Participants on all sides of discussion at the Leadership Forum on
Capitalizing Communities strongly agreed that not only does capital
investment help economically develop at-risk communities, but it also
can be a sound and profitable business investment if implemented and
managed correctly. The goal of the meeting was to break down the isolated
silos that community development players operate within by exploring
resource allocation and identifying common ground on key policy issues. CPA is
developing a list of forum-generated policy initiatives that will include
action plans for state legislators, community-based economic development
organizations and private sector investors.
John Taylor, President of the National Community Reinvestment Coalition,
encouraged participants to maximize the potential of Community Reinvestment
Act regulations, through which $8-9 billion of private funds are being
invested in at-risk communities. C. Everett Wallace, President of Wallace
Enterprises, pointed out that it is crucial for community leaders to
learn which products are appealing to investors and to direct development
efforts at producing those products.
State legislators, often considered sideline players in the community
investment process, gave participants a unique “big picture” perspective
on what it takes to make community capital investment work and what they,
as legislators, need to learn to be effective in this area.
Florida State Representative Kendrick Meek commented that a policy
dialogue among community and investment representatives and legislators would help
legislators tie these key policy ideas to initiatives for which there is
support right now. Wisconsin State Representative Antonio Riley added that
an economically integrated neighborhood must be market-driven, and that
these neighborhoods represent a good business opportunity.
