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Federal Reserve Bank of Atlanta
Volume 11 , Number 1
This issue of Partners is the last one
I'll be associated with as I leave the
Federal Reserve Bank of Atlanta to
become a part of private industry.
After 18 yea rs with the Federal
Reserve, including the last 12 yea rs
with Community Affairs, this is no
small step. Bu t this chan ge brings
both opportunjty and adventure in
ways that I ulhmately could not
pass up.
The decision to leave the Fed, and
especiall y Communi ty Affairs, was
not easy beca use I enjoy my job a nd
the people I work with at the
Atlanta Reserve Bank, in the District,
and throug hout the System . But I
feel like I ca n take adva ntage of this
opportunity at this stage o f my
ca reer because of the confidence I
have in the strength of the
Community Affa irs tea m, including
th e ex pansion of our Branch network.
Besides Atlanta, we ha ve
Community Affairs represcntahvcs
in the Federal Reserve Branch offices
in Bim1ingham, Jacksonville, Miami,
and Nashville, w ith plans to fill an
opening we have carved ou t in cw
Orleans.
I am proud of the highly competent
tea m that Vice Presid ent Ron
Zi mmerman, Manager Wayne
Smith, and I have assembled, and no
sig nifica nt changes in our program
a rc anhcipated ri ght now. At this
point, no ommunity Affairs Officer
replacement decisions have been
m ade. But you can be sure that no
Spri11g 2007
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matter how th e vaca ncy is ultimately fil led , th e program is solid and in
good hands. You ca n continue to
rely on our exceptional people to
provid e service.
Having been part of the genesis of
the PnrJ-11ers m7uslettcr n yea rs ago,
1wanted to take this opportuni ty to
refl ect back on what this publica hon
has meant to me, what it shll means
today, and whilt it can mean in the
future.
The world of community d evelopment has changed dra matica ll y
over the yea rs, mainl y in terms of
the ex pansion of opportunities for
housing and job creahon. Tools
such as housing tax credits, d own
payment assistance, a nd other government subsid y prog rams have
paved the way for new homeownership a nd jobs for literall y millions
of fam ilies throughout th e country.
Hom eownership rates arc now at
their hig hest in history, and unemployment rates remain very low in
historica l terms.
While none of us can take personal
credit for this favorabl e climate, we
can fee l good about the progress
collectively. And that brings me to
th e theme of this edihon and the
theme I'd like to convey to every
reader of this publicahon:
Partnering. It's why this newsletter
is named what it is. While the
theme is familia r, 1ca n not emphasize it enough.
Going back to the beginni ng of the
Federal Rescrve's crca hon of the
Community Affairs fun chon in
1981 , and the work that preceded
the Fed's role in promohng communi ty development, no successful work is done in a vacuum. The
best models for success have
always been and w ill always be
collabora ti ve public/ private partnerships. It's the levera ge that is
crea ted from combining resources
that allows fo r optimal resu lts.
The Atlanta Reserve Bank has
developed a specialty of providing
technica l assistance with finan cing
Co11ti1111cd 011 111•:rt page
In This Issue
Successful Community Development CorP.orations Require Strong
Partn.ers~ips - A single family
housing success story ....................
3
Park at Hillside • A model for multi-
family housing................................ S
Urban America Sees Opportunity
With Inner-City Real Estate •
A Commerciaf Property Success
Story............................................... 6
Federal Reserve Bank of Atlanta 's
2000 Annual Report ........................
8
Partners Database Survey............... 9
Professional Development
Opportunities ................................
11
Fedeml Resen 1t' Bn11k of Atln11tn
2
tools to address public / priva te
parh1erships. In Atlanta,
Commun ity Affairs is structured to
be part of the Deparhncnt of
Supervision and Regu lation, and
our sta ff members arc also tra ined
as bank exa miners.
Corpora tion, conm1unity
orga ni zations, and the City of
ashvillc.
mental part of the g rea t sa tisfaction
I' ve had doing this work. I hope our
paths will cross aga in.
