investing in projects and businesses that build social, physical and economic assets of low-income residents. To bring goods and services to places where they’re needed in New York City, to help bolster local businesses, and to diversify the local retail mix, LISC NYC recently launched two new economic development initiatives around impact development and commercial corridor revitalization.

Impact Development

In May 2016, LISC NYC was awarded $500,000 from the Citi Foundation’s Community Progress Makers Fund, which recognizes visionary nonprofit organizations and new approaches to long-standing urban economic challenges in the United States.

The generous grant from the Citi Foundation supports our efforts to grow impact development initiatives -- real estate projects that drive neighborhood economic development led by mission-oriented, community-based organizations committed to social change. Through technical assistance and financing, we are helping local partners to develop an array of impact development projects, including grocery stores, business incubators, industrial “maker spaces,” community centers, arts and culture venues, and market spaces that benefit low-income residents.

 

Commercial Corridor Challenge

LISC NYC has partnered with the NYC Department of Small Business Services (SBS) and Citi Community Development on a new program that strengthens and revitalizes commercial corridors and small businesses that anchor New York City neighborhoods. The program is being conducted in collaboration with SBS’s newly launched Neighborhood 360° program.

The partnership grew out of LISC NYC’s work with SBS to create a Commercial District Needs Assessment (CDNA) for community based organizations to gain baseline data and information about their local commercial corridors. The CDNA built upon LISC’s national MetroEdge tool for economic development. To date, community organizations have used this tool in 24 corridors in all five boroughs of New York City to develop actionable development and revitalization plans.

Through the Commercial Corridor Challenge Program, LISC NYC is providing a subset of Neighborhood 360° grantees with financial resources, expertise, and support to carry out catalytic projects that advance their commercial revitalization efforts and build their economic development capacity. Projects eligible for funding include: business retention and attraction activities and physical improvements to storefronts and streetscapes in commercial corridors in underinvested neighborhoods.  Neighborhood 360° grant finalists who included requests to SBS for funding in the above areas were invited to apply to LISC for additional support for “early action” commercial revitalization projects. Three community partners were selected for funding: