Living Cities Funds Helps Twin Cities Foreclosure Crisis
July 21, 2008
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.
Read more about this project at
livingcities.org.
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