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AUSTIN, Texas – Austin Community Foundation announced today that it is the recipient of a generous grant from Google.org to help launch the Hispanic Impact Fund, a new giving network focused on supporting the economic security and advancement of Hispanic Central Texans.

In addition to the generous grant from Google.org, Rackspace has committed $50,000 to the Hispanic Impact Fund and JPMorgan Chase & Co. has invested $25,000.

In 2020, the majority of Central Texas youth will be Hispanic, and by 2040, Hispanics will outnumber Anglos in Texas. Yet currently area Hispanics are not faring as well as Anglos, with per capita income for Hispanics less than half of what Anglos on average earn per year. In addition, just 19% of local businesses are owned by Hispanics. The Hispanic Impact Fund is a giving network for individuals and companies that want to give with integrity and compassion, pooling resources to amplify their voice and reach.

“When it comes to the economic and educational attainment of Hispanics, there is a huge opportunity gap in our backyard,” says Carla Piñeyro Sublett, co-chair of the Hispanic Impact Fund and CMO at Rackspace.  “We plan on turning our attention to the underserved needs of this community with the largest fund launch in the Foundation’s history.”

Google.org granted $250,000 to Austin Community Foundation to build capacity to launch the Hispanic Impact Fund, a new program at the Foundation. The grant will help the Foundation develop a detailed strategy for the Hispanic Impact Fund and create a “toolkit” that can be used to establish similar targeted initiatives in other communities.

“It’s an honor and privilege to partner with the Austin Community Foundation in tackling important issues facing low-income Hispanic families in Central Texas,” Gerardo Interiano, co-chair of the Hispanic Impact Fund and Google’s head of external affairs for the Southwest U.S., said. “We at Google want our impact to go beyond the tech industry by empowering our Hispanic community members with greater access to economic opportunities.”

The Hispanic Impact Fund at Austin Community Foundation offers unique opportunities for individuals and companies to invest in data-informed grantmaking to advance Hispanic Central Texans. The fund has five giving levels and investors may join at the level that fits their budget. In addition, there is a special Founders Circle level.

The Hispanic Impact Fund has raised $500,000 to build the framework for the new project, with the Foundation committing $100,000 of its discretionary funds. Starting in 2018, grants will be made to nonprofits working in key opportunity areas the group identifies which may include healthy communities, early childhood education and entrepreneurship.

“The Hispanic Impact Fund will be a valuable resource in the Austin community. Many organizations like Con Mi MADRE are trying to meet the needs of the growing Hispanic community in the Austin area—particularly the needs of our youth,” said Dr. Teresa Granillo, executive director of Con Mi MADRE. “We’re grateful to Austin Community Foundation and the individuals who have contributed to make this fund possible as it will help us to collectively build our community’s future leaders and educated workforce.”

The Foundation will use data from the Austin Area Sustainability Indicators project, a program of the RGK Center for Philanthropy and Community Service at the University of Texas, to guide the grant-making process and ensure that the grants distributed by the Hispanic Impact Fund have an impact.