By Scholastica Wilson
Community development corporations are non-profit, community-based
organizations that anchor capital locally through the development of both
residential and commercial property, ranging from affordable housing to
developing shopping centers and even owning businesses.
First formed in the 1960s, they have expanded rapidly in
size and numbers since. An industry survey published in 2006 found that 4,600
CDCs promote community economic stability by developing over 86,000 units of
affordable housing and 8.75 million square feet of commercial and industrial
space a year.
No sector of the expanding community wealth-building economy
is more celebrated for its success than community development corporations (CDCs).
From humble beginnings, the CDC movement today has grown to an estimated 4,600 CDCs
spread throughout all 50 states and in nearly every major city.
Community development corporations are typically
neighborhood-based, 501(c)3 non-profit corporations, with a board composed of
at least one-third community residents, that promote the improvement of the
physical and social infrastructures in neighborhoods with populations
significantly below the area median income.
Many CDCs perform a wide variety of roles, including housing,
commercial, and retail development, as well as leading community planning, assisting
with community improvement programs (improved lighting, streetscapes, and the
like) and providing social services. In some cases, CDCs extend far beyond the
bounds of a single community to cover an entire city, county, multi-county
region, or even an entire state.
Scholastica Wilson is the Development Director at New
Covenant Community Development Corporation
No comments:
Post a Comment