CI Notebook
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 should receive favorable consideration under the CRA as a community development activity. 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.