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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 ...
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 ...
Discussion Paper
Home Mortgage Disclosure Act (HMDA) home purchase data: summary for New England, 2003
This paper provides summary statistics for home purchase data collected under the Home Mortgage Disclosure Act in 2003. In addition to aggregate totals, patterns by income and race / ethnicity are also described. These analyses of HMDA data have been conducted to examine access to home purchase loans, while focusing on traditionally underserved populations ? low- and moderate- income (LMI) households and minorities. Overall lending activity has risen in recent years in New England, driven mainly by increasing volumes of applications from LMI and minority households. Although higher income ...
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 ...
Discussion Paper
International remittances: information for New England financial institutions
Each year, individuals in the United States send billions of dollars abroad. Most of these remittances are sent by immigrants to their home countries, and the majority of them flow through a handful of service providers who dominate this highly profitable business. As the immigrant population in the United States continues to grow, the volume of remittances climbs each year, reaching nearly $35 billion in 2004. Bankers and other financial professionals are taking notice, and financial institutions around the country are investigating ways to enter the market and capture a share of this ...
Discussion Paper
Home-mortgage lending trends in New England in 2010
This brief analysis of home-mortgage lending trends in New England is based on data collected under the Home Mortgage Disclosure Act (HMDA). HMDA provides information on mortgage lending trends and includes data by loan purpose, type of loan, income, and the race and ethnicity of borrowers. In this report we focus on home-purchase and refinance loans in New England.
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 ...
Discussion Paper
The social impact of home rehabilitation in low-income neighborhoods
While economists and others have studied the impact of abandoned foreclosed homes on nearby home prices and crime, very few scholars have attempted to understand the impact of abandonment and rehabilitation on neighborhood social conditions. The foreclosure crisis of 2005-2010 led to a concentration of abandoned foreclosed homes in disadvantaged neighborhoods and these neighborhoods became the targets of a policy intervention, the Neighborhood Stabilization Program. This study employs a mixed-method longitudinal approach to investigate the impact of this foreclosed home rehabilitation policy ...
Discussion Paper
Community-campus partnerships for economic development: community perspectives
Formal collaborations between community groups and academic institutions to promote economic development have increased substantially over the past 10 years. The bulk of research on community-campus partnerships has focused on the experiences of institutions of higher learning and the foundations that have funded the collaborations, leaving a gap in our understanding of community experiences. This report draws on a variety of sources, including first-person interviews and academic literature, to bring out community perspectives on what makes for successful partnerships. The conclusions are ...