Putting Dollars to Work in the Community 9 Things Local

7/29/2019 Putting Dollars to Work in the Community 9 Things Local

1/10

August 2012

Putting Dollars to Work inthe Community

9 Things Local Government Can Do to HarnessPrivate Capital for Public Good


2/10

Putting Dollars to Work in the Community 2

Our nations cities should be engineso prosperity and opportunity placeswhere people thrive, innovative ideas

ourish, and a robust inrastructureleads to economic and social benefts oall residents. Yet this promise o sharedopportunity remains unrealized.

1 The paper is available at www.livingcities.org/knowledge/media/?action=download&id=74

1. Assess the capacity o your place to absorb capital

2. Engage a wide range o civic leaders

3. Enable and support a clear vision

4. Make data transparent and accessible

5. Simpliy and streamline government procedures

6. Develop a supportive policy environment

7. Be strategic with public unding

8. Consider the potential o transormative initiatives

9. Reach beyond city limits

This paper is the work o David Wood and Katie Grace o the Initiative or Responsible Investment at the Harvard Kennedy School and Robin Hacke

o Living Cities. We appreciate the eedback o numerous colleagues and leaders in the community development eld who have participated in our

research, reviewed drats o the paper and contributed their expertise to advance our thinking. We view this working paper as the basis or continuing

dialogue and invite your reactions and comments.

Please respond to Robin Hacke, [email protected].

9 T LOL OT DO TO POOT OTY TT

Cities across the nation are under inancial pressure.

They lack the public unds to create more opportunity

by investing in economic development, human capital

and physical inrastructure. Private capital could go along way towards meeting these investment needs. Too

oten, available private capital cannot be put to work

in our cities because the mechanisms to attract and

deploy capital are not in place. Its as though private

capital is an airplane, circling overhead, without the

landing strip or the air traic control needed to touch

down saely.

Even in a time o scarce public sector resources, there

are things that city leaders can do to help put capital towork in their communities.

WT T PL TO OL?

Our recent paper, The Capital Absorption Capacity o

Places: A Research Agenda and Framework1, considered

how communities successully and eiciently take

investment capital and apply it to community develop-

ment purposes. We are convinced that leadership rom

the public sector can make an enormous dierence in

creating the conditions that attract private capital and

ensure it is utilized eectively to build sustainable and

equitable communities. This paper outlines some key

steps or public sector ocials to consider and pro-

vides examples o places that have implemented these

steps. A resource list at the end o the paper suggests

where to nd more inormation.
http://www.livingcities.org/knowledge/media/?action=download&id=74mailto:[email protected]://www.livingcities.org/knowledge/media/?action=download&id=74http://www.livingcities.org/knowledge/media/?action=download&id=74http://www.livingcities.org/knowledge/media/?action=download&id=74http://www.livingcities.org/knowledge/media/?action=download&id=74mailto:[email protected]://www.livingcities.org/knowledge/media/?action=download&id=74


3/10


2 Community Development Financial Institutions (CDFIs) are specialized nancial institutions that work in low-income and minority communities

underserved by traditional nancial institutions. CDFIs are certied by the CDFI Fund, an agency o the Department o the Treasury. For more inor-

mation, and or a list o CDFIs in your area, visit the CDFI Fund online: http://www.cdfund.gov/ .

TT TT T OPPOTTY

City government can help mobilize private sector in-

vestment and channel it to important public purposes.

Increasing the fow o capital to build sustainable cities

that oer opportunities to all residents also known as

community investmenthas the potential to support

economic development, augment the local tax base,

revitalize neighborhoods and improve quality o lie or all

residents.

Community investment operates

across a range o sectors, tied to-

gether by a common ocus on under-

served markets. Investors seeking

to achieve social and economic im-pact may invest in aordable hous-

ing, energy eciency retrots, or

neighborhood stabilization through

oreclosure prevention. They may

ocus on investments in important

acilities, such as community health

clinics, childcare centers or grocery

stores. They may invest in large scale

economic development projects or

lend to small businesses. Whatever

the specic area, community invest-

ment creates both nancial and social returns (a double

bottom line) and is a orm o impact investing.

