RALEIGH, N.C. (5/27/14)--Local Government FCU (LGFCU), Raleigh, N.C., with $1.3 billion assets, has pledged $7.1 million to the University of North Carolina at Chapel Hill for initiatives to support state local governments.
The pledge will go to several programs, including $2.84 million over the next decade for the school's Development Finance Initiative (DFI), which helps economically distressed communities attract private investment with new financial tools.
Another $2.22 million will go to a fellowship program to develop new local government leaders, and $2.04 million will be invested in the school's innovation fund.
"The initial investment that LGFCU made in the Development Finance Initiative and the LGFCU Fellows program continues to deliver on its intended purpose of enhancing North Carolina communities at the local level," said Maurice Smith, LGFCU president/CEO. "We believe continued support of these initiatives is a wise and fitting investment in the North Carolina communities where our members live and work."
In 2011, LGFCU granted the UNC's School of Government $1 million to partner with local governments to attract private investment for transformative projects by providing specialized finance and development expertise.
Since that time, DFI has worked on more than 50 projects in nearly 40 communities in North Carolina. Projects range from analysis of a historic downtown building to an assessment of district-wide financial tools to attract private investment to distressed neighborhoods.
With the new grant, DFI will continue to work with existing local partners to move their projects from pre-development to development, while exploring new partnership opportunities for development in additional communities.