COVID-19 is having disproportionate health and economic impacts on racial and ethnic minority, low-income, low-wealth, and rural residents. Partners Update examines research on tracking the spread of the virus to protect vulnerable citizens.
Our community and economic development team conducted a virtual listening tour to collect real-time economic and social impacts of the COVID-19 public health crisis in low- and moderate-income communities and the organizations that serve them. Read Partners Update for a discussion of the findings.
Anchor institutions such as universities and hospitals can help drive inclusive economic development in their communities. The author examines efforts to launch anchor institution strategies in New Orleans, Atlanta, and the Miami area.
This roundtable included an interactive set of discussions on improving the flow and effectiveness of capital in workforce development and training systems. Participants included thought leaders and innovators from across the workforce development and community development finance sectors as well as partners from philanthropy, banking, and business. The Federal Reserve Bank of Atlanta in partnership with the Federal Reserve Board of Governors, the Federal Reserve Banks of St. Louis and Richmond, and the Carsey School of Public Policy at the University of New Hampshire cohosted the event.
The publication documents eight community development financial institution (CDFI) partnership models and details the challenges CDFI partnerships face as the industry develops. The Federal Reserve Banks of Atlanta, Minneapolis, St. Louis, and Richmond collaborated on the publication.
Community development financial institutions (CDFIs) provide affordable financial services to people and businesses in underserved communities. A recent Fed publication provides case studies on eight CDFI partnership models. Learn more in Partners Update.
Join other community development professionals at the 2018 event. You will learn strategies for investing in financial, human, physical, and social capital to create opportunities for communities. Register in Partners Update.
The event examined health, equity, and the economic impact of community food production. The Federal Reserve Bank of Atlanta's Community and Economic Development group, Hope Credit Union Enterprise Corporation, Self-Help Credit Union, and Food Well Alliance cohosted the event in Atlanta.
The Kansas City Fed presents the third webinar in a series on high-quality jobs for lower-wage workers. The April 26 session will feature panelists' research perspectives on developing these jobs, says Partners Update.
Participate in a two-part webinar series to learn how workforce development organizations and banks can partner to improve economic opportunity for workers. Register for the sessions in Partners Update.
Community development and health professionals often work with the same residents in separate silos, but that is beginning to change. Partners Update previews a paper on emerging health-community development partnerships in the Southeast.
Health and community development professionals are learning to collaborate to address the social determinants of health. The author investigates promising partnerships in the Southeast in this first of a two-part series.
The event explored how health and community development professionals are learning to collaborate. Participants represented a variety of sectors, including health care, public health, community development, housing, government, and research. The Build Healthy Places Network, the Federal Reserve Bank of Atlanta, and the Georgia Health Policy Center cohosted the event, which was held in Atlanta during the national American Public Health Association Conference.
The Federal Reserve Bank of Atlanta, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency cohosted a forum in Orlando, Florida, to explore priorities, opportunities, strategies, regulatory issues, and other topics affecting community development financial institution loan funds in Florida. The Opportunity Finance Network and the CDFI Fund at U.S. Treasury were partners on the event.
Financing affordable housing is a growing challenge in the Southeast. Partners Update discusses the Low-Income Housing Tax Credit (LIHTC) program that supports construction and rehab of affordable housing.
This Board of Governors and Federal Reserve Bank of St. Louis publication includes selected papers that were presented at the ninth biennial Federal Reserve System's Community Development Research Conference. The essays explore a range of issues and concepts central to understanding how—and how well—people are able to move economically.
The Community Reinvestment Act (CRA) encourages banks to help meet the credit needs of the communities they are chartered to serve, including the low- and moderate-income neighborhoods in those areas. This video explores the CRA's provisions and how regulators evaluate a bank's CRA performance.
Fed Governor Brainard visited Atlanta neighborhoods with community and economic development and supervision and regulation team members. They met with community members and organizations to discuss local efforts, reports Partners Update.
