Journal Article

The Community Reinvestment Act: a growing tool for brownfield redevelopment

Abstract: It is no accident that financial institutions in the Fourth Federal Reserve District are taking a more active role in financing the redevelopment of former industrial sites, known as brownfields. Increasing demand for vacant urban land, high suburban real estate costs, concerns about sprawl, and private-market incentives are encouraging greater financial institution participation in brownfield developments. Until recently, government-funded programs drove brownfield redevelopment. That changed in 1995, when the Community Reinvestment Act was overhauled, transforming the way financial institutions comply with the law through their lending, investing, and service activities-including investments and loans to brownfields.

Keywords: Brownfields; Community Reinvestment Act of 1977;

Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Community Reinvestment Forum

Publication Date: 2003

Issue: Spr