This dissertation analyzes best practices of bank-owned Community Development Corporation (CDC) investments in Community Economic Development (CED). Using documents from banking institutions, literature on community economic development, and case study methods, I will identify and evaluate investment strategies that have satisfied the double bottom line of such institutions. These banks have made profit and expanded capacity while redeveloping urban communities and neighborhoods.
In response to the landmark Community Reinvestment Act (CRA) of 1977, banks created bank CDCs to comply with federal regulations and promote the public welfare by lending to low-to-moderate-income populations and communities. At first the banking community was concerned that the CRA would force banks to make bad loans and incur losses. However, that was not borne out by experience. The research demonstrates that over time banks have found ways to meet their regulatory and public policy goals as well as the expectations of other stakeholders. The research objective was to examine the existing literature and determine if bank CDC investments actually make a positive contribution to neighborhood revitalization. Successful revitalization is determined according to three basic criteria: (1) Does it meet public policy objectives for both federal and local government? (2) Does it meet the objectives of community-based organizations? and (3) Does it meet the objectives of nonprofit economic development organizations?
A review of best practices at leading bank CDCs is provided, with a focus on those considered effective in addressing these three sets of objectives. Finally, strategies are outlined regarding future practices and public policies that merit further consideration regarding how bank CDC investments can be used to forward CED objectives.
|Commitee:||Banerjee, Tridib, Mor-Barak, Michal, Winslett, Lee|
|School:||University of Southern California|
|Department:||Planning and Development Studies|
|School Location:||United States -- California|
|Source:||DAI-A 70/05, Dissertation Abstracts International|
|Subjects:||Business administration, Economics, Urban planning|
|Keywords:||Bank, Community development corporation, Development, Economic, Economic development, Investments, Policy, Private, Public, Urban|
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