LISC Responds to Foreclosure Crisis
3 Nov 2008 - A message from Michael Rubinger, President & CEO
Dear Friends:
With the mortgage and credit crisis pressuring many of the families and communities that we serve, LISC has been working with policymakers, funders and local practitioners to provide the information and resources they need to effectively address local challenges. We are taking a multi-faceted approach to focus on both on-the-ground issues unique to individual communities and broader forces that are influencing the crisis.
Data Gathering and Analysis
We have joined forces with the Center for Housing Policy, the Urban Institute and Knowledgeplex to launch the Foreclosure Response Project. In the coming months, this team will provide foreclosure and delinquency data, case studies and best practices that will help hard-hit communities move forward. The first output from that effort is a new dataset developed by LISC that details "foreclosure needs scores" by CDBG (Community Development Block Grant) jurisdiction. It can help local leaders determine how neighborhood stabilization dollars should best be spent. You can access the data and the information on how to use it at http://www.housingpolicy.org/foreclosure-response.html
Additionally, LISC has created data maps for several of the cities in which we work. They illustrate the emerging scope of the crisis. Seven maps are currently available and can be downloaded, with others to come soon.
Sharing Best Practices
Throughout our history, LISC has always focused on assembling the most creative community development practitioners to share local best practices that we develop with them with a broader national audience. The foreclosure issue is no exception. In September, we held a webcast that focused on generating ideas for dealing with the new economic realities of affordable housing. It featured Joe Kriesberg, president of the Massachusetts Association of Community Development Corporations, and Jeff Washburn, director of the City of Lakes Community Land Trust, in Minneapolis. They joined several LISC staffers to lead a discussion with over 100 practitioners who joined the discussion. You can download the archived presentation and audio on LISC's website. Additional live and electronic forums are planned for the coming months. Check LISC's upcoming events page periodically for more information.
Local Grants for Rapid Response
Just as we do with other aspects of our Building Sustainable Communities agenda, LISC is also providing grants to community-based organizations to help them address foreclosure concerns. Thanks to generous support from the Citi Foundation, Prudential Foundation and Freddie Mac, a number of LISC local offices are developing partnerships and assembling new resources to make this happen. They are helping protect the many gains low- and moderate-income neighborhoods have made in recent years. They are developing strategies to help mitigate the foreclosure fall-out; and they are providing the tools and technical assistance that will help insulate these areas from future losses.
Policy Advocacy
Finally, we are today, more than ever, keenly involved in the policy conversations that impact communities. We are active in helping shape legislation and regulations related to foreclosures and affordable housing at the federal, state, and local levels. We are working to defend the Community Reinvestment Act from misplaced criticism that tries to blame it for our broad economic meltdown. And we are bringing together, through our local programs, policymakers, business and community leaders who together can develop innovative policy and program solutions to these pressing economic problems.
Certainly, the current crisis is a daunting challenge for many of the places that we work. But because LISC has such a strong local presence across the country, we believe we can have a positive impact on the foreclosure issue in many communities. In the weeks to come, we will continue to offer new ideas and resources. We look forward to working with you on this critical effort.
Best Regards,
Michael Rubinger, President and CEO
Local Initiatives Support Corporation
New York
Related Links
> Visit the Foreclosure Response Project home page
LISC Archived Webcast:
> Responding to Foreclosure: How the Housing Bill Impacts Neighborhoods
LISC Press Releases:
> Foreclosure Rates Comparable Across Incomes
> LISC: CRA Not to Blame for Economic Crisis
LISC Research & Assessment:
> Foreclosure Research & Data
Article Type: Other