Capital to achieve public purposes such as those de-

scribed above can come rom diverse sources. Financial in-

stitutionsranging rom local, regional and national banks

and insurance companies to special purpose Community

Development Financial Institutions2 are important sources

o community investment, as are oundations. Investors

rom individuals to pension unds look or community in-vestments that oer stable returns and social impact. In

addition, real estate developers and institutions such as

universities and hospitals oten make signicant invest-

ments in the community, and their resources can be mo-

bilized to achieve a variety o worthwhile public purposes.

A number o critical conditions must exist to mobilize

investments that benet all residents o a city. There must

be a coherent vision and set o goals

that have been articulated and em-

braced by a broad array o public, pri-

vate, and non-prot leaders. Cities need

to create a supportive policy environ-

ment and use available public resources

as strategically as possible. Data aboutcommunity needs should be collected

and made widely accessible. Ongoing

platorms or collaboration across sec-

tors should be developed. Community

stakeholders should be deeply engaged.

Financial intermediaries able to assem-

ble and deploy capital rom a variety o

sources should be identied and sup-

ported. Although the work o communi-

ty investment requires the participation

o many stakeholders, local government

has a particularly important role to play.

What ollows are nine ways local government can pro-

mote eective community investment. They ocus on

the unctions we believe are most suited to local govern-

ment: convening stakeholders, providing inormation,

setting policy and investing public dollars. Not every

suggestion will apply to every place, but taken together,

they oer a set o actions that the public sector can take

to build capacity, expand resources and achieve vitalpublic goals more eectively.
http://www.cdfifund.gov/http://www.cdfifund.gov/


4/10


Capital absorptionthe ability o a place to attract and

deploy capitaldepends upon many actors:

the existence o clear priorities;

the involvement o community stakeholders;

a policy and regulatory environment that is supportive

o community investment;

the availability o good data;

careul targeting o public resources;

the presence o organizations that can spot

opportunities, assemble capital and structure deals; and

strong, cooperative relationships among private,

public and nonprot sector leaders that can accelerate

decisions and overcome obstacles.

1. ssess the capacity o your place to absorb capital

Improving the fow o capital depends upon understanding

how the actors listed above play out in a particular place.

Cities vary dramatically in their community investment

capacity, infuenced by their history, culture, civic leadership

and engagement structures, donor priorities, and so on. Di-

erent types o institutions may take the lead, and every city

will have strength in some areas and weaknesses in others.

We have designed a Capital Absorption Framework and

Assessment Tool (http://www.livingcities.org/knowledge/

media/?id=82) to help cities and local stakeholders map the

people, institutions and processes involved in communityinvestment. Using the ramework, local governments can

develop a clearer picture o which community investment

unctions are working relatively well, and which need to be

strengthened. This analysis can help identiy

those stakeholders best suited or particular

projects, and guide eorts to develop policies

and practices that would increase commu-

nity investment capacity.

Local ocials can convene a cross-sector group o leaders

or a day-long workshop or a series o meetings and usethis tool as the basis or discussion. Alternatively, cities

or their philanthropic partners can retain a consultant to

perorm a more in-depth study. In either case, the results

o this diagnostic process can help inorm an agenda or

taking actions, such as streamlining regulations or identi-

ying investment priorities, that improve the fow o private

capital to community needs.

9 Things Local overnment an Do To Promoteommunity nvestment

1. T

PTY O

YO PL TO

O PTL

4. k DT

TPT

D L

7. TT

WT PL

D

2. WD

O

LD

5. PLY D

TL

OT

POD

8. OD T

POTTL O

TOT

TT

3. L D

PPOT

L O

6. DLOP

PPOT

POLYOT

9. YOD

TY LT
http://www.livingcities.org/knowledge/media/?id=82http://www.livingcities.org/knowledge/media/?id=82http://www.livingcities.org/knowledge/media/?id=82http://www.livingcities.org/knowledge/media/?id=82


5/10


Community investment is not the exclusive province o

any one type o institution, be it Community Development

Corporations or banks. Rather, attracting and deploying

private capital successully requires collaboration among

community groups, nancial institutions, developers, thelocal business community, the public sector, anchor insti-

tutions, and so on. Local governments can play an impor-

tant role in convening these potential partners

around specic topics or opportunities, and

developing ongoing relationships that build

capacity or community investment beyond

any particular project. Community invest-

ment practitioners oten point to the importance o table-

setting in building local capacity. Local governments can

set the table, and help keep all parties engaged.

