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2014 CD Perspectives Report

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Federal Reserve Community Development Perspectives • conducting data analysis and cross-sector outreach to increase the effectiveness of foreclosure mitigation activities of public, private, and nonprofit organizations; • analyzing innovative neighborhood stabilization and revitalization strategies to provide evidence-based support for targeted redevelopment and the retention of long-term affordability; and • supporting comprehensive neighborhood development by fostering new partnerships and collaboration among local or regional development organizations, with specific interventions for communities with unique challenges such as rural areas and Native American reservations. Background While the economy and housing market have improved, economic recovery at the regional and local levels has been uneven. Some communities were facing long-term population loss and disinvestment before the foreclosure crisis, and the crisis exacerbated these challenges. Others are experiencing challenges associated with vacant and abandoned properties, as underscored in a 2013 Reserve Bank survey. Many communities continue to address challenges from lingering effects of the foreclosure crisis while some improving markets have become unaffordable to lower-income households. Another Reserve Bank survey from 2013 focused on communities with rising housing costs and found that those costs significantly outpaced respondents' household budgets. Despite a complex array of post-crisis issues and market dynamics, community development professionals continue to advance creative neighborhood revitalization and stabilization strategies, including multi-agency, cross-sector community collaborations to remediate blighted properties. Additionally, some communities have partnered with financial institutions to implement reinvestment strategies that allow owner-occupants, municipalities, and locally based housing redevelopment groups to gain access to foreclosed and abandoned properties in targeted neighborhoods. Promoting collaboration Increasingly, CD practitioners have recognized the benefits of working across disciplines and with a range of partners to gain better outcomes. In 2013, CD staff supported a number of such efforts. For example, several Reserve Banks focused on the Place The Federal Reserve's "place-based" work focuses on efforts to revitalize lower-income communities by advancing comprehensive community development efforts targeted to geographically defined areas. Community development (CD) staff around the country support a range of activities, including: 16

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