Creative Strategies for Community Finance–Introductory Remarks
Introduction
The need to think about creative strategies in the area of economic development is a by-product of the numerous cutbacks under the Reagan administration. For example, economic development finance has been one of the most effective means of injecting the development system with large amounts of money. In the five year period between 1980 and 1984, there were three hundred and eighty-five million dollars worth of industrial revenue bonds issued by New York City’s Industrial Development Authority, which ispart of the Financial Services Corporation. Under present law, the commercial industrial revenue bond will sunset in 1986, and the industrial revenue bond will sunset in 1989. Thus, one traditional tool of economic development finance will soon be extinct. . .
Suggested Reading
Employee Ownership: A New Strategy for Economic Development
Explores employee ownership as an underutilized route to economic development in low-income communities that relies neither upon altruism nor outside funders.
Employee Ownership: An Economic Development Tool for Anchoring Capital in Local Communities
Demonstrates employee ownership may not keep jobs and capital in communities; recommends federal policy and examples that could prevent these pitfalls.