Focusing on the role structural racism plays in our economy and society, the Federal Reserve Banks of Atlanta, Boston, and Minneapolis launched the Racism and the Economy series. Partners Update reflects on emerging lessons from the series and what it means to use data and expertise to inform policymakers.
Heirs’ property can result when a property owner dies without a legally recognized estate plan in place. This form of ownership disproportionately affects lower-wealth African Americans. Partners Update examines some recent legislation on heirs’ property in the Southeast.
Income gaps along racial lines are the result of long-standing structurally discriminatory policies across U.S. institutions. Although laws have changed, the legacy of these policies still affects people today. Partners Update examines how benefits cliffs differentially affect minority populations.
A new Federal Reserve System report spotlights the impact of COVID-19 on low- to moderate-income communities. This report examines the findings of a nationwide survey of over 1,800 respondents representing nonprofits, financial institutions, government agencies, and community organizations. Read Partners Update to learn more.
For many working families with young children, childcare is essential to maintain employment. Childcare prepares children for kindergarten and future learning and success. Partners Update examines childcare during the economic downturn, including its costs.
The Board has released its annual report on household economic well-being. In April 2020, the Board conducted a supplemental survey of over 1,000 adults to gauge households' overall financial circumstances during COVID-19. Read a summary of the report in Partners Update.
Congress passed the CARES Act and other legislation to help workers who have lost their jobs during the pandemic. Partners Update considers a case study of a hypothetical laid-off restaurant worker in Birmingham and Miami and the potential financial assistance he'd receive in each city.
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.
Heirs' property is land inherited by the descendants of a previous owner, often one who did not leave a will. Partners Update discusses a comprehensive report on the issues facing these property owners, including the inability to transfer wealth to future generations.
When grandma dies without a will, property is passed on to her children, and then to each successive generation. Listen to experts discuss the complications of heirs property in a special edition episode of the Economy Matters podcast.
Does early child development plus education equal a stronger economy? The Federal Reserve System's 10th Biennial Community Development Research Conference spotlighted high-quality, emerging research on this and other questions, with featured speakers including Fed Chair Janet Yellen and Geoffrey Canada of the Harlem Children's Zone.
A recent discussion paper examines housing instability and the rise of institutional investors in Fulton County's single-family rental housing. Partners Update discusses the findings and implications for communities and families.
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.
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.
Heirs' properties are parcels of land inherited by descendants of a previous owner who did not leave a will. This type of ownership is widespread in the Southeast and disproportionately found in low-income ethnic and racial minority families. Partners Update examines the social and economic issues associated with these properties.
What's behind the increasing rate of tenant evictions across the country? Harvard's Matthew Desmond, author of Evicted: Poverty and Profit in the American City, discussed the lack of affordable housing and shared haunting personal stories from his book at a recent Atlanta Fed event. Learn more in Partners Update.
The Atlanta Fed cohosted a recent symposium to examine strategies that would promote equitable transit-oriented development without gentrifying a neighborhood and displacing residents. Partners Update takes you inside the discussions.
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.
One model of financial counseling couples education with delivery of point-in-time municipal services. This model and other issues relevant to financial education providers were topics at the Cities for Financial Empowerment Fund's annual meeting hosted by the Atlanta Fed's Nashville Branch, reports Partners Update.
U.S. job growth was the best in 15 years in 2014, but not all those jobs pay enough to support a family. The ALICE project describes the population of workers struggling to afford basic necessities; Partners Update examines the Florida project results.
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.
In a recent speech, Federal Reserve Chair Janet Yellen discussed widening inequality in income and wealth in the United States. Partners Update notes that she highlighted four building blocks to build economic opportunity.
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.
The U.S. housing market has been on the mend since the recession ended, but increasing property values are leaving many families of modest means priced out of the market. This Partners Update article examines inclusionary housing policies as one possible solution.
One outcome of the recent recession is that rural poverty rates are the highest since the mid-1980s. Mil Duncan, founding director of the University of New Hampshire's Carsey Institute, discusses the issues facing the rural poor in an Economic Development podcast episode.
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.
Though some cities plan to reduce or freeze property tax assessments for long-time homeowners, a recent Atlanta Fed blog suggests that property taxes are not a significant driver of neighborhood change. Partners Update takes a look at the issue.
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.
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.
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.
Well-functioning credit markets are vital to support a healthy economy. Using survey results and listening sessions, the Atlanta Fed's Community Indicators Project examines consumers' access to credit in the Southeast, particularly in low- and moderate-income households. Partners Update looks at the results.
How can the workforce development system better respond to people with disabilities? Kathy Krepcio, of Rutgers' Heldrich Center for Workforce Development, and Michael Morris, of National Disability Institute, discuss innovative programs and policies designed to ensure this sector is poised to meet employers' labor needs.
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.
Low-wage workers make up about one-third of the U.S. workforce. What hurdles do they encounter when looking for a job? The Atlanta Fed community and economic development group conducted a poll to understand the issues low-wage workers in the Southeast face.
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.
An Atlanta Fed research paper suggests that prevailing optimism during the housing boom and the resulting decisions made by homeowners and financial institutions were primary causes of the foreclosure crisis. The paper examines what led to some of these decisions and how policymakers might respond in the future.
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.
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.
Over 10.7 million households owe more than their homes are worth as of the third quarter of 2011, according to Chief Economist Mark Fleming of CoreLogic. Negative equity can hinder homeowners' ability to sell their homes or, in some cases, to qualify for loan modification and refinancing programs.
The most recent Mortgage Delinquency and Foreclosure Trends from the Atlanta Fed shows a slight decrease in the percentage of mortgages in foreclosure in the Southeast from December 2010 to June 2011. But there's an asterisk beside that news.
New research suggests that self-employment is becoming an important solution to unemployment in the Southeast, especially in rural areas. But why are there different outcomes for urban and rural areas? And what are the implications for economic developers and policymakers?
Real-estate-owned (REO) properties are usually vacant and, particularly when geographically concentrated, can have destabilizing effects on neighborhoods and communities. The author studies intrametro REO distributions across different metro areas during the mortgage crisis.
What was the extent to which real-estate-owned (REO) properties accumulated in different housing markets during the mortgage crisis? The author examines characteristics of the inventory of REO properties in U.S. metro areas from 2006 to 2008.
Mortgage regulation and foreclosure laws are generally under federal and state governance, but local governments and organizations responded to rising foreclosures in various ways. The author presents a range of responses to the foreclosure crisis that local organizations have used.