Years of minimal investment in the city’s neighborhoods has taken its toll, particularly for the core neighborhoods and those neighborhoods generally located south of the downtown area (or south/southeast of the rail line).  These neighborhoods suffer from a combination of low household incomes, lack of development activity, and a low rate of home ownership.  Market demand is weak in this area and will require municipal intervention.   

By contrast, neighborhoods to the north generally have higher median household incomes. Despite this, there remain neighborhoods to the north that exhibit similar patterns of weak market demand.

A Community Reinvestment Fund should be a line item in the city’s general fund with distribution to Census Tracts based on need. Its structure and guardrails should be created with input from city department leaders and the Citizens Advisory Committee (CAC) to tailor a fund that addresses the varied needs of each census tract. Participatory Budgeting, where neighborhood residents are allowed to vote on small projects, has been used in Greensboro and could be an option for consideration for the CRF. Possible municipal investment opportunities might range from homeowner rehabilitation grants or loans to similar incentives for landlords to update outdated apartment complexes. The CRF should be flexible enough to also consider funding for park or other recreational amenities, sidewalks and/or trails, or even basic road and infrastructure needs.

The city could instead consider creating a revolving loan fund that includes private sector investors as well as non-profit organizations.