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ECONOMIC DEVELOPMENT PROGRAMS

What is Economic Development?

“There are three key principles for engaging in homegrown economic development, aimed especially for those seeking to revitalize the economies of neighborhoods and communities.

These are:

    1. Be more than a developer of places. You will have to be a developer of communities.

    2. Instead of revitalizing only buildings, you must also revitalize relationships.

    3. With no economic momentum in the community, if you want to sail, you will have to bring your own wind.” ---GreenBiz, Michael Fortunato and Bruce Balfour, two economic development consultants,

POP’s tactics and strategy, in facilitating community economic development advocate employing four elements: 1) partnerships, 2) community wealth building strategies, 3) blending of multiple strategies and 4) self-sustaining strategies.

At POP we foster partnership relationships by finding out what others in the community want to see. The community spirit we generate this way can then be written right into the by-laws of our project, ensuring strong connections with local organizations and local oversight.

 

Despite the resurgent popularity of city living, many urban neighborhoods face several ongoing challenges from the shortage of affordable housing and inadequate infrastructure or income inequality and poverty.
 

A growing body of research shows that being raised in such high-poverty communities undermines children's long-term life chances. Growing up in poverty is particularly troubling for African Americans and immigrants disproportionately more likely to live in distressed urban areas. The effects of living in high-poverty communities—such as poor health and educational outcomes and limited employment opportunities—are far-reaching and generational. According to Patrick Sharkey of New York University's research, more than 70 percent of the African American residents in the nation's poorest urban neighborhoods are the children and grandchildren of those who lived in similar settings and conditions 40 years ago. As a result, he states, "any interventions designed to address neighborhood disadvantage must reach multiple generations of family members."


At POP, we espouse key policy strategies that outline specific ways to address some of our urban communities' challenges.


Establish comprehensive place-based strategies. There is no single policy or program that can address the many challenges that distressed urban areas face. Instead, POP has developed a comprehensive plan to ensure that residents live and work in communities conducive to their success. Such a plan acknowledges the interdependent nature of challenges, including access to quality housing and transportation, barriers to securing employment, and limited economic development activity.
 

Leaders across sectors and agencies must come together to identify critical challenges affecting their community, establish shared outcomes to address those challenges and create a joint plan of action that builds on each stakeholder group's strengths.  Some of the strategies and activities include:


*Place greater emphasis on leveraging private investment.
*Establish a community of practice for local partners.
*Guide community leaders on how to leverage safety net programs.
*Ensure access to quality housing and transportation.
*Expand access to affordable housing.
*Prevent foreclosures and vacancies.
*Increase access to sustainable mortgage credit.
*Create more affordable rental housing and enable renters to save.
*Empower local leaders.
*Support workers by eliminating barriers to employment.
*Expand investment in apprenticeships.
*Remove barriers to opportunity for Americans with criminal records.
*Foster the role of anchor institutions in the community and economic development, and more.

 

Through our neighborhood and government partnerships, POP will confront each of the challenges.

 

 

 

 

 

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Economic Development

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