Bridges

Bridges Spring 2013

Bridges is a quarterly review of regional community and economic development issues, projects and regulatory changes for practitioners from community-based organizations, as well as for Community Reinvestment Act officers, academics and government of

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Linking Lenders And Communities spring 2013 P U BL I S H E D Q UA RT E R LY BY T H E C O M MU N I T Y De v elopment Bridges DE PA RTM E N T OF T H E F E D E R A L R E S E RV E B A N K O F S T. L O U I S INDEX 2 alt.Consulting: Helping Small Businesses Grow in the Arkansas-Mississippi Delta 4 Big Plans for Little Rock's Choice Neighborhoods Planning Grant Memphis: A City on the Move By Daniel P Davis . W hat do a farm, a deserted fish market and a laundromat have in common? Believe it or not, they are all strategies employed by the community development industry in Memphis, Tenn., to take on the challenges of the community's low- and moderate-income neighborhoods. In 2011, the U.S. Census Bureau reported that Memphis had the highest poverty rate in the United States among cities with more than one million people. In 2012, the city ranked second. Not willing to let these stark numbers define their community, practitioners and organizations have rallied around new approaches to ensure that needs within the community are being addressed. To ensure that high-quality fresh food is available, the Binghampton The Development Corporation has taken undeveloped property and fashioned it into a working farm. At the same time, The Works, a community development corporation serving South Memphis, has transformed a deserted fish market into a bustling neighborhood farmers market. A few streets over, the South Memphis Alliance has built the nation's first laundromat resource center— a space where locals can access community services while waiting for their laundry to wash and dry. As the city's only local community development intermediary, Community LIFT (Leveraging Investments for Transformation) launched just over two years ago to bring public and private investments into three of the city's most distressed neighborhoods. Taken together, these initiatives show that local residents are taking their future into their own Federal Reserve Bank of St . 6 w w w. s t lo ui sfed . or g Fresh Perspectives in Community Development hands and that Memphis truly is a city on the move. Interested in learning more about the innovative work taking place in Memphis? In April, the St. Louis Fed's Community Development Advisory Council (CDAC) took a bus tour of several of the city's neighborhoods. Visit www. stlouisfed.org/Memphis_tour to watch a video of that bus tour and to view a photo gallery of the tour's highlights. Video 1 Reginald Milton, South Memphis Alliance (click to play) Video 2 Curtis Thomas, The Works, Inc. (click to play) Daniel P. Davis is managing editor of Bridges and manager of community development at the Federal Reserve Bank of St. Louis. Video 3 Robert Montague, Binghampton Development Corp. (click to play) PHOTO GALLERY Photos from the tour (click to view) Louis: Video 4 Eric Robertson, Community LIFT (click to play) Central to America's Ec o n o m y ™

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