President Obama Appoints TELACU Millennium President and CEO to Key Administration Post
President Obama appointed TELACU Millennium President and CEO, Dr. David C. Lizárraga, as member of the Community Development Advisory Board, a Key Administrative Post in the United States Department of the Treasury.
“I am grateful that [this] impressive individual [has] chosen to dedicate [his] talent to serving the American people at this important time for our country. I look forward to working with [him] in the months and years ahead,” stated President Obama.
The Community Development Advisory Board advises the Director of the Community Development Financial Institutions Fund (CDFI Fund) on policies regarding the activities of CDFI Funds. The CDFI Fund promotes access to capital and local economic growth in urban and rural low-income communities across the nation. This is Dr. Lizárraga’s second Presidential appointment, previously serving on the National Commission on Neighborhoods. He has also served as a Gubernatorial appointee on several State Commissions.
Under the 35-year leadership of Dr. Lizárraga, TELACU grew from a fledgling organization to become the largest Community Development Corporation (CDC) in the nation, which today focuses its more than $600 million in assets on improving the lives of individuals and families in the communities it serves.
Dr. Lizárraga created the innovative model on which TELACU is structured. The parent non-profit CDC delivers programs that serve the needs of communities—services for young people, veterans, families and senior citizens. However, TELACU differs from other CDCs in that its non-profit programs are primarily self-sustained by TELACU Industries, a family of businesses owned and operated by TELACU that positions TELACU as the Largest Hispanic Business in L.A. County.
Utilizing Dr. Lizárraga’s business philosophy of generating a double bottom line—profitability that is inseparable from social impact—these 13 for-profit businesses provide valuable products and services to the community and have resulted in the creation of more than 10,000 permanent jobs. TELACU also developed, owns and manages over 5 million square feet of job producing space in urban communities throughout Southern California. TELACU Construction Management (TCM) manages over $5 billion in construction of new community assets, including schools, federal and municipal facilities, and transportation and water infrastructure. TELACU utilizes a significant portion of the earnings from these and its other businesses to fund its non-profit programs. This cycle of community investment is the engine that sustains TELACU.
TELACU’s Community Commerce Bank (CCB), the 25th largest bank headquartered in Los Angeles County, was formed specifically to lend to small business owners in the community. CCB has loaned over $4 billion to small businesses and commercial property owners in urban communities. In addition, TELACU has leveraged over $200 million of New Markets Tax Credits (NMTCs) into $1 billion in commercial redevelopment projects. The NMTC Program was established by the CDFI Fund to spur new or increased investment into operating businesses and real estate projects that are located in low-income communities.
Dr. Lizárraga is also the Chairman and Founder of the TELACU Education Foundation, which annually supports 500 full-time college students in California, Illinois, Texas and New York and serves an additional 1,500 middle and high school students, nursing school students and veterans. Over the last 30 years, the Foundation has provided financial assistance and highly effective programs that have ensured academic success for thousands of Latino students. The success of the Foundation is best summarized by the numbers: 100% of high school seniors and college seniors participating in the Program graduate. Additionally, in Los Angeles County where only 40% of high school students graduate, 100% of participating high school students not only graduate but also go on to pursue post-secondary education.
Consistently recognized among our nation’s top Hispanic leaders, Dr. Lizárraga has been accorded numerous regional and national honors and awards for his business achievements, commitment to community economic development and empowerment, and philanthropic endeavors. These include: Entrepreneur of the Year Award from Entrepreneur Magazine; Minority Business Advocate of the Year from the U.S. Small Business Administration and MBDA; the NAACP Thurgood Marshall Award; and the Spirit of Life Award from the City of Hope. Dr. Lizárraga also received an Honorary Doctorate of Humane Letters from California State University Los Angeles. His career has been the subject of numerous articles in local and national publications.
A highly sought-after contributor to business, civic, educational and government-based organizations, Dr. Lizárraga recently completed a five-year term as Chairman of the United States Hispanic Chamber of Commerce, where he continues to serve as an active member on the Board of Directors representing the interests of our nation’s three-million Hispanic-owned businesses. A proud veteran of the Armed Services, he and his wife reside in the Los Angeles area where he was born and raised.
TELACU is a pioneering institution committed to service, empowerment, advancement, and the creation of self-sufficiency.