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Discussion Paper
Reinvigorating Springfield's economy: lessons from resurgent cities
As part of the Federal Reserve Bank of Boston's commitment to supporting efforts to revitalize the economy of Springfield, Massachusetts, this paper analyzes the economic development approaches of other mid-sized manufacturing-oriented cities during the past half century. From among a comparison group of 25 municipalities that were similar to Springfield in 1960, the study identifies 10 "resurgent cities" that have made substantial progress in improving living standards for their residents, and that are recognized as vital communities in a broader sense by experts on urban economic ...
Journal Article
New ideas for old REOs: a disposition framework for marketing REOs for rental properties
The unprecedented accumulation of foreclosed properties in recent years has presented a challenge to communities, banks, and policymakers. This article outlines a potential disposition framework for government-sponsored and private enterprises to identify which foreclosed properties would be most appropriate for rental and which would remain most appropriate for homeownership. This disposition framework is then applied to the existing stock of foreclosed properties in Massachusetts, and the authors explore the possible utility of this analytic technique as a policy tool.
Discussion Paper
Jobs in Springfield, Massachusetts: understanding and remedying the causes of low resident employment rates
As part of the Federal Reserve Bank of Boston's commitment to supporting efforts to revitalize the economy of Springfield, Massachusetts, this paper explores the causes of and potential remedies for the city's low resident employment rates. When compared to the state as a whole and to other midsize New England cities, the share of employed city residents is low, particularly for residents of downtown Springfield and its nearby neighborhoods. By analyzing the availability of jobs across Springfield's various neighborhoods and in nearby towns and cities, this paper's goal is to learn why so few ...
Discussion Paper
Toward a more prosperous Springfield : a look at the barriers to employment from the perspective of residents and supporting organizations
Compared to the city, the region, and the state, labor force participation rates in Springfield's downtown and surrounding neighborhoods are very low. Residents and community leaders have expressed concerns about the employment prospects for the low-income residents that make up these neighborhoods. The purpose of this discussion paper is to highlight the perspectives of residents and community-based organizations on why so few residents of Springfield?s downtown neighborhoods are employed and to look at the some of the resources available to Springfield residents to help them address ...
Discussion Paper
Understanding foreclosures in Massachusetts
Recent increases in foreclosure rates in New England and other parts of the United States are raising concerns. Distressful for individual borrowers and potentially destabilizing for their communities, the negative effects of foreclosures flow beyond the impact on housing markets and the financial consequences for creditors. Public officials, lenders, current and potential homeowners, community organizations, and other stakeholders are paying careful attention. ; In low- and moderate-income communities in New England, community leaders view current trends as especially worrisome. Among ...
Journal Article
Anchors Aweigh: Why Do Anchor Institutions Matter?
In many cities, the expectation of civic leadership from a few large corporations headquartered downtown has ebbed. Instead, cities are looking to nonprofit anchor institutions, such as universities, hospitals, and museums, to support economic development and other goals. As Eugenie Birch, co-director of the Penn Institute for Urban Research and one of the panelists at a Reinventing Older Communities session on anchor institutions, put it, ?Universities are the factories of the 21st century.?
Journal Article
Panning for gold in inner city markets
Chakrabarti discusses how the Institute for a Competitive Inner City has a long history of shining light on investment opportunities in the inner city. Through their Inner City 100 competition, they have collected an impressive database of EDM companies. But their greatest opportunity to bring investment to the inner city might be to expand the database and mine their existing data more deeply. More data in the form that investors need holds the potential for bringing even more capital to EDM companies.
Discussion Paper
Towards a more prosperous Springfield, MA: what jobs exist for people without a college education?
This paper analyzes projections of Massachusetts employment opportunities by occupation to address concerns about a shortage of jobs for those who lack a college education. While occupations requiring a college degree will grow more rapidly over the period 2006-2016 than occupations that do not require college, replacement needs will ensure large numbers of job openings that do not require college. Wage levels in jobs that do not require college are generally low, however. The exceptions usually require meaningful training of another sort, such as long-term on-the-job training or courses in ...
Journal Article
Massachusetts’ efforts to address foreclosed properties
Massachusetts has been ahead of the curve in combating neighborhood deterioration as real-estate-owned (lender-owned) foreclosed properties increase. Affordable housing developers, community groups, municipal and state officials, and nonprofits have created a Foreclosed Property Task Force and an online database that is accessible by all the partners. The database is already improving decision making about where resources would have the most impact.