Living Cities, a consortium of some of the nation’s largest foundations and financial institutions, gave $500,000 to Twin Cities LISC to acquire, rehabilitate and resell foreclosed homes. LISC will receive the grant on behalf of the Minnesota Foreclosure Partners Council and will also use the funds to develop new financing products to help a wider range of borrowers. A primary investment vehicle for these activities will be the Home Prosperity Fund at the Family Housing Fund.
Kate Wolford, president of The McKnight Foundation and a board member of Living Cities, said, “Living Cities is making a timely and important investment in Twin Cities partners at the forefront in dealing with the impact of the housing crisis on our neighborhoods. This grant recognizes and supports one of the most promising neighborhood stabilization models in the country.” MCF member John S. and James L. Knight Foundation is also a partner of Living Cities.
The award is part of an eight-city round of grants totaling $3.75 million that will support innovative, locally driven responses to combat the crisis.
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