Economically distressed communities in the state will find it easier to get new projects off the ground and to give public officials the executive training they need, thanks to two initiatives by the University of North Carolina at Chapel Hill School of Government. These initiatives will be funded by a $1.625 million grant from the Local Government Federal Credit Union (LGFU).
Economically distressed communities in the state will find it easier to get new projects off the ground and to give public officials the executive training they need, thanks to two initiatives by the University of North Carolina at Chapel Hill School of Government. These initiatives will be funded by a $1.625 million grant from the Local Government Federal Credit Union (LGFU).
The Community Development Finance initiative will receive $1 million to increase the capacity of local governments and development nonprofits to leverage private investment through tax credit programs, self-financing bonds, special assessment districts and loan programs.
“Many communities work hard to determine strategic priorities for development, but then have difficulty determining how to finance new projects,” said Mike Smith, dean of the School of Government. “This new initiative will help them tackle that challenge.”
The remaining funds will support creation of the LGFCU Fellows Program. This program will provide mid-level public executives, many of whom have risen through the ranks of local government service departments without executive training, with the skills to develop and manage programs and people.
“We are excited to partner with the School of Government on these two very important needs. Focusing on community development finance and the people who faithfully serve in our local governments is an investment in North Carolina,” said LGFCU President Maurice Smith.
The credit union is a not-for-profit, member-owned financial cooperative established to serve the financial needs of North Carolina local government employees, elected officials, volunteers and their families.
The new commitment supports the Innovate@Carolina Campaign, a $125 million drive to help make Carolina a world leader in launching university-born ideas for the good of society. To learn more, visit innovate.unc.edu.
Community Development Finance initiative contact: Tyler Mulligan, (919) 962-0987, mulligan@sog.unc.edu
LGFCU Fellows Program contact: Willow Jacobson, (919) 966-4760, jacobson@sog.unc.edu
School of Government media contact: Ellen Bradley, (919) 843-6527, bradley@sog.unc.edu
News Services contact: Susan Houston, (919) 962-8415, susan_houston@unc.edu