In particular, local governments can bring to the table busi-

ness leaders and anchor institutions that traditionally have

not been involved in community investment. These place-

based leaders have much to oer. They can invest sta and

nancial resources, modiy procurement practices, boost

local hiring, or develop growth strategies that intention-

ally create opportunity and benet or local communities.

Local ocials can help introduce community investment

Community investment fows most readily when a broad

coalition coalesces around a shared understanding o pri-

orities. Local government can play a critical role in align-

ing stakeholders around a common vision. By helping to

crystallize a shared vision and translating that vision into

a small number o core goals or metrics, local government

helps set the investment agendadetermining economic

development and land use strategies, identi-

ying key areas o ocus, and articulating pri-

orities or public unding and support. This

concentrates attention and resources o the

public, private and nonprot sectors and lays

the groundwork or success. It is important to remember

that in most cases, achieving signicant progress will re-

quire patience, sustained engagement and a time horizon

that transcends the limits o a particular administration.

Whether the goal is reuse o vacant land, improved access

to transit or the reduction o childhood obesity, a vision that

2. ngage a wide range o civic leaders

3. nable and support a clear vision

As part of the Living Cities Integration

Initiative, the City of Newark worked together

with the Prudential Foundation to convene

the trong ealthy ommunities nitiative,

a cross-sector effort to increase healthy

options for targeted neighborhoods in the

city. Leaders from local foundations, New

Jersey Community Capital, the Jewish

Renaissance Medical Center, as well as Brick

City Development Corporation participated in

setting priorities, which included construction

of school-based health clinics, rehabilitation

of vacant homes and an effort to attract a

supermarket offering produce and other fresh

foods. This effort will direct new local and

national capital to investments in Newark,

and strengthen the partnership with a strong

statewide nancial intermediary.

Portlandslimate ction Plan (www.

portlandoregon.gov/bps/49989) is an

ambitious strategy to put Portland and

Multnomah County on a path to achieve a

40% reduction in carbon emissions by 2030

and an 80% reduction by 2050, compared

to 1990 levels. A cross-sector steering

committee developed the plan, which callsfor increased energy efciency, creation

of walkable, bike-friendly neighborhoods,

signicant reductions in solid waste, and a

variety of other measures that together have

begun to yield impressive results.

to unamiliar actors, and link existing nancial resources to

new opportunities. Engaging community groups and other

leaders in the community is also crucial to ensuring public

buy-in and support or local projects and initiatives.

oers a place or investment helps mobilize capital and in-

vites cooperation by a variety o stakeholders.
http://www.portlandoregon.gov/bps/49989http://www.portlandoregon.gov/bps/49989http://www.portlandoregon.gov/bps/49989http://www.portlandoregon.gov/bps/49989


6/10


4. ae data transparent and accessible

acants to alue (2) is an initiative of the mayor and the Baltimore Department of Housing and

Community Development that provides an online, searchable database of all the city-owned vacant

properties in Baltimore with information on how to develop, buy, and rehabilitate vacant properties. Thisdata makes it easier for prospective investors and community stakeholders to nd and develop projects

that stabilize and rejuvenate depressed neighborhoods. (http://www.baltimorehousing.org/vacants_to_

value.aspx)

