From Investing in What Works for America's Communities
Erickson, Galloway, and Cytron outline the elements of what a 21st century model of community development might look like. The model would be: (1) Data driven. Better metrics to determine baselines and progress toward the goal of more vibrant communities and reduced poverty; (2) Accountable. Proper incentives built into the system to achieve desired outcomes (see "a" above), as opposed to the current system that rewards outputs (apartments build, loans repaid, etc.); (3) Comprehensive and Collaborative. (4) Flexible and Adaptable and market-oriented; and (5) Strategic in its capital deployment strategies to achieve scale.
Authors: David Erickson, Federal Reserve Bank of San Francisco
Ian Galloway, Federal Reserve Bank of San Francisco
Naomi Cytron, Federal Reserve Bank of San Francisco
Date of Publication: August, 2012
Last Updated: August, 2012