Features

Bank Held
Exploring Innovation in Community Development Week

The Federal Reserve Bank of St. Louis held its first-ever Exploring Innovation in Community Development Week, April 14-18, 2008. The purpose was to draw national attention to innovations in the community-development industry and its important role in American life. Featured speakers, resource fairs and workshops highlighted topics such as innovations in housing finance and new ways to promote entrepreneurship.

For more information, contact Matt Ashby in St. Louis, 314-444-8891; Amy Simpkins in Little Rock, 501-324-8268; Faith Weekly in Louisville, 502-568-9216; or Kathy Moore Cowan in Memphis, 901-579-4103.

Reverse Mortgages:  A Growing Market

Senior citizens increasingly are turning to reverse mortgages as a source of income. The spring issue of Bridges examines reverse mortgages, their rapidly growing market and the need for consumer protection. Other articles in this issue focus on:

• a program in Tunica, Miss., that helps teenagers start a business,
• credit scores and why they are important, and
• a matched savings account program that provides a safety net for youth “aging out” of foster care in St. Louis.

Included with Bridges is A Closer Look, a supplement that takes topics from previous and current issues of Bridges and examines them from the perspective of a particular area or community. In this issue, A Closer Look features a competition that rewards entrepreneurs who start a nonprofit, social enterprise.

Bank Appoints District Experts to New Advisory Council

Executives from 13 organizations throughout the Federal Reserve's Eighth District comprise the Bank’s new Community Development Advisory Council. The council was created to keep the Federal Reserve Bank’s president and community development staff informed about community development issues in the District and to suggest ways the Bank might support local development efforts. (Learn more.)

The Rising Residential Concentration of Joblessness in Urban America, 1980 to 2000

Between 1980 and 2000, America’s urban neighborhoods became increasingly polarized into high- and low-unemployment areas. Fed research economist Christopher Wheeler presents his findings on this topic in The Rising Residential Concentration of Joblessness in Urban America: 1980 to 2000. Wheeler studied neighborhood-level unemployment in more than 360 U.S. cities. His report includes information on four metropolitan areas within the Eighth Federal Reserve District—Little Rock, Louisville, Memphis and St. Louis.

The Rise in Personal Bankruptcy

The number of Americans filing for bankruptcy has increased nearly 350 percent inthe last 30 years. In The Rise in Personal Bankruptcy, Research Economist Thomas A. Garrett looks at the role that laws, credit and consumers’ saving habits play in making Americans even more susceptible to bankruptcy. The report includes statistical information on counties in the Federal Reserve’s Eighth District.

Home Counseling Services Listed in Fed Brochures

The Federal Reserve Bank of St. Louis' Learn Before You Leap brochures list counseling agencies that provide advice on every step of the home-buying process, from budgeting income to negotiating a contract to closing on a loan.

Each of the brochures focuses on one of the Fed’s zones in the Eighth District: St. Louis (English, Español), Little Rock (English, Español), Louisville (English, Español) or Memphis (English, Español).

Multiple copies can be ordered from Julie Kerr in Little Rock, (501) 324-8296; Kendra Keller in Louisville, (502) 568-9202; Cathy Martin in Memphis, (901) 579-4102; or Cindy Davis in St. Louis, (314) 444-8761.

Newcomers to community development can use this online self-study guide to learn the basics of launching projects. For a free paper copy of Community Development Financing: Coming up with the Money, e-mail your request to us.