Philanthropic grants have become an increasingly important source of revenue for many U.S. communities. A new episode of the Economy Matters podcast looks at a new Atlanta Fed tool to track where these grants go and the trends they depict.
Foundation grants are an important source of funding in the CED field, but are small and economically distressed metro areas at a disadvantage? To find out, the Atlanta and Philadelphia Feds coauthored a paper and developed an interactive data tool to analyze grant funding across hundreds of U.S. cities.
The Federal Reserve Bank of Atlanta and Federal Home Loan Bank of Atlanta hosted a forum in Jackson, Mississippi, to explore priorities, opportunities, strategies, regulatory issues, and other timely topics affecting community development financial institution (CDFI) banks in the Southeast.
The Federal Reserve Banks of Atlanta and St. Louis, the National Disability Institute and the ABLE National Resource Center, and Washington University’s Center for Social Development hosted a forum in Atlanta to bring together a select group of leaders in the financial, disability, and 529 savings communities.
Data show a persistent widening of income inequality in this country. How can communities establish economic growth that is both strong and inclusive? Partners Update looks at a South Florida effort to improve prosperity for all and create a more resilient local economy.
The Southeast's big cities are known around the world, but the region is home to far more small metropolitan areas, each with its own economic characteristics and demographic identity. The newest Economy Matters podcast discusses an Atlanta Fed tool that allows a convenient look at the economies of these cities.
How can a small city that suffers a natural disaster recover economically? The small cities study tour stops in Cedar Rapids, Iowa, to find out how the city rebounded after a 2008 flood in the second Partners Update article in a series.
How does the Fed engage in economic development across the country? Will Lambe of the Atlanta Fed and Daniel Davis of the St. Louis Fed discuss various Bank initiatives in the Economic Development podcast.
Mapping and data visualization tools can have significant applications in the community and economic development field. This Partners Update article examines two tools that help evaluate housing and transportation costs.
Community development financial institutions have long faced challenges securing financing to assist low-income communities. One option is to become a Federal Home Loan Bank member to access additional funding sources. Partners Update discusses the membership process and new members in the Atlanta region.
How have some small cities forged a path to economic resurgence while others still languish? Representatives from several Federal Reserve Banks and place-based funders are on tour to find out. In this first Partners Update article in a series, they study a revitalized Chattanooga.
The purpose of this ebook is to present an emerging model of economic development that focuses on using entrepreneurship and small business development as the primary tool to create community economic growth.
Published by the San Francisco Fed in partnership with CFED, What It's Worth provides a 360-degree view of the financial problems and challenges millions of American households face. The book highlights the enormous creativity and innovation underway to improve financial well-being and provides concrete ways that nearly all sectors of society can implement proven and evolving solutions.
An interactive tool and data set that explores 400 small U.S. cities. The index enables policymakers and practitioners to examine local trends and compare cities across four measures of economic dynamism: demographics, economics, human capital, and infrastructure.
A discussion about local initiatives to improve healthy food access in the Atlanta area and innovative cross-sector partnerships to address food insecurity, create jobs, and revitalize communities. The Atlanta Fed, Bank of America Foundation, and Reinvestment Fund cohosted the event.
The percent of the population that gained a bachelor's degree or higher rose by 7.9 percentage points from 1990 to 2010. However, only 78 of 283 metro areas were above that 7.9 percentage point increase. The author examines four labor market outcomes in those 78 "leader metros."
Community development practitioners want to know how much banks are investing in a particular geography, as that information could help them "right-size" their strategy for bank partnerships. This second Partners Update article on the CRA provides an approximate figure for the Southeast.
The Community Reinvestment Act helps drive significant investments into low- and middle-income communities, but not all communities benefit equally. This Partners Update article discusses where banks are motivated to act and provides a mapping tool to illustrate where particular banks engage in community development.
