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by
Lena Robinson, Community Affairs Specialist, Federal Reserve Bank of San
Francisco
Think about the last time you felt ill. Did you
have the medical insurance that would allow you to be seen at a hospital
or better even, by a specialist? Are you thinking about starting a family
and calculating the cost of child care? Do your children receive the
quality of care or education you expect? These questions and concerns
are not restricted to individuals of limited financial resources. They
extend to everyone regardless of means. “Better than decent” schools,
clinics, daycare centers and other community-based facilities should
be the standard for all neighborhoods and not just available in only
middle- and upper-income communities.
This issue of Community Investments shares examples of how financial
institutions, nonprofit lenders and other intermediaries are working
to achieve this goal. For financial institutions, supporting the development
of new and improved community facilities can be CRA-eligible. Whether
a charter school, health clinic, child care center or housing development,
facilities
not only mean construction jobs in the short-term, but they also bring
permanent jobs, ancillary support services and increased revenue into
the community, which are the linchpins of revitalization.
The organizations highlighted in these articles have developed the specialized
expertise required for underwriting, investing in and lending to community
facilities. The full online articles will help you to better understand
the challenges faced by childcare facilities, public health clinics,
charter schools and nonprofit organizations in finding the capital to
serve the needs of their constituents, as well as the solutions that
have worked.
There is a great deal to be learned from the success
stories shared by these authors. But in order for there to be more success
stories, you
as the reader must ask yourself, “how can I contribute to the realization
of these efforts?” Take a moment to jot down your answers, then
contact the author to share them. Hopefully, this will be the beginning
of new partnerships that create better healthcare, childcare, housing
and technical assistance for those who really need it.
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