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Bank:Federal Reserve Bank of Philadelphia  Series:Cascade 

Journal Article
Economic Implications of Natural Gas Drilling in the Marcellus Shale Region

The recent onset of drilling for natural gas in the Marcellus shale region is having a major impact on businesses, residents, and communities in Pennsylvania. According to Pennsylvania?s Department of Environmental Protection, since 2007 approximately 2,400 wells have been drilled in Pennsylvania to extract natural gas from the Marcellus shale formation, with the number expanding exponentially every year. More than 100 energy companies and related subcontracting firms have moved to Pennsylvania and are now active within the Marcellus shale region, bringing significant employment and business ...
Cascade , Volume 2

Journal Article
Federal Reserve Study Finds Evidence of Significant Impact of the Community Reinvestment Act

The Community Reinvestment Act (CRA) of 1977 incentivizes depository institutions to meet the credit needs of low- and moderate-income (LMI) people and neighborhoods. Federal regulators periodically examine CRA-regulated depository institutions? (banks, hereafter)1 performance in lending and financial services. Banks? CRA ratings are considered when regulators approve bank mergers, acquisitions, and branch openings
Cascade , Volume 2

Journal Article
Small Businesses Report Better Financing Outcomes

Small businesses provide substantial employment and services and are an important part of the U.S. economy. One measure of small business conditions is the findings of the 2015 Small Business Credit Survey1 (SBCS). The survey, which is a collaborative effort of the community development departments of the Federal Reserve Banks of New York, Atlanta, Boston, Cleveland, Philadelphia, Richmond, and St. Louis, includes responses from small businesses operating in 26 states.2 This article summarizes highlights of the 2015 SBCS.
Cascade , Volume 2

Journal Article
How Will Affordable Rental Housing Be Preserved?

Affordable rental housing for low- and moderate-income individuals and families is increasingly scarce. Housing finance agencies, nonprofits, and policymakers agree that existing affordable rental housing must be preserved despite formidable complex obstacles in achieving this goal. This article focuses on challenges in rental housing preservation and discusses the programs and perspectives of the Pennsylvania Housing Finance Agency (PHFA), the New Jersey Housing and Mortgage Finance Agency (HMFA), and the Delaware State Housing Authority (DSHA).
Cascade , Volume 1

Journal Article
Opportunity for Whom? Building Wealth Through Advancing Racial Equity

America is undergoing a profound demographic shift amid rising inequality and persistent racial inequities. By 2030, the majority of workers under 25 will be people of color.1 By 2044, the majority of Americans will be people of color.2 Rising diversity is a tremendous asset ? if all people can access the resources and opportunity they need to thrive. If we want to truly build wealth in communities, we must relentlessly embrace the conviction that everyone in America can and should live in communities of opportunity, where good schools, healthy environments, safe homes, quality jobs, and ...
Cascade , Volume 3

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.?
Cascade , Volume 4

Journal Article
Spotlight on Research: Early Labor Experiences of Young Men: Underlying Factors and Later Consequences

Unemployment has deleterious effects on the overall health of the economy. Also, unemployment is debilitating to those experiencing it. For young entrants into the labor force, their early employment/unemployment experiences may be especially critical to their later labor market success. Thus, the initial transition-to-work period may foretell future employment status and wages/income. This is a particularly crucial juncture for young minority males who generally experience high rates of unemployment. Conventional wisdom suggests that higher educational attainment plays a prominent role in ...
Cascade , Volume 1

Journal Article
BankWork$ Gives Underemployed Residents Access to Entry-Level Banking Positions

Low-income residents facing employment barriers are obtaining entry-level job opportunities in the banking industry through a program launched 10 years ago in Los Angeles. The program, BankWork$, is undergoing a planned national replication.
Cascade , Volume 3

Journal Article
Capital for Communities: Regulatory Changes Support Impact Investing

Several recent regulatory changes have made it possible for new players to become involved in ?impact investing.? From regulatory changes at the U.S. Department of Labor (DOL) that allow retirement funds to invest for environmental and social impact to an Internal Revenue Service (IRS) announcement on private foundation investments to changes at the Securities and Exchange Commission (SEC) that allow small businesses to solicit funding in new ways, recent developments are opening up new potential sources of capital for community and economic development.
Cascade , Volume 4

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 ...
Cascade , Volume 4

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