Little is known about the financial lifecycle of nonemployer businesses, which are an important part of the U.S. economy. Do they obtain financing? If so, what is their source? A new paper in the Community and Economic Development Discussion Paper Series discusses findings from the 2014 Joint Small Business Credit Survey, focusing on the nonemployer firms.
Perhaps community and economic developers need a new song to sing—or so one conference presenter suggested. A new Partners Update article offers highlights from two recent conferences that addressed the need to create new approaches.
The factors that contribute to economic dynamism in a small city can be elusive to define and measure. This Partners Update looks at some elements of small city economic dynamism that may contribute to growth and development.
As the name says, these initiatives are designed to concentrate investments in a specific location, and some couple infrastructure and human capital investments. This Partners Update article summarizes place-based initiatives, describes challenges for communities incorporating such a strategy, and discusses best practices.
The lenders, also known as CDFIs, provide capital for affordable housing, small businesses, schools, health centers, and manufacturing facilities. This Partners Update article discusses CDFIs doing business in the Southeast.
In terms of health, the Southeast tends to trail behind other parts of the country, though efforts are under way to address these persistent challenges. This Partners Update article looks at resources generated in our region and by our Fed colleagues connecting health and community development.
The creative industries contribute about a million jobs to the U.S. economy with supporting industries offering millions more. Partners Update looks at the role the arts could play in the community development field.
The EB-5 program was designed to attract foreign investment into economically distressed communities, but is it achieving that goal? A second blog post discusses some southeastern projects and raises several issues for community and economic developers to consider. Partners Update summarizes the findings.
With 90 percent of the world's data generated in just the past two years, this book from the San Francisco Fed and the Urban Institute challenges policymakers, funders, and practitioners across sectors to seize this new opportunity to revolutionize our approaches to improve lives in low-income communities. It provides a road map for the strategic use of data to reduce poverty, improve health, expand access to quality education, increase employment, and build stronger and more resilient communities.
The guidebook from the San Francisco Fed provides information on a variety of community development data resources, divided by topic area, along with a practical application of how to retrieve the data and suggestions on how to conduct appropriate analysis.
Community and economic developers are always looking for new ways to help revitalize economically distressed communities. The Atlanta Fed's Will Lambe looks at one rather novel program that could help; Partners Update summarizes the findings.
How can local economic development strategies evolve to address demographic changes, technological innovation, and increasing global competitiveness? Dan Gundersen, a former senior commerce official, and Rick Weddle, president of the Metro Orlando Economic Development Commission, discuss the topic in an Economic Development podcast episode.
Much of the wage growth in the United States over the last several decades has gone to the most productive (and highly educated) workers. A new Partners Update article looks at the implications for community and economic developers.
The Working Cities Challenge seeks to spur collaborative leadership in Massachusetts's smaller cities and help improve low-income residents' quality of life. Prabal Chakrabarti, at the Boston Fed, and Jessica Andors, at Lawrence Community Works, discuss the initiative in an Economic Development podcast episode.
How can economic development practitioners best measure and track their strategies' outcomes? Tim Chase, of the Greater Wichita Economic Development Coalition, and Swati Ghosh, of the International Economic Development Council, discuss their research findings in an Economic Development podcast episode.
The economic and social challenges that affect the geographically large, diverse Appalachia region are too complex for an individual organization to address. Over 200 local and regional funding entities have formed the Appalachia Funders Network to make a greater impact, reports Partners Update.
The sixth biennial Reinventing Older Communities conference explored how communities can grow and strengthen their economies by creating opportunities for all residents. The Philadelphia Fed sponsored the event.
How effective are economic development strategies that seek to grow local entrepreneurship and small businesses? Todd Johnson at Gallup and Dell Gines at the Kansas City Fed explore the successes and challenges associated with this approach in an Economic Development podcast episode.
The Florida Prosperity Partnership, a statewide coalition, links community organizations, state and local governments, and financial institutions to support residents' financial health. Partners Update looks at some of the organization's achievements.
