MESSAGE FROM LEADERSHIP
AS WE REFLECT ON OUR ACHIEVEMENTS IN 2023, captured within this report alongside the poignant narratives of those touched by our initiatives, we find ourselves propelled forward into an inter-connected world with a renewed sense of purpose. The journey ahead is both challenging and rife with opportunity, and we remain resolute in our commitment to effecting positive change.
With the unwavering support of our Local Advisory Council and the generous backing of our funders, LISC Virginia remains steadfast in its mission to address the multifaceted challenges faced by our community. In a landscape marked by disparities in health, wealth, equity, and opportunity, our programs serve as vital bridges, connecting individuals and neighborhoods to resources and pathways for advancement.
At the heart of our approach lies the recognition that true systemic change demands a comprehensive, ambitious, and bold strategy. Our commitment extends beyond traditional silos, encompassing a holistic framework that interweaves affordable housing, family wealth building, and economic development with intentional efforts to dismantle racial inequities and address the social determinants of health. By recognizing and addressing the interconnected nature of these issues, we aim to create lasting and meaningful impact that reverberates throughout our communities.
Looking ahead to 2024, our aspirations are bold yet attainable, fueled by the right mix of strategic vision and collaborative partnerships. We invite you to join us on this journey, to lend your support and expertise as we strive to cultivate a more equitable and inclusive Virginia where every resident has the opportunity not only to survive, but to thrive. Together, we can build a brighter future for all.
Jane Ferrara Executive Director LISC Virginia
OUR IMPACT STORIES
In 2023, LISC embarked on transformative partnerships and initiatives, driving positive change across central Virginia. From revolutionizing affordable housing to closing the digital gap, our endeavors have left indelible marks on communities, reflecting our unwavering commitment to fostering equity and opportunity.
Lending: LISC partners with the City of Richmond to invest $100 million in local affordable housing
In 2023, LISC made a monumental partnership with the City of Richmond, Mayor Levar Stoney, and Richmond Redevelopment and Housing Authority (RRHA) to accelerate the speed and scale of affordable housing development in Richmond over the next five years. In collaboration with the City of Richmond, LISC has committed $50 million to be deployed over the next five years to create affordable housing. The funds will match the city's commitment of $50 million—totaling $100 million—and “will help accelerate the speed and scale of housing development, with a ripple effect that positively impacts jobs, health, safety and other key components of opportunity and growth,” said LISC's former president Denise Scott.
Housing: Wealth Opportunities Realized Through Homeownership (WORTH) helped hundreds achieve homeownership
As part of a $60 million national initiative from Wells Fargo, LISC Virginia won a $7.5 million grant to develop a regional WORTH program. Locally, LISC Virginia works with several partners, who together form the “WORTH Collaborative.” The effort intends to address racial disparities in homeownership. In 2023, LISC Virginia’s Wealth Opportunities Realized Through Homeownership (WORTH) program has celebrated several noteworthy milestones, demonstrating our commitment to the WORTH mission. Combining downpayment assistance with homeownership counseling, the WORTH project supplements housing services and resources provided by partner organizations.
To date, WORTH has committed $4 million in strategic funding across the Richmond housing ecosystem. In 2023, the WORTH initiative made the following accomplishments:
- 610 Individuals impacted through a range of services such as housing and credit counseling, among others.
- 498 new homeowners (BIPOC).
Wealth Building: Our Economic Inclusion work is Bridging the Digital Gap for Pathways to Economic Mobility
In 2023, LISC Virginia made significant strides in bridging both the wealth gap and the digital divide. LISC Virgina partnered with Virginia State University (VSU) and Rural LISC to spearhead the Digital Navigation project, a multifaceted initiative to solve the digital gap in Petersburg, Virginia. Through digital workshop classes, VSU students serving as “digital navigators” help administer courses on essential digital skills such as using telehealth services to accessing online career search tools.
Digital access has also been integrated into our Financial Opportunity Center® (FOC) program. The FOC model enhances economic stability by embedding digital skills development into career and financial services. Our FOC community partners are delivering digital skills training to help clients pursue career opportunities, boost earnings, improve credit, and make informed financial decisions. LISC Virginia is not only closing the digital divide but also empowering community members to build sustainable wealth and achieve long-term economic mobility.
Economic Development: The Virginia Hispanic Chamber Small Business Capital Access Program brings essential resources to local businesses
The Virginia Hispanic Chamber of Commerce and LISC Virginia are partnering to launch the Virginia Hispanic Chamber Small Business Capital Access Program. This program invests in the strength and potential of Central Virginia's Hispanic business community and those businesses serving the Hispanic community. Through our partnership, we will provide small businesses 0% interest loans to help grow, hire new staff, purchase equipment, and more.
As businesses repay their loans, LISC Virginia and the Hispanic Chamber will recycle the dollars back into our region's business community. The Hispanic Chamber will help businesses with their loan materials and provide free coaching to approved business borrowers to help them be more successful and sustainable in the long-term. LISC now has $360,000 in 0% loan funding available to Hispanic-owned small businesses across the Richmond region. We are actively working with 6 Hispanic-owned small businesses to receive this flexible growth capital.
2023 BY THE NUMBERS
invested
sq. ft of commercial space
leveraged
affordable homes
Financial Opportunity Centers
$458,674
invested
80
job placements
435
residents served
4
centers
Small Business
$342,160
in grants
18
grants
$295,000
in loans
6
loans
OUR 2023 FUNDERS
2023 Private Sector Support
Altria Group, Inc.
Bank of America
Bon Secours Health System
Alexander Brady Foundation
Marco Callender
The Cameron Foundation
Capital One
Citizens Charitable Foundation
Community Foundation for a Greater Richmond
Michelle Cutter
Conrad Garcia
J. Brian Guthrie
Jeffrie L. Hedrick
Chandra Hurst
JPMorgan Chase
R.E.B. Foundation
Allison Thomas Racial Justice Fund
Mr. and Mrs. James E. Ukrop
United Way of Greater Richmond & Petersburg
Wells Fargo
Sam Young
Thank you to all the partners who make this work possible.”
2023 Public Sector Support
Capital Area Partnership Uplifting People
City of Richmond
County of Chesterfield
County of Henrico
U.S. Department of Housing and Urban Development
Virginia Department of Housing and Community Development
Virginia State University
OUR TEAM
LISC Virginia Staff
Jane Ferrara Executive Director
George Piazza Deputy Director
Philip Brooks Senior Program Officer for Lending
Jonathan Adkins-Taswell Program Officer for Housing and Capacity Building
Brett Brooks Program Officer for Wealth Building and Community Development
Victoria Fong Program Officer for Fundraising and Communications
Victoria McKelvey Assistant Program Officer
Local Advisory Committee
Chandra Hurst (Chair) Vice President, Senior Business Consultant, JPMorgan Chase & Co
Sam Young (Vice Chair) President, Astyra
William Homiller (Past Chair) Partner, Troutman Pepper
Michelle J. Cutter Vice President of Talent Management, Altria
Brian Guthrie Capital One, VP, LOB CFO, Card Partnerships
Mark Johnson Vice President & Community Development Manager, Truist
Michael Lomax Senior Vice President and Multi-State Divisional Manager, Woodforest National Bank
Michael Mulvihill President, Carter Ryley Thomas
Tammy Neale CEO ,Virginia Housing
Dr. Henri’ Thompson Principal, The MHT Companies
Marco Callender Executive Director, YMCA of Greater Richmond
Ned Turnbull Partner, Williams Mullen
Gerry Quindoza Senior Relationship Manager, Bank of America