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Author:Steiger, Anna 

Discussion Paper
The case for the community partner in economic development

Community-based organizations promote economic development by assembling investments in affordable housing, mixed-use real estate, community facilities, and small business in specific geographies. A principal way that community-based organizations tap institutional investors for deals is by partnering with investment intermediaries who manage the risk of these transactions by pooling assets, spreading risk across investors, and pricing the transaction up to the associated risk. Such a partnership allows an investment intermediary, or what the industry calls an ?investment vehicle,? to use its ...
Public and Community Affairs Discussion Papers , Paper 2007-5

Discussion Paper
The role of community partners in urban investments

Institutional investors seeking to deploy capital to underserved areas do not have either the time or the expertise to actively manage these specialized investments. Investment vehicles intervene by using their financial expertise to pool assets and lower transaction costs. Community partners, in turn, link the investment vehicle to the neighborhood. This paper develops a typology of community partners and their unique characteristics that enable them to overcome information asymmetries in certain markets. The paper also discusses the business models that establish the relationship between ...
Public and Community Affairs Discussion Papers , Paper 2008-02

Discussion Paper
Small businesses in Springfield, Massachusetts: a look at Latino entrepreneurship

The Federal Reserve Bank of Boston has been collaborating with community leaders in Springfield, Massachusetts, on exploring revitalization strategies. Latino entrepreneurship is playing an important and increasing role in Springfield's economic development?providing new jobs and services and maintaining storefronts that might otherwise be vacant. An analyst in the Fed's community development unit, Ana Patricia Muoz, has recently completed a discussion paper on this topic, "Small Business in Springfield, Massachusetts: A Look at Latino Entrepreneurship." Among the implications: if Springfield ...
Public and Community Affairs Discussion Papers , Paper 2011-2

Discussion Paper
Housing policy and poverty in Springfield

This essay considers whether housing policies may have contributed to the concentration of poverty in downtown Springfield, Massachusetts ? a question that emerged in conversations with local leaders. Springfield is not alone in having large numbers of lower income households living downtown. This pattern is common in American cities. Recent research emphasizes the role of public transportation in causing lower income households to live closer to downtown. However, spillover effects and government policies, including housing policies, have reinforced this tendency. The essay reviews federal ...
Public and Community Affairs Discussion Papers , Paper 2011-1

Journal Article
Linking institutional investors to communities

Public pension funds, insurance companies, foundations, and universities increasingly pursue community investments because they deliver on twin goals: high financial returns and economic growth in underserved areas. Since 2000, mission-related investments have grown at a 19.5 percent compound annual rate.
Communities and Banking , Issue Sum , Pages 13-15

Journal Article
Using new markets tax credits to mitigate the impact of foreclosures on communities

The author presents an overview of what is being done and offers community development practitioners? ideas about how to refine and strengthen the federal program. One example: change the program to allow a separate, additional allocation of tax credits for the purchase and resale of foreclosed property in low-income areas.
New England Community Developments

Journal Article
Using new markets tax credits to mitigate the impact of foreclosures on communities

Across the country, committees have been established to come up with ways to mitigate the impact of foreclosures on lower-income communities. A few are exploring the feasibility of having community-based organizations use the New Markets Tax Credit (NMTC) Program to facilitate the purchase of foreclosed residential properties for rehabilitation and resale to low- and moderate-income families. In theory, these organizations could use the tax credits to help recover their costs for purchasing, fixing up, and selling homes at a price that is affordable to lower-income buyers. Moreover, the tax ...
Community Development Investment Review , Issue 1 , Pages 76-82

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