We also feature a successful economic development parh1ership
with UrbanAmerica taking the
lead in revi talizi ng a Miami shopping center. TI1is redevelopment
not onl y helped to bring new life to
a fledgi ng neighborhood , the shopping center has allowed for new
job opportunities for loca l residents.
The skill of finance is the real impetus to effecting results. While planning and promoting conm1uni ty
development are important parts of
the mix, the rubber hits the road
onl y when we get the numbers to
work. And it's parhlcrships that are
the best vehicle for everything to
come together.
I feel grea t prid e when I reflect
back on the industry successes
over the last two decades. TI1ere's
a lot we can all feel good about. I
also wa nt to thank each of you for
your part in the va rious achievements, and I' ve enjoyed getting to
know so many of you. The fond
relationships among the people in
this industry have been a funda -
The best wa y to communica te the
va lue of parh1erships is to point
to successful models. Beginning
on the following page, we fea ture
a successfu l housing parh1ership
among Banc of America
Community Development
For this newsletter to serve you better, we a.re including a sUIVey we need for you to complete. Not only
is this information vital for us to keep you on our mailing list, we sincerely want your ideas.
The Federal Reserve Bank of Atlanta's 2000 Annual Report is now available. Please see the article inside
about how to obtain your copy.
Bnm,,;e Procccdi11g:- from The Federal Rc,cn c'.:;
Co1111111111ity Affnirs Research Co11frrc11cc
1
Changing Pinand•J UaJ:kels
and Onnrnunity Development
1i111ics /11 c/111/c:
+conference Summary
♦Th e U nbanked and the
Alternative Financial Sector
♦New Industry Developments
♦Wea lth Creation
♦Eva luation of CRA
SpeecJw, hy fht' Federa l l{c:-cn.'e 's
Chairman Greenspan
Governor Gramlich
Nmu az,ai/at,/e nt .
,,, \\.\\'.chicc1 gofed .org / ced ric / i nd e'\ .dm
Pnrtners in Cotn /111111ity
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Federal Reserve Bank of St. Louis
nnd Eco110111 ic Develop/lle11t
3
Successful CDCs Require
Strong Partnerships
Banc of America CDC
Bank of America opern tcs one of the oldest and largest bank-owned community
development corporntions (CIX) in the
United St<ltcs. Since its inception in 1978,
Ba nc of Ameri ca CDC has invested more
than $700 million in affordabl e housing
developments nationwide, producing
more than 20,000 units of affordable
mu lti-family and single family housing.
Working in collaboration wi th nonprofit
community-based organiZcltions and local
governments, the CDC acts as the primary developer, providing the development
expertise, as well as the debt and equity
financing. The CIX currently operates in
17 ci ties across the cou ntry.
CDC Efforts in Tennessee
Bank of America started its CDC efforts in
ashvi.lle in April 1997. Since then, the
CDC has rehabilitated more than 1,850
units of affordable multi-family housing
in both Memphis and ashville. These
projects included some of the cities' most
distressed complexes. In late 1999, the
CDC started developing in-fill single family affordable housing, and 17 new homes
have been brought to market to date.
These neighborhood initiatives wi ll eventuall y resu lt in more than 200 new homes
in distressed areas. In total, the CIX has
over $71 m illion in projects developed or
under constru ction in Tennessee.
Neighborhood Stabilization
The CIX has completed the large-scale
re habilitation of four multi-family projects
in Memphis and ashville, wi th one
project currently underway in ashviJ!e.
While each of these projects is quite different in terms of the degree of rehabili tation and invcshnent required, as well as
the financing structure and the partnerships involved, each has served its fimction of providing safe, affordable housing
for low- and moderate-income families
a nd introd uced a stabilizing fo rce in distressed neig hborhoods.
Spring
2001
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Federal Reserve Bank of St. Louis
TI1c CIX puts man y sources of funding
together to balance its mission, which
includes providi ng affordable housing to
those who need it most- w ith sustai nabili ty- a long with the business need to
make a profit. In all of its projects, the
CDC provides a significant equity
invesh11ent. While some of the projects
arc conventiona ll y financed , many arc
fin anced by two common mechanismstax exempt bonds provided by the
Tennessee Housing Development
Agency and Low Income Housing Tax
Credits. Utilizing these sources increases
a development's ability to cash flow at
rents affordable to low- and modera teincome families and individuals (those at
or below 80 percent of area median
income). In addition, the CIX seeks
invcshncnt parh1ers to provide additional equity, including FannieMae and local
development authorities.
