The Ripple Effect: Economic Impacts of Targeted Community Investments
Date Published: 08/01/2005
Author(s): Virginia LISC
Publisher: Federal Reserve Bank of Richmond
This publication illustrates how to create neighborhoods of choice and opportunity, when resources are limited and maximum results are desired. It summarizes the results of a Federal Reserve Bank of Richmond study, examining the Neighborhoods in Bloom program in Richmond. Only five years after the program was initiated, the study reports some significant economic impacts of the policy, including increased home values. By targeting public and foundation resources to specific distressed neighborhoods, Richmond was able to attract the much-needed market capital. This targeted strategy premised on process, political will, and partnerships, enabled Richmond to transform some of its most disinvested neighborhoods.
Topics: Economic Development & Safety, --Community Development
Type: Topical report