MacKenzie Scott continues to make housing a focus of her philanthropy with new awards to Enterprise Community Partners and the Local Initiatives Support Corp. (LISC).
The organizations each announced receiving $65 million grants this month.
“Housing affordability is on the national radar in a way that it’s never been in my three decades of work in this field,” said Shaun Donovan, CEO and president of Enterprise Community Partners. “There is growing bipartisan consensus over the need to address this crisis, and MacKenzie Scott’s continued support reaffirms the importance of Enterprise’s mission. This gift will allow us to expand and accelerate our work, delivering community-based and sustainable housing solutions to the people and places that need them most.”
The award marks Scott’s second donation to the organization, which received $50 million in 2020.
Scott’s initial donation was key to executing Enterprise’s 2020-2025 strategic plan, attracting additional seed funding and investment that allowed the organization to launch pilot programs tailored to communities in need, expand program capacity, and, in 2023 alone, provide $2.3 million in rental assistance.
Over $20 million was allocated to Enterprise’s Equitable Path Forward, a $3.5 billion initiative supporting historically marginalized housing providers, growing resident services focused on community building and engagement, and deepening Enterprise’s work with Native American communities.
LISC also reported receiving $65 million in unrestricted funding, the largest contribution in its 45-year history. The award is the organization’s second grant from Scott, who provided a $40 million gift to the community development organization in 2020.
“This remarkable funding is an investment not just in our capacity to support affordable housing, economic development, health, safety, and jobs but also in the well-being of the thousands of communities where we work every day,” said Michael Pugh, LISC president and CEO.
Robert E. Rubin, LISC chairman and a former Treasury secretary, added that the funding will allow LISC to test new ideas and leverage other capital sources to support “positive socioeconomic impact.”
For example, the new grant will help LISC deepen its work to address the affordable housing crisis. It will advance LISC’s plans to connect underserved communities to the emerging green economy. And, it will fuel new efforts leveraging artificial intelligence, particularly as the technology relates to jobs and income growth for people who have not had the skills or access to take advantage of growing fields, according to the organization.
LISC leaders said they will determine the specifics of how the new funding will be used in the coming weeks.
Scott and her Yield Giving team have provided generous grants to numerous affordable housing organizations in recent years, including BRIDGE Housing, Century Housing Corp., Community Preservation Corp., Corporation for Supportive Housing, The Fortune Society, Habitat for Humanity, Housing Partnership Network, Mercy Housing, National Housing Trust, National Low Income Housing Coalition, Project for Pride in Living, and Stewards of Affordable Housing for the Future.
