Partners (Summer 1999)

Community Development Beyond Our Borders

The value of community development is not limited to the Southeast or the United States. Community development finance has value world wide, and the Federal Reserve System is active in promoting these goals beyond our borders. Recently, the Atlanta Reserve Bank's Community Affairs team hosted a contingent of 18 French bankers and their developers interested in learning more about affordable multi-family housing development in Atlanta.

The officials included two consultants/translators from KHN Company; eight officials from the banking company, DFE; and eight officials from several national profit development companies, called HLMs. DFE is a subsidiary of du Groupe CDC (Caisse des Depots et Consignations), a national organization chartered to help promote economic development.

The HLMs that were represented are special nonprofit housing development companies that borrow substantial funds from DFE to construct speculative multi-family homes.

The French contingent was interested in seeing the kinds of development that are possible and learning about how successes can be repeated. The agenda included a tour of the restored Imperial Hotel and meeting PRI, a state-wide non-profit development company; a meeting with officials of the Atlanta Housing Authority; tours of Centennial Place and the East Lake Meadows Housing developments; a meeting with SunTrust Banks officials; and tours of the MLK Historic District and Cabbagetown.

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