The Detroit Wors Project eighborhood nalysis provides an overview of the existing physical and

market conditions in neighborhoods across the city of Detroit, and was developed through a combination

of two studies. The rst, a Residential Physical Condition analysis, reviewed city blocks and looked at

indicators such as vacant land, vacant housing, housing condition, and household growth, stability or

decline over the last decade. The second, a Market Value Analysis conducted by TRF PolicyMap, examined a

variety of indicators related to housing stock and price in differing neighborhoods. Together, these analyses

helped Detroit identify distressed, transitional, and steady markets on a neighborhood level to better craftand target market-oriented development strategies. Publication of these analyses and neighborhood data

allow investors and stakeholders to better understand environments and develop projects. (http://www.

detroitmi.gov/Portals/0/docs/mayor/Short%20Term%20Action/8_29_11_DWPShortTermPresentation.

pdf; http://detroitworksproject.com/)

5. impliy and streamline government procedures

Developing community investment strategies and projects

oten requires engaging with multiple municipal agenciesand blending a variety o local, state, and ederal unding

sources. Local governments can help reduce the costs and

brain damage o dealing with this com-

plexity by creating streamlined processes

or developers, investors and businesses to

engage multiple agencies, by harmonizing

overlapping and conficting requirements, and by creat-

ing clear and predictable timelines or reaching decisions

on specic projects or requests. Transaction eciency and

predictability encourage private sector investment.

Local governments can also oster investment by provid-

ing clear and well-organized inormation about the various

subsidies and other benets available to community inves-

tors rom expedited permitting or local support or smal

business to access to loan guarantees and tax credits

While every deal may be unique, making it easier or prac

titioners to understand the ull range o their options can

Attracting capital to places where market orces have

ailed to spark investment is a critical part o revitalizing

neighborhoods and creating opportunity. Sometimes,

overcoming these market ailures can be

catalyzed by providing accurate inorma-tion about investment opportunities in

places that may otherwise be overlooked.

For example, supermarket operators may overlook

dense , low income urban neighborhoods because they

lack good inormation about how much income is actu-

ally available to consumers in those neighborhoods.

Local governments can play an important role in aggre

gating and providing access to up-to-date, reliable, ac

tionable data to support market studies and easibilit

analyses and to help identiy both where there are gaps in

services and where there is eective demand or investment. Community investors can use this inormation t

determine where to deploy their resources. Communit

leaders advocates, philanthropists, and the public sec

tor itsel can draw on this inormation to promote mor

eective platorms or community investment.
http://www.baltimorehousing.org/vacants_to_value.aspxhttp://www.baltimorehousing.org/vacants_to_value.aspxhttp://www.detroitmi.gov/Portals/0/docs/mayor/Short%20Term%20Action/8_29_11_DWPShortTermPresentation.pdfhttp://www.detroitmi.gov/Portals/0/docs/mayor/Short%20Term%20Action/8_29_11_DWPShortTermPresentation.pdfhttp://www.detroitmi.gov/Portals/0/docs/mayor/Short%20Term%20Action/8_29_11_DWPShortTermPresentation.pdfhttp://detroitworksproject.com/http://detroitworksproject.com/http://www.detroitmi.gov/Portals/0/docs/mayor/Short%20Term%20Action/8_29_11_DWPShortTermPresentation.pdfhttp://www.detroitmi.gov/Portals/0/docs/mayor/Short%20Term%20Action/8_29_11_DWPShortTermPresentation.pdfhttp://www.detroitmi.gov/Portals/0/docs/mayor/Short%20Term%20Action/8_29_11_DWPShortTermPresentation.pdfhttp://www.baltimorehousing.org/vacants_to_value.aspxhttp://www.baltimorehousing.org/vacants_to_value.aspx


7/10


The ity o Detroit has focused on making it easier to start and run businesses by identifying pain points

in the interactions that businesses have with local government and systematically seeking to eliminatethem. The city has designated a business advocate and, on designated days, brings together multiple city

departments to provide one stop service to businesses.

In the Twin ities, multiple funders of predevelopmentincluding city, county and state entities as well

as not-for-prot intermediarieshave created a forum where developers can present their real estate

projects and get feedback early in the development process. This forum provides useful information to the

developers, reducing uncertainty, and helps multiple funders align resources and understand what projects

are in the pipeline. In addition, the Minnesota Housing Finance Agency runs a Super RFP that allows

applicants to request funds from numerous statewide sources at once. Two competitive funding rounds

are conducted each year.

