Community Development Leaders Propose a New Paradigm for Community Development Finance
WASHINGTON, DC, Dec. 04, 2024 (GLOBE NEWSWIRE) -- David Fukuzawa, Nancy O. Andrews, and Rebecca Steinitz today announced the release of their highly anticipated article, "A New Blueprint for Financing Community Development," published by Stanford Social Innovation Review. This insightful work proposes a new paradigm for community development that prioritizes impact over scale, emphasizes flexible and creative financing strategies, and empowers community voice.
Key Highlights of "A New Blueprint for Financing Community Development":
- In prior decades, an overreliance on markets to drive social solutions led to investment practices that too often mirrored market conservatism in prioritizing scale over social mission and devaluing customized, community-based solutions.
- The new paradigm, by contrast, prioritizes equity, flexible responses to local needs, and community involvement. It calls for community development finance to reframe the role of capital technicians and the market, rebalance power relationships, and prioritize community voice. It holds that the field should actively embrace power sharing with community development practitioners who are not financiers. Finally, it asks philanthropy to support these strategic shifts with patient, long-term capital that places trust in the communities it aims to serve.
- The article analyzes the successes and limitations of the last 40 years of community development finance, offers a set of principles for a new way of doing business, and describes how innovative organizations and partnerships are putting those principles into practice.
- It includes case studies of three such organizations, all of whom have worked with the Center for Community Investment (CCI): the Community Owned Real Estate program at Inclusive Action for the City (led by an alumnus of CCI’s Fulcrum Fellowship and Field Catalyst leadership development programs), Lift to Rise and its Housing Catalyst Fund (incubated in CCI’s Connect Capital initiative), and Invest Appalachia (also incubated in Connect Capital and led by a Field Catalyst alum).
About the Authors:
David Fukuzawa is a strategic advisor and former managing director at the Kresge Foundation.
Nancy O. Andrews is a fellow at Stanford University’s Distinguished Careers Institute and former president and CEO of the Low Income Investment Fund.
Rebecca Steinitz is a writer and communications and learning consultant for schools and nonprofits, including the Center for Community Investment.
"A New Blueprint for Financing Community Development," is available at A New Paradigm for Community Development Finance.
Available for Interviews:
David Fukuzawa: dfukuzawa44@gmail.com
Nancy O. Andrews: nancyoandrews@gmail.com
Rebecca Steinitz: rsteinitz@gmail.com
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ABOUT THE CENTER FOR COMMUNITY INVESTMENT
The Center for Community Investment (CCI) at Rockefeller Philanthropy Advisors works to ensure that all communities, especially those that have suffered from structural racism and policies that have left them economically and socially isolated, can unlock the capital they need to thrive. Our work is supported by the Robert Wood Johnson Foundation, The Kresge Foundation, JPMorgan Chase & Co, and The California Endowment. centerforcommunityinvestment.org | @C4CInvest
ABOUT ROCKEFELLER PHILANTHROPY ADVISORS
Rockefeller Philanthropy Advisors (RPA) accelerates philanthropy in pursuit of a just world. Continuing the Rockefeller family's legacy of thoughtful, effective philanthropy, RPA is a global nonprofit at the forefront of philanthropic growth and innovation, with a diverse team of experienced grantmakers with significant depth of knowledge across the spectrum of issue areas. Founded in 2002, RPA has grown into one of the world's largest philanthropic service organizations and has facilitated more than $4 billion in grantmaking to more than 70 countries. RPA currently advises on and manages more than $600 million in annual giving by individuals, families, foundations, and corporations. RPA also serves as a fiscal sponsor for over 100 projects, providing governance, management, and operational infrastructure to support their charitable purposes. rockpa.org | @RockPhilanth
Janelle Julien Center for Community Investment 2404630578 jjulien@centerforcommunityinvestment.org
