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Community Banking: A Time of Promise and Challenge
The 13th annual Community Bankers Symposium, cosponsored by the Federal Reserve Bank of Chicago, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), was held at the Federal Reserve Bank of Chicago on November 16, 2018. During a full day of speeches and panels, a group of 160 community bank executives, financial industry practitioners, and regulatory agency professionals who work in the Seventh Federal Reserve District1 explored the evolving landscape of community banking.2 This article provides an overview of the event?s key presentations ...
Journal Article
Mapping Our Community: Residential Segregation in Mt. Airy and in Philadelphia
The West Mt. Airy neighborhood of Philadelphia has been nationally recognized for its efforts to intentionally promote racial integration and neighborhood stability since the 1950s.1 In the more than 50 years since then, residents understand the challenges to integration through a new lens and remain passionate about creating a neighborhood of diversity and inclusion. A contemporary challenge to racial integration in Mt. Airy focuses on the concern that rising housing costs will lead to the displacement of current residents and will inhibit lower-income residents from moving into the ...
Journal Article
Residential Mortgage Lending for Underserved Communities: Recent Innovations
As the United States continues to recover from its worst financial crisis since the 1930s, housing finance leaders from both the public and private sectors have diligently worked to develop programs, products, and services to safely expand access to affordable homeownership. Despite persistently low interest rates, relatively modest growth in home prices, and a strengthening labor market, purchase mortgage volume remains low compared to the pre-crisis and pre-bubble years, and the homeownership rate continues to fall. Factors contributing to the homeownership decline include the still ...
Journal Article
Exploring the Correlations between Health and Community Socioeconomic Status in Chicago
Much research demonstrates that where you live ? and the socioeconomic conditions present in that place ? determine individual-level health outcomes.[1] The premise that individual stressors tend to aggregate themselves into communities with poor socioeconomic status (SES) leads to the conclusion that ?where you live determines how long you live.? As former Federal Reserve Chairman Bernanke stated, ?Factors such as educational attainment, income, access to healthy food and the safety of a neighborhood tend to correlate with individual health outcomes in that neighborhood.?[2] These factors ...
Journal Article
Anchor Institutions: Addressing Community Needs
How can anchor institutions catalyze change and positively impact the neighborhoods and communities that surround them? In her 20 years of research, Kathryn Edin, distinguished professor in the Department of Sociology at Johns Hopkins University, has chronicled the loss of the rich network of neighborhood institutions that knit communities together and create ?social cohesion.?
Journal Article
Resident Engagement: Effective Strategies for Community Building
Community-building initiatives bring together a number of stakeholders to set goals and implement activities to revitalize neighborhoods. As part of this process, organizations seek ways to incorporate resident input and increase resident engagement. Intermediaries and technical assistance organizations such as the Local Initiatives Support Corporation (LISC) provide strategies and best practices to solicit resident ideas and to encourage residents to participate in the process of building a community. According to the LISC Institute for Comprehensive Community Development, ?The work of ...