6. Develop a supportive policy environment

Community investments rom the private

sector are oten supported by policies that

direct resources towards specied social or

environmental outcomes. Well-crated and

implemented policies can be powerul stimulants o invest-

ment and can channel those investments to achieve speci-

ed outcomes.

For example, local governments can:

orient their public procurement policies to avor small,

local and/or women- and minority-owned businesses

develop inclusionary zoning policies to promote a-

ordable or green housing development

oer density bonuses and other land use provisions

that avor access to transit; and

ast-track permitting or projects that meet specied

goals or are targeted to underserved areas.

To be most eective, policies should be designed to en-

courage socially benecial private sector investment

that would not otherwise occur. Careul use o subsidies

can reduce risk, lower the cost o capital and spur de-

velopment. Intervention at the earliest stages o mar-

ket evolutionin revitalizing a distressed neighborhood

or building a new industrycan spur private sector

investment by laying the oundation or success.

In thinking about building a supportive policy ramework o

community investment, it is important to consider policy

design as well as policy implementation and enorcement

As many cities have learned, it is only through enorcement

o building codes that vacancy and abandonment can be

managed. Thoughtul use o public policy levers can pow

erully shape the environment or community investment.

help move projects rom good ideas to investment oppor-

tunities. Additionally, creating transparency and predict-

ability can help induce investors and businesses to take

ew Yor ity supports the development

of affordable housing by offering density

bonuses of up to 20% to developers who

include affordable housing units in projects

in designated areas. The additional units

allowed by the bonus help developers meet

inclusionary zoning regulations mandated bythe city. (http://www.nyc.gov/html/dcp/html/

zone/zh_inclu_housing.shtml).

The ity o leveland enacted a Local and

Sustainable Purchasing Ordinance, which

provides a 2-4% bid preference for companies

that source products locally and/or are

certied as a sustainable business (portal.

cleveland-oh.gov/cInd_images/sustainability/

brochure.pdf).

risks, by building condence in the stability o the regula-

tory and political environment.
http://www.nyc.gov/html/dcp/html/zone/zh_inclu_housing.shtmlhttp://www.nyc.gov/html/dcp/html/zone/zh_inclu_housing.shtmlhttp://portal.cleveland-oh.gov/cInd_images/sustainability/brochure.pdfhttp://portal.cleveland-oh.gov/cInd_images/sustainability/brochure.pdfhttp://portal.cleveland-oh.gov/cInd_images/sustainability/brochure.pdfhttp://portal.cleveland-oh.gov/cInd_images/sustainability/brochure.pdfhttp://portal.cleveland-oh.gov/cInd_images/sustainability/brochure.pdfhttp://portal.cleveland-oh.gov/cInd_images/sustainability/brochure.pdfhttp://www.nyc.gov/html/dcp/html/zone/zh_inclu_housing.shtmlhttp://www.nyc.gov/html/dcp/html/zone/zh_inclu_housing.shtml


8/10


Strategic use o precious public unds means three things:

leverage, target and align. Local governments can leverage

their subsidy dollars and public investments to oster pri-vate investment that achieves public purposes. For example,

rather than spending precious public unds directly on proj-

ects, local governments can catalyze larger sums o private

investment by using public unds as rst loss

or subordinated unds, thereby making pri-

vate investments less risky. In return or such

support, local government can require that

explicit social benets such as local hiring, public ame-

nities, or aordability provisions be included in publicly

supported projects.

Careul targeting can ampliy the eect o public investment

by generating momentum and signaling to the private sec-

tor the importance o a particular objective. At a time when

resources are scarce, spreading them like peanut butter

may dissipate impact and result in waste. On the other hand,

tipping particular markets can ignite investment and reduce

the need or additional subsidy. Finally, local governments

7. e strategic with public unding

By making $10 million of public funds available

as rst loss money in the Bay Area, the

Metropolitan Transportation Commission

enabled the Low Income Investment Fund, a

Community Development Financial Institution,

to raise $40 million in private capital forinvestment in transit-oriented development.

