The Local Initiatives Support Corporation (LISC), a national philanthropic organization that provides monetary support for the shoring up of distressed communities, has pledged $100 million in capital to lead an effort to develop 15 low-income neighborhoods in the City of Los Angeles. Under the city’s Measure R, plans for expansion of light rail and rapid bus lines within these communities are currently underway. The monetary initiative by LISC will continue development beyond transit, expanding affordable housing, schools, businesses, and community facilities, and will complete market assessments of each neighborhood to strategize locale-specific investment.
In 2012, LISC completed initial market profiles of two Los Angeles neighborhoods, Boyle Heights and Leimert Park. The research results provide analysis of the current economic state of each community, block-by-block. This information can be used in plans for future investments, redevelopment initiatives, and to attract businesses.
With their pledged effort, the private organization plans to evaluate 13 other low-income neighborhoods over the next 18 months: Central Vermont, Crenshaw North, El Sereno, Highland Park, Koreatown, Main & Vermont, East Hollywood, North Vermont, Pico Union, Pacoima, Van Nuys, Watts, and Westlake. Each of these areas is scheduled for construction of a local public transportation hub by the City of Los Angeles and in combination with new improvement projects by LISC, can increase their overall value.
“Low-income communities can be good places to live, work, raise families and do business,” said LISC Los Angeles executive director Claudia Lima in a statement. “Our goal is to speak to the rich potential of the people, markets and physical assets in these targeted areas.”