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Fresh Ideas for Community Development

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Preliminary design was recognized as a cost-effective, powerful tool for community development at last week’s Reinventing Older Communities, a national conference organized by the Federal Reserve Bank of Philadelphia. As part of a conversation on the future of the community development industry that culminated the conference, John Bendel, Director of Community Investment at the Federal Home Loan Bank of Pittsburgh, emphasized the need for strategic investments and the importance of funding predevelopment and feasibility studies. “A small amount of money at the right time goes a long way,”said Bendel.

One of the takeaway messages from Reinventing Older Communities was that a different brand of community development will emerge from the current economic downturn. Shrinking credit, falling house values and increasing foreclosures have made community development more challenging than ever, especially in older, urban communities.   But the policymakers, community development specialists, researchers, and investors presenting at the conference (including Federal Reserve Chairman Ben Bernanke) put the spotlight on emerging ideas, strategies, and initiatives for reinventing and rebuilding communities, like green jobs, sustainable development, and new financing models for housing and business development that share wealth more equitably.

The next wave of community development will also require closer collaboration between national, state and local levels and across the public, nonprofit and private sector.  Joseph Kriesberg, President and CEO of the Massachusetts Association of Community Development Corporations, emphasized the importance of strong community groups who can put demands on the system, build capacity and engage residents on issues at the local level.

Check out conference summary materials
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