Resources for Stabilizing Communities
The real estate crisis has left communities across the country struggling to deal with foreclosures, vacant homes, declining property values, and destabilized neighborhoods.
The Federal Reserve, through its Community Development staff located at its 12 regional Reserve Banks and the Board of Governors in Washington, D.C., works to bring together key community stakeholders to identify local problems and explore solutions.
In this series of video reports, we highlight promising stabilization work from three cities: Cleveland, Phoenix, and Detroit.
Introduction to Series: Governor Elizabeth A. DukeFederal Reserve Board Governor Elizabeth A. Duke talks about how the Federal Reserve System supports neighborhood stabilization efforts in communities across the country and the reasons we produced this series of video reports.
Cleveland, Ohio: Data-Driven DecisionmakingIn Cleveland, an innovative data system helps the city and community leaders target their limited resources and focus on neighborhoods that have the best chance for success. This model has great potential for replication in other cities.
Featured in Cleveland video:
- Burton, Bell, Carr Development, Inc.
- Empowering and Strengthening Ohio's People (ESOP).
- Neighborhood Progress, Inc.
- Northeast Ohio Community and Neighborhood Data for Organizing (NEO CANDO).
- Facing the Foreclosure Crisis in Greater Cleveland: What Happened and How Communities are Responding (3.14 MB PDF)
- Federal Reserve Bank of Cleveland
- Market Data-Driven Stabilization: A Case Study of Cleveland's NEO CANDO Data System (4.12 MB PDF)
- REO and Beyond: The Aftermath of the Foreclosure Crisis in Cuyahoga County, Ohio (956 KB PDF)
Phoenix, Arizona: Suburban SustainabilityPhoenix reminds us that the foreclosure crisis hit suburban as well as urban areas. The vacant homes here tend to be newer, but overbuilding has left house after house empty in communities unused to dealing with foreclosure issues.
Here public/private partnerships have reached out to realtors to help connect eligible families with affordable homes, with an emphasis on sustainability for the future.
Featured in the Phoenix video:
- City of Phoenix Neighborhood Stabilization Program
- Neighborhood Housing Services of Phoenix
- Phoenix LISC
- ROI Properties
- Sustainable Home Ownership Housing Services Arizona
Detroit, Michigan: Community EngagementIn Detroit, decades of population loss coupled with the foreclosure crisis has created a pivotal moment in which the city must reinvent itself. The city is partnering with community leaders to bring together thousands of residents to help make the tough choices that will shape Detroit's future.
Featured in the Detroit video:
- Brightmoor Alliance
- Detroit LISC
- Detroit Works Project
- Grandmont Rosedale Development Corporation
- The Kresge Foundation