Financial Update (Third Quarter 2009)

Fed Gov. Duke Visit Focuses on Neighborhood Revitalization

photo of Fed Governor Elizabeth Duke and Renee Glover of the Atlanta Housing Authority
Federal Reserve Board Gov. Elizabeth Duke (left) talks with Renée Glover, president and chief executive officer of the Atlanta Housing Authority.

On a recent visit to Atlanta, Federal Reserve Board Gov. Elizabeth A. Duke spent the majority of her time getting acquainted with local and regional housing issues as well as banking issues in the Southeast. The focus of her visit was to see neighborhood redevelopment that will offer affordable housing and to learn more about the impact of the foreclosure crisis on communities in the region.

Taking a tour of several Atlanta neighborhoods and speaking with Atlanta Fed Community Affairs staff, Duke was able to assess the affordable housing picture in this region and to observe an affordable housing model. She visited a former public housing project undergoing redevelopment into a mixed-income community.

As part of her visit, Duke was briefed on both the strategies for improvement and the threats to neighborhoods along with the role of community and foundation work to transform and invigorate neighborhoods in the face of the foreclosure crisis. One such effort in Atlanta is the Annie E. Casey Foundation for Neighborhood Transformation, a grant foundation that is working with Atlanta-area community leaders (the Pittsburgh Community Improvement Association and the Neighborhood Data Advisory Group) to ensure increased social capital and renewed pride in affordable, quality housing, good neighborhood jobs, and ongoing economic development.

Gov. Duke speech on community development

As chair of the board's committee, Duke, a former community banker, has oversight for the board's Community and Consumer Affairs initiative, and she is also active with the board's bank supervision and regulation efforts. Her visit to Atlanta came one year to the day of her appointment to the board on Aug. 5, 2008.

August 31, 2009