# Local Initiatives Support Corporation Local Initiatives Support Corporation is an Endowment / Foundation based in New York, United States. ## Overview - **Organization type:** Endowment / Foundation - **Headquarters:** New York, United States - **Region:** North America - **Address:** New York, NY, United States - **Founded:** 1979 - **Assets under management:** Undisclosed - **Website:** lisc.org - **LinkedIn:** https://www.linkedin.com/company/local-initiatives-support-corporation-lisc ## Regulatory record - **Reports private funds:** No ## About Local Initiatives Support Corporation was founded in 1979 by executives from the Ford Foundation to bridge the gap between local community groups and the capital required for neighborhood revitalization. Today, under President and CEO Michael T. Pugh and Board Chairman Robert E. Rubin, the former U.S. Treasury Secretary, it operates as one of the nation's largest community development financial institutions. LISC deploys capital across affordable housing, economic development, and community facilities through a mix of grants, loans, and equity investments. The organization's portfolio spans direct residential projects such as the Wyndhaven Apartments in Hillsboro, Oregon, and The Maycroft in Washington, D.C., as well as mixed-use developments like the Historic Sears Building redevelopment in Minneapolis and Othello Square in Seattle. In partnership with JPMorgan Chase, LISC anchors the Entrepreneurs of Color Fund, providing credit and technical assistance to minority-owned small businesses. Its investment approach covers early-stage ventures through late-stage expansions, operating within a national community development framework. LISC received over $100 million in philanthropic capital from MacKenzie Scott between 2020 and 2024, underscoring its role as a critical conduit for large-scale charitable deployment into underserved areas. The organization is a certified CDFI and a prominent member of the Opportunity Finance Network, holding emeritus status in the ImpactAssets 50. George Ashton serves as President of LISC Fund Management, the entity through which LISC structures its investment vehicles. Unlike a traditional endowment, LISC functions as a hybrid non-profit intermediary — a permanent capital vehicle that blends philanthropic donations with structured debt and equity products. This architecture allows it to recycle capital across decades, maintaining a direct relationship with community developers while insulating its balance sheet from the redemption pressures that define conventional private funds. ## Sectors - Real Estate - Economic Development - Affordable Housing - Community Development - Private Credit ## People - Michael T. Pugh — President and CEO - Robert E. Rubin — Chairman of the Board - George Ashton — President of LISC Fund Management ## Questions ### Who runs investment decisions at LISC? President and CEO Michael T. Pugh leads the organization, with George Ashton serving as President of LISC Fund Management, the entity responsible for structuring LISC's investment products. The Board of Directors, chaired by former U.S. Treasury Secretary Robert E. Rubin, provides governance oversight. Investment decisions are made through a committee structure that integrates local advisory input. ### How does LISC source its community development deals? LISC operates through a network of local program offices across the United States, partnering directly with community-based developers, nonprofits, and small businesses. Deals are sourced via these local relationships rather than through institutional broker channels. The organization's status as a certified CDFI and its long-standing presence in underserved neighborhoods provide a proprietary pipeline of affordable housing and economic development projects. ### Is LISC structured as a foundation or does it operate more like a private credit fund? LISC is a non-profit community development financial institution, not a private fund. Its capital base is a permanent endowment blended with donor contributions, notably over $100 million from MacKenzie Scott between 2020 and 2024. It deploys capital through grants, low-interest loans, and equity investments, recycling proceeds back into its mission rather than distributing returns to limited partners. ### Does LISC participate in fund commitments or only direct deals? LISC primarily executes direct investments in real estate projects and small business loans, including the Entrepreneurs of Color Fund managed in partnership with JPMorgan Chase. While it acts as an intermediary allocating federal CDFI Fund resources, its core activity is direct deployment into community-based projects and operating businesses, not commitments to third-party private funds. ### What investment stages does LISC target? LISC's mandate covers early-stage seed and startup capital through expansion and late-stage financing. This reflects its role as a gap-funder in neighborhoods where conventional capital is scarce, providing everything from pre-development loans for affordable housing projects to growth capital for established minority-owned enterprises. ### What is LISC's relationship with the Ford Foundation? LISC was created in 1979 by executives from the Ford Foundation, which provided the initial vision and seed capital for an independent intermediary to revitalize distressed neighborhoods (per LISC, founding history). While LISC operates independently today, the Ford Foundation remains a foundational partner in the community development finance ecosystem that LISC anchors. ## Related profiles - [City of Farmington Hills Employees' Retirement System](https://altss.com/profile/city-of-farmington-hills-employees-retirement-system) - [Music Center Foundation](https://altss.com/profile/music-center-foundation) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/local-initiatives-support-corporation Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology