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Federal Policymaking and the Poor
Do federal, state, and local governments differ in their responsiveness to the needs of the poorest citizens? Are policy outcomes different when federal officials have greater influence regarding the use of federal program funds? To answer such questions, Michael Rich examines to what extent benefits of federal programs actually reach needy people, focusing on the relationship between federal decision-making systems and the distributional impacts of public policies. His extensive analysis of the Community Development Block Grant Program (CDBG), the principal federal program for aiding cities, reveals that the crucial divisions in domestic policy are not among the levels of government, but be...
Community Development Financial Institutions (CDFI) Fund: Programs and Policy Issues
As communities face a variety of economic challenges, some are looking to local banks and financial institutions for solutions that address the specific development needs of low-income and distressed communities. Community development financial institutions (CDFIs) provide financial products and services, such as mortgage financing for homebuyers and not-for-profit developers, underwriting and risk capital for community facilities; technical assistance; and commercial loans and investments to small, start-up, or expanding businesses. CDFIs include regulated institutions, such as community development banks and credit unions, and non-regulated institutions, such as loan and venture capital fu...
Partnership Projects
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Democratizing Finance
Decades before Occupy Wall Street challenged the American financial system, activists began organizing alternatives to provide capital to “unbankable” communities and the poor. With roots in the civil rights, anti-poverty, and other progressive movements, they brought little training in finance. They formed nonprofit loan funds, credit unions, and even a new bank—organizations that by 1992 became known as “community development financial institutions,” or CDFIs. By melding their vision with that of President Clinton, CDFIs grew from church basements and kitchen tables to number more than 1,000 institutions with billions of dollars of capital. They have helped transform community de...
