Spring 2006

Complete Issue

Contents (each article available in PDF)

• Alternative Mortgages: Managed Risk or Gamble?
  by Andrew Olszowy, Federal Reserve Bank of Boston
  Alternative mortgages may increase flexibility for lenders and consumers, but they also add risk. The best advice for all parties is to learn as much as possible about these tools and proceed with caution.
• Economic Revitalization through the Arts
  by Beate Becker, former director, New England Creative Economy Initiative
  Whether artists' lofts lure tourists or graphic designers enhance manufacturing, the benefits of the creative economy are everywhere. Today New England is learning the value of fully integrating this source of growth into economic-development agendas.
• Starting a Community Development Bank in New Haven
  by Peggy Delinois Hamilton, Yale Law School
  With their ability to attract socially conscious investors to a community bank and provide tax deductions, nonprofits could become increasingly pivotal in making financial services available to low- and moderate-income communities.
• Helping the Elderly with Daily Money Management
  by Richard A. Hylan, Massachusetts Money Management Program
  In 1991, 30 Massachusetts nonprofits approached AARP and the Office of Elder Affairs about providing money-management assistance to seniors. The resulting program helps roughly 1,200 clients per month to handle their finances with less anxiety.
• Recycling Urban Vacant Land
  by Rosalind Greenstein and Yesim Sungu-Eryilmaz, Lincoln Institute of Land Policy
  Vacant, abandoned, and contaminated properties in urban areas can provide opportunities for neighborhood transformation- even new jobs. Examples in the Northeast show that sometimes all it takes to get the ball rolling is a group of visionary gardeners.
• Breaking New Ground
  First Person with Denise Nappier, State Treasurer of Connecticut
  Connecticut law allows consideration of the social, environmental, and economic impact of state investments. Treasurer Nappier explains how focusing on a "double bottom line" has improved the state's financial health.
• Mapping New England: High-Priced Refinance Loans
  by Ricardo Borgos, Federal Reserve Bank of Boston
• News From the Bank
  Home Mortgage Disclosure Act Update
  by Julia Reade, Federal Reserve Bank of Boston
• Recovering from Military-Base Closings
  by Antoniya Owens, Federal Reserve Bank of Boston
  Although some challenges facing communities affected by base closures are unique to each situation, successful redevelopment strategies share three critical features: partnerships; creativity and flexibility; and persistence. The author considers several cases in New England.

Articles may be reprinted if Communities & Banking and the author are credited and the following disclaimer is used: "The views expressed are not necessarily those of the Federal Reserve Bank of Boston or the Federal Reserve System. Information about organizations and upcoming events is strictly informational and not an endorsement."

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