The resulting ay rea Transit-Oriented

ordable ousing und will support

equitable communities including housing and

important community services close to Bay

Area transit stations.

(http://bayareatod.com/partners/)

can magniy the eect o their own investments by align-

ing unding streams rom dierent departments and co

ordinating them with investments rom state governmentphilanthropy and Community Development Financia

Institutions. These strategies help ensure that money fows

more eectively to high impact investments.

Creating a vision and positive policy environment or com-

munity investment and engaging multiple stakeholders

are important steps in mobilizing community investment.

Sometimes local governments can boost in-

vestment still urther through careully con-

ceived transormative initiatives. By catalyzing

high prole, high impact projects, local gov-

ernments can accelerate private investment

activity and interest, attracting new players and creating

new relationships and capacity. These concentrated eorts

may ocus on a particular region, sector or large scale re-

development project where a visible success changes the

8. onsider the potential o transormative initiatives

rules o the game. Signature projects not only can attract

signicant local investment o resources and expertise, but

can also generate interest rom regional and national inves

tors, helping to build local capacity and national partner

ships. These benets should extend beyond the projects

themselves, ideally creating ongoing relationships and en

riching the experience base o local players.

Transormative projects run the risks o triggering gentri-

cation or diverting resources rom areas o need. For these

projects to succeed in generating opportunity or all, they

should be careully tailored to support equity and access
http://bayareatod.com/partners/http://bayareatod.com/partners/


9/10


Many cities have identied core areas for transformational redevelopment, concentrating public resourcesand catalyzing signicant private investment. For example, in Pittsburgh, large scale public-private

partnerships resulted in the revitalization of a browneld site that was formerly home to US Steel and the

restoration of blighted riverfronts to attractive amenities.

Philadelphiaseighborhood Transormation nitiative (http://www.plannersnetwork.org/

publications/2007_winter/vitiello.htm) revitalized blighted areas and stabilized neighborhoods through a

combination of demolition, reclamation and investment.

ope (hope-sf.org) is the nations rst large-scale public housing revitalization project to prioritize

current residents while investing in high quality, sustainable housing and broad community development.

Starting with Hunters View, the city and private developers have begun a $450 million investment programthat will create new infrastructure, mixed income housing, schools and parks.

Local governments need to ensure they have policies and

structures in place that connect low-income communities

to the benets, such as jobs, created by these transorma-

tive eorts. Targeted impacts should be clearly conceived

and explained. Projects also must be designed to last

through political cycles and pursued patiently in order to

achieve long-term goals.

As part of the Living ities ntegration

nitiative, leading Community Development

Financial Institutions are partnering with local

non-prot organizations to deploy signicant

commercial and philanthropic capital. For

example, NCB Capital Impact is working with

Midtown Detroit to nance mixed income,

mixed use development in the Woodward

Corridor (www.ncbcapitalimpact.org/default.

aspx?id=2272). Living Cities shares the lessons

of its ve-city effort on an ongoing basis through

the Living Cities blog and the Integration

Initiative e-magazine, At the Table (www.

livingcities.org/blog/?id=33).

ity to ity (www.city2cityspringeld.org)

is an initiative linking metropolitan leaders

to their counterparts in other areas to share

lessons learned. The effort, which arose from the

participation of Springeld, MA in the Federal

Reserve Banks resurgent cities research, has led

delegations to visit cities grappling with similar

issues and share best practices.

No city is likely to be ully developed across the range o

community investment unctions, and not every place will

be able to engage all the stakeholders necessary to eec-tively address every community investment sector and is-

sue that may need attention. Fortunately, not

all unctions need to be served locally. Local

government ocials can benet their city by

calling upon investment, expertise and re-

sources rom other regions. When approaching a new or

dicult community investment topic, cities do well to learn

rom analogues in other places.

Joining orces with regional or national partners that have

specic community investment experience or capacity cancomplement the strengths o local partners. Inviting visits

and involvement rom developers, specialized nancial in-

stitutions, philanthropy and technical assistance providers

can help tap knowledge and unding that would otherwise

be inaccessible. Local government can actively participate

in community investment networks, conerences and visits

to track developments in the eld.