While the city of Atlanta is an attractive place to live and work, many low-income people have not shared in that prosperity. Partners Update looks at a new web mapping tool designed to enhance regional planning and help inform policy.
This publication provides a road map of best practices in community development and a healthy communities framework that highlights the types of investments that are valuable both to financial institutions and their target communities. It also includes reference guides for ensuring planned CRA activities meet regulatory requirements and a template for how financial institutions can tell their CRA story.
What are the economic development implications of immigration, and how can communities leverage immigrants as key workforce assets? Denny Coleman of the St. Louis Economic Development Partnership and Michael Iacovazzi-Pau of Greater Louisville Inc. discuss findings from a recent IEDC report in an Economic Development podcast.
Lenders, regulators, and representatives of community-based nonprofit organizations met to discuss housing finance, general financial services, and small business lending, with a focus on low- to moderate-income households.
Large-scale economic development strategies can help facilitate job opportunities for low-income and minority populations. Victor Rubin and Sarah Treuhaft at PolicyLink discuss their proposal that infuses economic inclusion into these strategies as part of the "Big Ideas for Job Creation" project.
Disinvested areas of cities must often combine community and economic development efforts to achieve the goals of both. Rick Sauer and Lynn Martin Haskin of the Philadelphia Association of Community Development Corporations discuss how local institutions can support economic development at the neighborhood level.
A diverse set of issues is shaping community development policy and practice. Nearly 350 participants explored research at the Fed's eighth biennial Community Development Research Conference. New ideas, approaches, and strategies for the community development industry and academic field were discussed.
Many cities support entrepreneurs as a way to create jobs, increase investment, and restore vitality, especially in the urban core. Ray Leach from JumpStart and Joe Marinucci of the Downtown Cleveland Alliance discuss how communities can create a thriving entrepreneur base through innovative approaches to support services and by reimagining partnerships among local organizations.
Christopher King, director of the Ray Marshall Center at the University of Texas's LBJ School of Public Affairs, discusses how the country's shift to a knowledge-based economy has brought the fields of economic development and workforce development closer over the past 10 years.
How can a city create an attractive business climate and leverage its unique assets to gain and retain jobs? The Greater Houston Partnership's Craig Richard discusses an approach that has worked in his city to propel significant job growth despite the weak national recovery.
The number of middle-income rural communities in the Southeast designated as distressed or underserved grew 45 percent between 2011 and 2012, according to federal banking regulators. Financial institutions will receive credit under the Community Reinvestment Act for revitalization or stabilization efforts in those areas.
Scott, executive director of Georgia STAND-UP, discusses critical issues for underserved communities and how her organization works with numerous partners to address key community and economic development issues.
Many cities have experienced the contraction of a once-dominant industry. The Richmond Fed's Kim Zeuli examines two North Carolina cities—Concord and Eden—that lost their textile employment base and learned to adapt to changing conditions.
Kate Marshall Dole, an analyst at the Center for Financial Services Innovation, discusses the potential that mobile banking and payments represent for reaching the unbanked and underserved communities.
This Atlanta Fed booklet describes how the Community Reinvestment Act (CRA) affects the way banks and thrifts serve their communities' credit needs. It outlines factors that regulators use to rate a bank's CRA performance and tells where to find information on a bank's rating.
Workforce development issues require collaboration across sectors and geographies. Damian Thorman, national program director at the John L. and James S. Knight Foundation, discusses the importance of public, private, and philanthropic partnerships in addressing local and regional workforce challenges.
Some Southeastern cities have seen population declines in the last few decades. Communities facing these conditions may turn to strategies focused on "right sizing" or "smart decline," which emphasize improving the quality of life for current residents rather than attracting new ones.
Recently, the Atlanta Fed's Community and Economic Development outreach team interviewed experts across the Southeast on how local communities are responding to reduced state and local budgets. What impact is that having on households and communities in the region?
Mobile banking is a growing trend among consumers, according to recent findings from a Federal Reserve Board report. The online survey of nearly 2,300 people explores the widespread use of mobile technology to access a bank account, credit card, or other financial account.