Integrating Social Service Provision
In addition to physical rehabilitation and
providi ng managerial services, resident
amen ities are a key component of building a successfu l community. A unique
feature of the Ba nc of America CIX
mul ti-fa mily redevelopment projects is
the Make A Difference Centers. These
centers provid e after-school ed uca tiona l
programs for children as well as adu lt
education classes. The centers have
libraries and com puter labs. In
ashville, the CIX has parh1ered with
the Woodbine Commw1ity Organization
(WCO) to operate the centers. WCO
brings additiona l resources to these programs through its connections to local
businesses, orga ni zations, and foundations.
The Single-Family Approach
TI1e CIX also develops sing le-famil y,
affordable homes in high impact locations within the ashville market. CIX
project locations are generall y distressed
Federn l Reserve Bnnk of Atln11 tn
4
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Federal Reserve Bank of St. Louis
neighborhoods tha t lack significa nt
home ownership, but have communi ty-based organizations focused on
revitaliza tion. Local government
commitment to revitali ze the area is
also a necessity. In genera I, the single-forni ly projects are fin anced
exclusively th rough Bank of
America debt and equity. In all
instances, the C DC will target a
neighborhood where there is an
existing housing concentra tion in
ord er to max imize the impact on the
surrounding area.
The CDC also targets neighborhoods where it ca n either enhance
work alread y underway by the public sector or w here priva te investment has been absent fo r a significa nt amount of time. Frequently, the
C DC will provide an initial private
in vestment that can ac t as a ca talys t
in attracting additional public and
pri va te investment to a neighborhood . The C DC usuall y relies on
the commun ity-based orga niza tions
working in the area. These allies are
instrumental in identi fy ing potential
homebu yers and assisting them
throu ghout the homebuying
process. In ad dition, they can often
obtain additional financing
resources and help promote the
CDC to loca l government officials
and other community organizations.
In 1999, the CDC form ed a parh1ershi p with WCO to develop up to "JOO
single-famil y homes in selected
neighborhood s throu ghout
Nas hville. One of the target neig hborhoods for this partnershi p-the
Hope Gardens neighborhood- lies
just north of the central business district. The Tennessee Housing
Development Agency designated
the area a Bicentennial
Neighborhood in 1996. As a result,
it has been the ta rget of significant
revitaliza tion efforts by both the
public and private sectors. To date,
the parrnershi p has buil t approximately 10 new homes, helping stabilize this d istressed urban neighborhood and attracting other revitalizati on efforts and development on the
part of local community and faithbased organi za tions.
nnd Eco110111ic Oevelop111e11t
Banc of America C DC has several
other single fa mil y initiati ves underway in Nashville. In parh1ership
w ith WCO, the C DC was selected by
the Metropoli tan Development and
Housing Agency (MDI-I A) to develop
the single-family component of the
HO PE VI redevelopment of Preston
Taylor Hornes. In an effort to meet
the goa ls of the HOPE VI program,
MDI-I A determined tha t the best way
to encourage mixed income development is to prov id e the opportuni ty
for homeownership. HO PE V1 fun ding fo r this component will be used
to provide mortgage assistance in
ord er to ensure afford ability. This
project is typical of the public/ pri va te
partnerships in which the C DC succeeds by including the local housing
authority and a nonprofit orga ni zatio n.
The CDC has also fo rmed a partnership initiative with MDI-IA and
another local non-profit, Residential
Reso urces, Inc., to revitali ze an
extremely d istressed neighborhood in
East Nashville adjacent to one of the
CDC's mu lti-fa mily projects. This is a
common approach of the CDC where
a significant investment is made in a
multi-fa mily project as the hub of a
revitaliza tion effort, and single famil y
projects are undertaken in the surrounding neighborhood in ord er to
protect the initial inves h11ent and fu rther stabilize the neighborh ood . The
first phase of this project w ill be at
least 25 new homes in a concentr;ited
two-block area.
Like most afford able housing developers, Banc of America CDC is constantl y working w ith its partners to
furth er develop and refin e its formul a
for a successful development project.
A well-fund ed and ex perienced CDC
is typically more effecti ve in bringing
substantia l pri va te capital into projects and neighborhood s where priva te sector ca pital is often lacking.
While some nuances of the business
and market change, the basic operating principals illustrated in Banc of
America C DC's projects in Tennessee
are constant.
Park at Hillside
Nash ville, TN
TJ,e Park at Hillside offers an excellent exa111ple of how Banc of America
CDC-in collnborntion wit/, locnl government and co111111unity orga11i=ations-works to tackle sig11ifica11t redevelopment projects. Utilizing 11111/tiple
financing sources, the CDC and its partners revitalized 011e of the most
distressed Section 8 properties in Nashville. Now t/1e develop111ent provides
snfe, affordable-and economically s11stni11able-/zo11si11g.
The Scale
• $10 million investment.
♦ Comprehensive redevelopment of distressed 290-unit multifamily
complex.
• Building unit overhaul, perimeter fencing, new property management,
new amenities and a Make A Difference Center, an on-site educational
activity center with activities for residents of all ages.
Partnerships
♦ Development partnership with the Metropolitan Housing Development
Agency (MDHA), which included equity and other development assistance.
♦ Woodbine Community Organization operates the Make A Difference
Center.
Multiple Funding Sources
• Bank of America CDC equity.
♦ MDHA equity.
• Tax-exempt bonds from Tennessee Housing Development Agency
(THDA).
♦ Letter of credit on tax exempt bonds from Bank of America.
♦ Permanent credit enhancement through Fannie Mae.
♦ 4% Low Income Housing Tax Credits from THDA.
Catalytic
♦ Reduced crime. Former apartment complex was one of the biggest sources
of crime and blight in the neighborhood, and crime incidents are down significantly since completion of the rehabilitation.
• New development and property improvement. Banc of America CDC
built six new houses in the neighborhood since the rehabilitation, and additional rehab by existing property owners of the neighborhood is now
underway.
Economic Integration
♦ Neighborhood revitalization without displacement. Revitalization
allowed low-income residents to remain in affordable and safe housing
while curing the major ill in the neighborhood.
♦ Mixed-income social and economic benefits. Affordable units allow for
mixture of Section 8 and non-Section 8 residents. Previous property was
exclusively Section 8 creating a concentration of extremely low-income
population.
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Federn l Reserue Bnn k of Atln11 tn
6
Urban America Sees Opportunity With
Inner-City Commercial Real Estate
WJNN~DIX
by Ana Cruz-Taura
L
"; root loc
ff you ask communi ty development practitioners w hat is the biggest hurdle in spurring
effecti ve urban revita liza tion, most will note a frequent disconnect between ca pital and
commitment to the communi ty - between money and sociall y-conscious development.
Urba nAmerica, L.P, is committed to crea ting a model for fiscally and socialJy prud ent
invesh11en t in inner-city commercial rea l estate by acting as a catalyst for economic
development and priva te sector investment in low- a nd moderate-income communities.
Urban Ameri ca's Ri chm o nd McCoy
Formed in 1998, UrbanAmerica raised an initial $60 mi llion in capital from a list of wellrecogni zed and respected investors commi tted to the compa ny's mission. The compa ny
end ed 2000 with $165 million in assets in selected m arkets throughout the nation including Detroit, Las Vegas, Washington D.C., Atlanta, a nd several Florida cities. Drawing
from the expertise of its management and boa rd of d irectors, Urba nAmerica seeks specif
ic invesh11ents that would allow fo r targeted returns of approxima tely 20%.
Investment Profile
In September 2000, UrbanAmerica purchased Lakes Mall in Lauderdale Lakes,
Florida. The 255,773 square-foot shopping
center is anchored by several national tenants - Sports Authority (including the
Sports Authority corporate headquarters),
Big Lots, Office Depot, and Smart & Final and is located in a moderate-income census
tract.
To better und erstand UrbanAmerica's methods and successes to date, one need only
visit a few properties w ith Chairma n and Chief Execu tive Officer Richmond McCoy.
McCoy will point ou t how UrbanA merica looks for credit-anchored retail, office, and
special purpose commercial projects with existing, stable cash flow. The company then
enhances the in vesh11ents by improving the properties structu ra lly and aes theticalJy,
increasing and solidifying occupancy, and strengthening each property's standing in the
UrbanAmerica was able to attract
Starbucks into a custom-built out-parcel
and is constructing a second build-to-suit
out-parcel for an Island Grill restaurant.
With a chain of five successful restaurants
in Jamaica, Island Grill's first U.S. location
is expected to do well in a community that
has attracted a significant West Indies
migration in the past few years. Financing
the leasehold improvements or build-out
for the small business owner is a valuable
ingredient to the success of UrbanArnerica
investments.
The Lakes Mall acquisition represented a
$6.25 million investment by UrbanAmerica
and has created approximately $196,000
per annum in vendor contracts for local
companies. The mall brought 36 new fulltime jobs for local residents through the
vendor contracts and has generated
approximately $665,350 in annual household income for local residents - resulting
in approximately $98,000 in annual disposable income.
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Econo111ic Devclopmeu t
ommunity by attracting consu mer trnffic
nd offering employment opportunities to
::irn l residents.
Low- and modcrn tc-income neighborioods, including Fed era l Empowerment
~ones, En terprise Commu nities, and State
1conomic Development Zones, are seen as
,ffcrin g the g rm test opportunity fo r both
ffccti ng socioeconomic change and maxi1izing investment return. In addition to
1c attrnction fo r banks to lend in these
rms under Community Rcinvcshnc nt Act
onsid crations, such locations typica ll y
ffcr ta x cred its and other economic d cvelpmcnt incenti ves to faci litiltc finan cing.
lnccntivcs arc a va luab le aspect toward
nvcstmcnt strategy," notes McCoy. "They
.re most app licable to properties that need
ehab or for new d evelopment of rea l
,state because incenti ves stabilize the
nvestmcnt."
~he ini tial round of inveshncnt in 2000
esu ltcd in approximately 700 properties
.ubmittcd by national rea l estate brokers,
:ommunity d evelopment corporations and
eferra ls from the National Congress for
=ommu nity and Economic Development.
)f these, 400 properties were determined
Digitized2001
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Federal Reserve Bank of St. Louis
7
to be "C RA qua lified ." Twenty-five percent of
that group was assessed as cconomi rn ll y
qualified. Of these, UrbanAmcrica mad e bid s
on 40 selected properties, w hich resulted in
16 acquisitions during the yea r.
Acqu isitions are funda menta ll y based on
credit and loca tion . Credit consid eratio ns
weig h in beca use the properties are often
levera ged w ith 75 o/c debt. Location is considered not onl y in terms of the ;ictual property
site, but also in terms of the community that
su rrounds the property.
Several indicators ha ve been identified as key
market attributes to guid e invcsh11cnts. "We
look a t economic eng ines that contribute to
the long ra nge stability of the investment,"
says McCoy. Many of these indicators zero-in
on those factors tha t have been proven to fu el
successful economic rev italiza tio n throu ghout
the country.
For exa mple, the cities w here investments arc
mad e must have loca l government officials
w ho arc ded ica ted to revitaliza tion of d istressed areas. In addi tion, an established
vision, and ample ava ilable resources for
development and g rowth must
already ex ist in the communities. In essence,
Urba nAmcrica is not only levernging capita l,
but is also leveraging the existing red evelopment trend in target com munities.
In fo llowing its mission, McCoy points out
that Urba nAmcrica has positioned itself as a
sound and profi table communi ty d evelopment invcsh1ient opportunity for finan cia l
institutions. Not only arc the properties
acquired in predominantly low-a nd moderate-i ncome areas, but the in vestment and
red evelopment process is conducted to stimulilte the local job market for resid ents includ ing loca l contractors and ve nd ors - to
increase the residual effect of the economic
injection to each community.
Grow th plans for the compan y includ e ra ising an additiona l $100 million in capital in
2001. The existing fund will be rnppcd at
$"1"1 0 million to support roughly $400 mi llion
in assets and a $400 million pipeline. Then a
second fund will be started followi ng the
same in vcsh11ent principles.
Urba nAmcrica's primary exit strn tcgy is to
launch a n IPO and become a Rea l Estate
In vestment Tnist (REIT), but the company is
also interested in the eventual sa le of properties fro m its portfolio.
Real Estate
Investment Trusts
A REIT is a company that invests
its assets in real esta te holdings.
The REIT purchases, develops,
manages and sells real estate assets
with its in vestors sharing in the
usual benefits of a land lord, such
as earnings and depreciation, on
a high volume scale a nd w ithout
the obligation of day- to-day
management of properties.
REIT investments, w hile con taining
risks, can be advantageous because
they offer liquidity to an investment
portfolio and are believed by many
to be one of the strongest vehicles to
hedge inflation.
Fer/em / Rcscruc Bn11k of Atln11 tn
8
r~~~.. FEDERAL
~ RESERVE
~
BANK
--.
'
a/ATLANTA
2000 Annual Report
The promise of our future is
linked to the success of our past .
Since the Federal Reserve Bank of Atlanta was founded in 1914, the southeastern econom y has experienced remarkable
change. The Atlanta Fed has embraced a nd championed change, ye t our core principles-integrity, efficiency, effectiveness, and prudence-remain unchanged.
At the onset oi the new millenni um, we at the Atlanta Fed find ourselves in a new world of monetary policy, bank
supervision, and financial services. But our role remains the same: to help preserve and protect the American economy
a nd financial svstcm.
The Atl,rnta Fed's 2000 Annual Report presents a retrospecti ve of our work through the century just past and looks forward to tomorrow's challenges.
To request a copy of the Federal Reserve Bank of Atlanta 2000 Annual Report, order it on-line at
www.frbatlanta.org/pub lica/ ordform.htm
or contact Ly nne Anservitz, Public Affairs Departmen t, 1000 Peachtree Street, NE, Atlanta, Georgia 30309-4470,
ly nne.anservi tz@atl.frb.org, 404-521-8020.
We Need Your Help!
We ho pe tha t yo u enjoy receiving the Partners newsletter a nd would like to remai n in our database. In the spirit of thi s
sprin g cl ea ning season, we arc trying to upd a te our records on yo ur orga ni zation. ln additio n, we would like to get
informa ti o n on how we ca n better serve yo u . Le t us kno w abo ut interesting topics that yo u would like to see featured
in Partners, as well as in w ha t for m you wo uld like to receive future issues of our newsl etter. Wheth er it is hard copy,
e lectronic versio n or both - we a im to please!
Please help us by completing the very brief survey attac hed o n the next page. If you are a national , sta te, or loca l organi za tion tha t provid es finan cia l and / or technica l assista nce to community d evelopment o rga ni za ti ons, we would like to
incl ud e limited in forma tio n abou t yo ur orga ni za tio n on our public website. However, we w ill o nl y make you r information ava ilabl e as indi ca ted on the survey.
Unfortuna te ly, if we do no t hea r from you , this may be our last correspondence. So DON'T GET LOST 1 Comple te and
detach the postage paid survey a nd d rop it in the mail tod r1y!
Tha nks for yo ur cooperation'
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nnd Eco110111 ic Oevelop111e11t
Partners Database Update
&
Wt h
thot you en,Joy rue1v1ng OLI' l'ar'tners newsletter ond would 11ke to.stay ,n oir do.tob<lSe.. 1 he very or1ef
sin-ey b1low will help us update oir records on your crgonizot10t1.
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Federal Reserve Bank of St. Louis
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e featured in upcoming Partners newsletter
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----------------------------------------------------------------------------------------------PLACE
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HERE
Partners Survey - Attention Sherrie Caldwell
Community Affairs
Federal Reserve Bank of Atlanta
1000 Peachtree Street, N.E.
Atlanta, Georg ia 30309-4470
Fold Here second where blank sp«e and address will show
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I I
'I'lam411v, ~ 13, 2001.
