Latest News: Americans for Community Development
was formed to turn the L3C (Low-Profit Limited Liability Company)
into a major force in American philanthropy, enabling America's foundations to
leverage their resources to better meet their mission of helping communities
and the people who live there.
**Vermont Gov. Jim Douglas Signs L3C Legislation into Law**
Passage of L3C Highlighted in Burlington Free Press
The L3C is a new form of limited liability
company (LLC) that combines the best features of the LLC with the social
conscience of a non-profit. It uses the Program Related Investment rules
to bring together foundations, businesses and others to make important
investments that otherwise would not occur.
What sort of investments might an L3C
make? Low-income housing projects, low-interest loans for small
businesses and education, museums, business incubators to promote entrepreneurialism,
direct investment in businesses in distressed neighborhood, environmentally
aware farming and many other worthy projects.
By allowing foundations to partner with for-profit
entities, particularly in tranched investments, the L3C will
dramatically leverage the resources foundations have available to meet their
mission.
Please review the L3C concept in more detail
on these pages, think about what its creation would mean to you or your
organization and community, and support the efforts of ACD and its allies.