Philip Harvey, professor of law and economics at Rutgers University, discusses how his proposed direct job creation program would create temporary public-sector jobs, and in the process, help reduce unemployment.
This compilation of essays published by the San Francisco Fed and the Low Income Investment Fund highlights entrepreneurial solutions for addressing poverty. Authors include leading experts from across the country in community and economic development, academia, government policy, health, and philanthropy.
Economic development practitioners can foster strategic collaboration among regional concentrations of firms and industries to support job growth and investment in their communities. John Fernandez, the U.S. Assistant Secretary of Commerce for Economic Development, discusses how to develop and maximize the effectiveness of regional economic development strategies.
Governor Elizabeth Duke discussed "lessons learned" from the financial crisis during a Federal Reserve Board forum on September 1. Duke also identified obstacles to the housing market recovery and explored possible solutions. One option, land banking, has a good track record in the Southeast.
Communities underserved by traditional financial institutions may need innovative methods to access credit. Community development financial institutions (CDFIs) are important partners in community and economic development.
CDFIs (community development financial institutions) are playing a growing and evolving role in job creation across the country. Donna Gambrell, director of the U.S. Department of the Treasury's CDFI Fund, discusses CDFIs and how they contribute to economic development in this second half of a two-part podcast.
Donna Gambrell, director of the U.S. Department of the Treasury's CDFI Fund, describes how community development financial institutions differ from other financial institutions and discusses their impact on low- and moderate-income (LMI) communities in this first half of a two-part podcast.
Job creation and retention are top priorities for most communities across the nation and around the world. Jeff Finkle, president and CEO of the world's largest economic development membership organization, discusses how successful economic developers adapt to current issues, including the economic downturn, regionalism, and globalization.
Small improvements in the "sustainability" of buildings can have large effects on greenhouse gas emissions and on energy efficiency in the economy. In today's commercial real estate market, does it also make business sense to invest in the energy efficiency or "sustainability" of buildings?
Economic development organizations must develop and execute job creation programs in today's difficult economy, even as their budgets are reduced. Denny Coleman, president and CEO of the St. Louis County Economic Council, discusses how local organizations can still add to the quantity and quality of local jobs.
Jay Moon, president and CEO of the Mississippi Manufacturers Association, discusses the increasingly technical and specialized skills needed to support advanced manufacturing. These skills, he says, are creating a greater focus on working with business, industry, and educational partners to develop a better-skilled workforce.
Who will pay for health care? How should it be delivered? Even though these topics arouse considerable national debate, nearly all economic developers agree on one important point: health care creates jobs.
The conference investigated core issues surrounding green development and assessed the tools, challenges, and opportunities in financing this type of development. Tulane University's Master of Sustainable Real Estate Development program and the Atlanta Fed’s Center for Real Estate Analytics cohosted the event.
Today, more companies consider the health of the local workforce when deciding where to locate or expand a business. Dr. Rhonda Medows, chief medical officer and executive vice president for UnitedHealth Group's public sector programs, discusses job trends and how economic developers can improve their communities' competitive advantage by improving the health of the workforce.
Chronic illnesses, including diabetes and high blood pressure, contribute to worker absenteeism, decreased productivity, and increased insurance costs to employers. Greater focus is being placed on preventive health care, including a closer look at children's health. Dr. Jay Berkelhamer, past president of the American Academy of Pediatrics, discusses trends in child health and their implications for workforce development.
A critical shortage in medical professionals, especially in rural and low-income areas, is a challenge facing medical colleges. Dr. Wayne J. Riley, president and CEO of Meharry Medical College, discusses the future of medical training and its implications for economic development.
Older cities once focused on manufacturing have faced declining fortunes for some time. Even with the economic recession adding new pressures to economic development strategies, some of these cities have managed to reinvent themselves into vibrant job centers. Dr. Yolanda Kodrzycki of the New England Policy Center at the Federal Reserve Bank of Boston discusses the lessons these resurgent cities have for other communities.
