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Bank:Federal Reserve Bank of San Francisco  Series:Community Development Investment Review 

Journal Article
Pay for Success: opportunities and risks for nonprofits

Across the United States, a variety of social sector stakeholders are looking to ?pay for success? (also known as pay for results or pay for outcomes) approaches to enhance the reach and impact of social programs. As a contribution to this national conversation, McKinsey & Company recently published a comprehensive study on the potential for social impact bonds (SIBs) in the U.S. In discussions of the study?s findings, stakeholders repeatedly stressed that nonprofits are likely to continue providing the majority of social services in the U.S. for some time, even if for-profit or hybrid social ...
Community Development Investment Review , Issue 01 , Pages 079-084

Journal Article
Investment intermediaries in economic development: Linking public pension funds to urban revitalization

It is difficult for large investors, such as pension funds, to make investments in EDMs because they must make very large investments. The investments in communities of need, however, are usually small. The most successful strategy to overcome these two problems is for investors to work in concert with intermediaries that can aggregate the investments and community partners that understand both the need of communities and know how to tell ?the story? to investors.
Community Development Investment Review , Issue 1 , Pages 45-65

Journal Article
Manufactured housing finance and the secondary market

Manufactured housing, or mobile homes, is often the most attractive housing option for many low- and moderate-income Americans. Reinforcing the concept that it is expensive to be poor, the financing of manufactured housing is often much more expensive than it needs to be. This article reviews how the current financing for manufactured homes functions, explores why it is so expensive, and suggests an important strategy to reduce its costs by pursuing a secondary market for manufactured home mortgages.
Community Development Investment Review , Issue 1 , Pages 35-47

Journal Article
Measuring the economic and social impacts of cultural organizations

Evaluation of the impacts on quality of life and the social structure of communities is more difficult, and three approaches that have been used can potentially measure these impacts. Changes in the value of residential property, changes in survey responses concerning subjective wellbeing, and analysis of local social networks all show promise in this regard. As community development practitioners continue in their efforts to understand the impacts of these organizations, it is essential to choose some approaches that can be applied repeatedly over time. Establishing a baseline of these ...
Community Development Investment Review , Issue 02 , Pages 043-048

Journal Article
The future of the clean (green) economy

Nothing is more daunting or dubious for investors, economists, and businesses than gauging the health and direction of the U.S. clean (?green?) economy. Is this a sector to ?bank on?? Can it, will it, fuel the regional and national economy with substantial new investment, jobs, and business opportunities? The short answer is yes. But clarity on these questions is clouded by both the hype and unwarranted expectations of a substantial federal investment in the green economy in 2009, and a definitional challenge regarding the scope and nature of the green economy. This article describes the ...
Community Development Investment Review , Issue 01 , Pages 013-021

Journal Article
Government’s role in Pay for Success

Pay for Success (PFS) financing mechanisms, including social impact bonds (SIBs), provide opportunities for multiple stakeholders with different expertise?government, private investors, foundations, and service providers?to work towards common goals. For government agencies at all levels, PFS mechanisms create opportunities for the public sector to reward ?what works? or expand access to evidence-based preventive social interventions without requiring taxpayers to shoulder all of the financial risk upfront. But in order for these new mechanisms to work, government must retain a central and ...
Community Development Investment Review , Issue 01 , Pages 091-096

Journal Article
Bringing success to scale: Pay for Success and housing homeless individuals in Massachusetts

Valentino became homeless after struggles with gambling and alcohol addictions left him with nothing. For more than a decade, Valentino stayed in shelters in the Greater Boston area?or in the hospital. Valentino had three heart attacks while he was homeless, each one worse than the last. He was unable to take care of his health without a stable, safe place to live. Now, Valentino lives in permanent housing through the Massachusetts Housing and Shelter Alliance (MHSA) Home & Healthy for Good (HHG) program, which is a partnership between MHSA and its member agencies like Pine Street Inn, where ...
Community Development Investment Review , Issue 01 , Pages 135-138

Journal Article
The struggle to establish a vibrant secondary market for community development loans

Securitization of loans and their sale to long-term investors has revolutionized many areas of finance: real estate, autos, consumer credit; but despite many efforts, it has not taken hold in community development financing. The obstacles to creating a secondary market for community development loans are similar to obstacles other markets faced: lack of data, standardization of documents and loan process, and loan volume. Other markets have managed to overcome these obstacles. Yet despite recent advances, such as Community Reinvestment Fund?s recent issuing of rated securities in November ...
Community Development Investment Review , Issue 1 , Pages 17-34

Journal Article
Community perspective: is the NMTC making a difference in low-income communities?

Mr. Armistead has been an advocate for low-income communities for over 20 years and has extensive experience working with a wide network of community development practitioners. He has tapped that network, in addition to case studies of NMTC projects, in an effort to answer the question of whether this program is helping low-income communities.
Community Development Investment Review , Issue 1 , Pages 13-20

Journal Article
Community land trusts work in the best and worst of times

Recently I gave a speech at the National Community Land Trust Network?s annual meeting in Boston to talk about the important role that community land trusts have in our neighborhoods by promoting stability through affordable housing and economic development opportunities. Those efforts are always welcomed and needed under normal conditions, and they are appreciated and needed even more so as we cope with unprecedented economic challenges not seen since the Great Depression.
Community Development Investment Review , Issue 1 , Pages 73-75




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Choi, Laura 5 items

Sussman, Carl 5 items

Weiser, John 5 items

Andrews, Nancy O. 4 items

Chakrabarti, Prabal 3 items

Erickson, David J. 3 items

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