9. each beyond city limits
http://www.plannersnetwork.org/publications/2007_winter/vitiello.htmhttp://www.plannersnetwork.org/publications/2007_winter/vitiello.htmhttp://hope-sf.org/http://www.ncbcapitalimpact.org/default.aspx?id=2272http://www.ncbcapitalimpact.org/default.aspx?id=2272http://www.livingcities.org/bloghttp://www.livingcities.org/bloghttp://www.city2cityspringfield.org/http://www.city2cityspringfield.org/http://www.livingcities.org/bloghttp://www.livingcities.org/bloghttp://www.ncbcapitalimpact.org/default.aspx?id=2272http://www.ncbcapitalimpact.org/default.aspx?id=2272http://hope-sf.org/http://www.plannersnetwork.org/publications/2007_winter/vitiello.htmhttp://www.plannersnetwork.org/publications/2007_winter/vitiello.htm


10/10


esources

There are a variety o organizations devoted to community investment, and numerous conerences and meetings

that can help introduce public sector ocials to the eld, and build personal and institutional connections. Below

is an abbreviated list o websites that provide useul orientation to the eld.

Living ities is a unding collaborative o oundations and nancial institutions that invests in cities across the

country and shares lessons with other practitioners. For inormation on this work see: http://www.livingcities.

org/catalytic-capital/.

The ederal eserve an o an rancisco publishes a wide range o article on community investment, cover-

ing best practices, specic investment sectors, and innovations in the eld. This work is online at: http://www.

frbsf.org/community/.

helterorce, a journal on aordable housing and community building, similarly oers articles on community in-

vestment especially rom the perspective o housing: see http://www.shelterforce.org/.

The arsey nstitute at University o New Hampshire publishes useul research on community investment, includ-

ing inormation rom a joint project with the Federal Reserve Bank o Boston known as the Financial Innovations

Roundtable. See http://www.carseyinstitute.unh.edu/policy/cdf.html.

Capable intermediaries are undamental to successul community investment. The Opportunity inance

etwor, a network o Community Development Financial Institutions, is an excellent source or inormation on

these intermediaries and the role they play in community investment. Seehttp://www.opportunitynance.net/.

: The orum or ustainable and esponsible nvestment recently published an overview o community

investing that maps out participants and opportunities in the eld. See http://ussif.org/resources/pubs/.

The D und in the US Department o Treasury is a vital source o unding and data or community investment:

seewww.cdfund.gov.

The Department o Housing and Urban Development, the Environmental Protection Agency, and the Department

o Transportation have collaborated to explore the ederal role in promoting sustainable communities in ways

that have signicant implications or community investment or inormation on this initiative see www.sustain-

ablecommunities.gov.

One key element in community investment as currently practiced is the ew arets Tax redit. To better un-

derstand this program see the inormation collected at http://nmtccoalition.org/.
http://www.livingcities.org/catalytic-capital/http://www.livingcities.org/catalytic-capital/http://www.frbsf.org/community/http://www.frbsf.org/community/http://www.shelterforce.org/http://www.carseyinstitute.unh.edu/policy/cdf.htmlhttp://www.opportunityfinance.net/http://ussif.org/resources/pubs/http://www.cdfifund.gov/http://www.sustainablecommunities.gov/http://www.sustainablecommunities.gov/http://nmtccoalition.org/http://nmtccoalition.org/http://www.sustainablecommunities.gov/http://www.sustainablecommunities.gov/http://www.cdfifund.gov/http://ussif.org/resources/pubs/http://www.opportunityfinance.net/http://www.carseyinstitute.unh.edu/policy/cdf.htmlhttp://www.shelterforce.org/http://www.frbsf.org/community/http://www.frbsf.org/community/http://www.livingcities.org/catalytic-capital/http://www.livingcities.org/catalytic-capital/

Putting Dollars to Work in the Community 9 Things Local

Documents

Transcript of Putting Dollars to Work in the Community 9 Things Local