The conference provided a multidisciplinary approach to understanding the relationship between small business and entrepreneurship and economic recovery. The Kauffman Foundation and Atlanta and Dallas Feds cohosted the event.
Current economic conditions have inspired practitioners and policymakers to think more deliberately about the overlap between economic and community development. The combination of fewer local businesses, fewer jobs for residents, and increased foreclosure rates has hastened holistic, neighborhood-based approaches. Tony Cipollone, vice president for the Civic Sites and Initiatives of the Annie E. Casey Foundation, discusses how neighborhood-based economic and community development projects are working to create more vital and vibrant neighborhoods.
Like many cities that have heavily depended on a few key industries, employment and workforce development have long been a challenge for New Orleans. But the economic and natural disasters of the past five years only exacerbated the situation. As New Orleans continues to rebound from Hurricane Katrina, job growth and a more resilient economy will depend on simultaneously leveraging historic industry assets while growing new ones. Dr. Allison Plyer, co-deputy director at the Greater New Orleans Community Data Center, discusses the vital role of New Orleans's export industries from her recent report, Jobs that Matter Most: Regional Export Industries in the New Orleans Area.
Creating quality jobs and rebuilding the middle class in a global, knowledge-driven economy requires new strategies, new partners, new goals, and new metrics of success. The role of economic developers has expanded to include everything from technology transfer to attracting retail that will expand a community's tax base. Putting this all together in an economic development strategy can be challenging. Dr. Shari Garmise, vice president for Knowledge Management and Development for the International Economic Development Council, discusses the findings and case studies compiled in the recent report "Creating Quality Jobs."
Creating a broad range of high-quality jobs in the urban core is a daunting economic development challenge, that is only exacerbated by the current economic climate. Using Atlanta as an example, Dr. Nancey Green Leigh, professor of City and Regional planning at the Georgia Institute of Technology, discusses a roadmap for protecting and energizing an industrial sector as a viable source of job growth and economic investment.
The overlap between economic development and philanthropy is growing. While we most often think of foundations as being involved in community development, they play increasingly more important roles in economic development. Douglas W. Nelson, retired president and CEO of the Annie E. Casey Foundation, talks about how foundations can support economic development as sources of flexible capital and data-driven policy advocacy.
The importance of financial institutions in economic development efforts has varied by region. As communities struggle with funding economic development efforts, some are re-engaging banks in new ways. Indeed, the financial crisis has re-framed the banking sector's models of economic development deals. Bill Best, senior vice president for Community Development at PNC Bank and chair for the International Economic Development Council, discusses the key role banks play in community and economic development efforts during a time of recovery.
Economic growth and the preservation of natural resources are increasingly interdependent. Chris Clark, commissioner of Georgia's Department of Natural Resources, discusses the very real and important connections among economic development, community development, and the sustainable use of natural resources, an interdependence that leads to productive industries and thriving communities.
Increasingly, communities are approaching economic development efforts within a sustainability context. Federal funding support has also shifted toward projects and programs that emphasize sustainability concepts. Edward Blakely, professor of Urban Policy at the University of Sydney, Australia, discusses how the economic crisis has transformed how we think about economic development finance and how communities can craft their economic destinies within the global economy.
The financial climate has limited the availability and effectiveness of traditional economic development tools. States and counties are challenged to identify innovative strategies to promote economic growth and employment. Reagan Farr, commissioner of the Tennessee Department of Revenue, discusses how Tennessee has adapted its incentive policies to attract investment and grow jobs in the midst of the nation's worst recession in decades.
As a financial consumer and a concerned citizen, you may be interested in how well your bank or savings and loan is helping meet the credit needs of your community, including low- and moderate-income areas. In fact, by law, the performance of every bank and thrift in meeting these needs is regularly evaluated and rated, and this rating is available to the public.