Future of community development: How CDFIs can best ride the impact investing wave
Bugg-Levine states that changing needs and changing funding sources require that community development reinvent itself. Impact investing can be a major new funding source, but community development risks being left behind unless it can meet the needs of impact investors for diversified investment, national investing platforms that invest locally, off-balance sheet activities (i.e., not enterprise funding), and convincing impact. More broadly, the industry needs to focus on solving problems, recognizing that investment is only one part of the solution. NFF is using a strategy it calls “Complete Capital,” which involves work with a broad range of partners to build both capital stacks and human resources to solve problems. CDFI, experienced in getting results and working with communities, can be on the forefront, but need to embrace broader collaboration and solutions that go beyond investment.
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