Financial Update - Volume 19, Number 3 - Schools Gather to Discuss Community Development

Financial Update
Vol. 19, No. 3,
Third Quarter 2006


FEATURES

Guynn Retiring
on Oct. 1

Booklet Imparts
Katrina's Lessons

Fed Holds Hearings on
Mortgage Practices

Atlanta Fed Conference
Spotlights Hedge Funds

New Brochure Touts
Bank Account Benefits

Birmingham Branch to
Convert to Cash Depot

Fed Reduces Exposure
to Daylight Credit

Fed Chair Speaks on
Energy Costs' Effects

Schools Gather to Discuss
Community Development

Bills Seek Tougher
Data Security

Fed Gov. Bies Addresses
Mortgage Markets

Olson Resigns Fed to
Lead Pension Board

DEPARTMENTS

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Birmingham Branch Hosts Officials of Historically Black Schools

Conference poster
The Birmingham Branch of the Atlanta Fed convened a June meeting of officials from historically black colleges and universities (HBCUs) and government agencies to discuss the schools' community development programs.

Representatives from a dozen HBCUs in the Southeast joined officials from the Atlanta Fed, the Department of Housing and Urban Development, the Federal Home Loan Bank, and Seedco, a nonprofit organization that helps people join the work force and achieve economic self-sufficiency.

Sowing the seeds of economic development
Michael Milner, the Birmingham Branch's regional community development director and the meeting's organizer, said the conference laid important groundwork. The meeting was the first held by the Atlanta Fed, he said, to focus on how minority institutions of higher learning can more actively promote economic development in their communities.

“Community development is part of the mission of many historically black colleges, as many campuses are located in economically distressed inner cities and rural areas,” Milner said. “But often HBCUs need some help in taking their vision to the next level.”

Related
Atlanta Fed Community Development Web site
Department of Housing and Urban Development's HBCU community development Web site

Broad range of initiatives discussed
Some HBCUs have already taken important steps, such as instituting community development programs ranging from job training to opening office and retail space to refurbishing and building affordable housing. The major topics of discussion at the Birmingham meeting included

securing grants to fund community development programs;
sustaining existing community development programs;
securing moral and financial support from college presidents and boards of regents by conveying to them how the programs benefit the school; and
gaining community support.

Among the institutions represented at the Birmingham meeting were Florida Memorial College, Miles College, Lawson State University, Trenholm State Technical College, Shelton State Community College, Alabama A&M University, and Benedict College.