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Community
Development Corporations
Community
Development Corporations started as an institution in the
late 1960s with Senator Robert Kennedy efforts to help inner
city communities address the range of problems associated
with economic and political exclusion. Though CDCs initially
engaged in a broad array of activities from block organizing
to economic development and job services to affordable housing
development, during the 1980s they developed an almost exclusive
focus on housing.
Recent
developments, however, have encouraged a reemergence of interest
in the broader capacity of CDCs to direct community revitalization.
Decreased federal funding for economic development, welfare
reform and the resulting need for increased job creation,
evident islands of poverty in the landscape of economic recovery,
and other forces have provided the impetus for CDCs to start
organizing their communities, run economic development programs
and launch venture capital funds. Combined with the successful
experience of a handful of CDCs that remained true to their
historic comprehensive approach, this new movement has tremendous
potential to change the striated economic landscape of our
metropolitan areas.
CDCs, by
their design, even by definition, are based in the community;
most have a membership open to residents or workers within
a geographically limited area, and all but a few have a board
of directors resident (either living or working) in the community.
This structure makes them an ideal force to root economic
capital within a neighborhoods.
One of
the most exciting possibilities, though still a fairly small
component in most efforts, is the emerging practice of CDC
ownership and operation of business activities. Among the
benefits are the obvious capacity to root capital, generate
revenues and recirculate money locally. More enticing to many
CDCs are the possibilities of both providing jobs and a service
to the community through such activities as owning grocery
stores or construction companies.
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