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The role of community partners in urban investments

  • Anna Steiger
  • Tessa Hebb
  • Lisa Hagerman

Institutional investors seeking to deploy capital to underserved areas do not have either the time or the expertise to actively manage these specialized investments. Investment vehicles intervene by using their financial expertise to pool assets and lower transaction costs. Community partners, in turn, link the investment vehicle to the neighborhood. This paper develops a typology of community partners and their unique characteristics that enable them to overcome information asymmetries in certain markets. The paper also discusses the business models that establish the relationship between the investment vehicle and community partner to highlight strengths of the different models for delivering community transformation.

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File URL: http://www.bostonfed.org/commdev/pcadp/2008/pcadp0802.pdf
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Paper provided by Federal Reserve Bank of Boston in its series Public and Community Affairs Discussion Papers with number 2008-02.

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Date of creation: 2008
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Handle: RePEc:fip:fedbpc:2008-02
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  1. Joseph Gyourko & Witold Rybczynski, . "Financing New Urbanism," Zell/Lurie Center Working Papers 369, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
  2. Robison, Lindon J. & Siles, Marcelo E. & Schmid, A. Allan, 2002. "Social Capital And Poverty Reduction: Toward A Mature Paradigm," Agricultural Economic Report Series 10941, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  3. Spence, A Michael, 1973. "Job Market Signaling," The Quarterly Journal of Economics, MIT Press, vol. 87(3), pages 355-74, August.
  4. Clark, Gordon L. & Caerlewy-Smith, Emiko & Marshall, John C., 2006. "Pension fund trustee competence: decision making in problems relevant to investment practice," Journal of Pension Economics and Finance, Cambridge University Press, vol. 5(01), pages 91-110, March.
  5. Anna Steiger & Tessa Hebb & Lisa Hagerman, 2007. "The case for the community partner in economic development," Public and Community Affairs Discussion Papers 2007-5, Federal Reserve Bank of Boston.
  6. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
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