BIJ(ftun. - 5:00 p.m..
Wahington, D.C.
A CONFERENCE ABOUT
SMART GROWTH AND
CO:MMUNITY DEVELOPMENT
Workin3 To3ether Smart{y
Co-sponsored by:
Local Initiatives Support Corporation
National Neighborhood Coalition
The Federal Reserve Bank of Richmond
With Support from:
The Federal Reserve Bank of Atlanta
The Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Cleveland &
The Federal Reserve Bank of San Francisco
Proudl11 'Present ...
THE 2001 NATIONAL COMMUNITY DEVELOPMENT LENDING SCHOOL
July 22-26, 2001 Case Western Reserve University, Cleveland, Ohio
Join us for five days of intensive training on the key issues and current industry trends relevant to
community development lending. Training for community development lenders in single-family
and multi-family housing, small business, commercial real estate and community-based facilities
lending stresses the day-to-day mechanics of how to underwrite community development loans and
ensure their long-term profitability.
For program and registration information, please check the following website:
Spring 2001
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
www.frbsf.org/news/ events
or contact Fred Mendez at (415) 974-2722.
Federn l Resave 81111k of At/n11tn
International Summit on Community & Rural Development
Duluth, Minnesota, Jul y 22-25, 2001
_______~
-t:., -•,j~""'~
The Co mmunity Development Socie ty, Minneso ta Rural Partners, and th e Na tional
Rural Development Partn ers hip invite yo u to join community deve lopment pra cti ti oners, resea rch ers, policy m akers, a nd ci ti ze n lea d ers from around th e wo rld in a
joint internationa l conference. The th eme of th e conference is "The Tim es Th ey Are A
C han ging: Working Pa rtnerships for Viabl e Communiti es." This conference e mbraces
common e ffo rts to foster m ea nin g ful collaborations, ex tend community d evelopme nt
netwo rks, and integrate co mmunity-based resea rch, poli cy, a nd pra cti ce towa rd th e
goa l of building hea lth y and susta inabl e communiti es.
For furth er information, visit http: // www.rninnesota ruralpa rtn ers.org, or ca ll Marc
McLa u g hl in, Minnesota Rura l Pa rtn ers, (507) 829-5636.
Invest in the Future: Approaches to Financing Quality Child Care in New Jersey
Ja m esburg, New Jersey, O ctober 2, 2001
The conference is s ponsored by th e New Jersey Community Loa n Fund a nd th e
Federa l Reserve Banks of New York and Philad e lphia. It w ill hi ghlig ht investin g a nd
lendin g mod els for quality chil d- ca re fa cilities in New Jersey. Target audience
includ es nonpro fit orga ni zations involved in child ca re and a ll financial institutions in
New Jersey, especia ll y banks w ith assets o f less th a n $1 billion.
.:__":'::_)
V ICE F'l ~l :S IUENT
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Free subsc ripti on ,1nd addition,1] copi es itrl' ~n ·c1 ilablc
upon request to Communit y Affa irs, Federa l Re~erve
Bank of Atl,111 1.1 , 1000 Pcachtn..·t.· St. , N.E , Atlant,1,
CL'org ic1
]0]09-4470,
e -mail
us
at
Partnc rs@otl.frb .mg or call -104 / 589-7287; FAX
404 / 589-73-1 2. The views exprL'~sed are not nece~saril y those of th e h ·deral R!!serve B~rnk o f Atlant~1 or the
F1._ dera l Reservl' Sys tem . Mc1teri cil mc1 y be reprinted or
il bs lractcd provided that Pc1rtners is credited iltKI provided wi th c1 copy nf t he public,1tion
1
Printed on recycled paper
For furth er information, please contact Nora Campbell, Office of Regional a nd
Comm unity Affa irs, Fed eral Reserve Bank of New York, (212) 720-6369,
n ora .ca mpbell@ny. frb. org .
For o th er events th at may be of interest to you , visit www.frbch i/cedri c. html.
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