EDA University Center for
Regional Economic Innovation
Community Stakeholder and Neighborhood Resident Strategies for Community Revitalization
Co-Implementation Plan - 2019
Author: Norman Christopher, Private Consultant
This innovation project will build upon the previous MSU REI student led research project on resident driven investment strategies, but also explore other viable social impact and social entrepreneurship community revitalization and investment strategies that are now available for use such as Charitable Loan Funds, Community Land Trusts, Social REITS, and Opportunity Zones etc.
With the input of NGOs, businesses, foundations and other organizations, a community revitalization "playbook" will be developed that discusses the major economic development and social impact investment strategies that are now available for use by both community residents as well as the public and private sector. A glossary of key social impact terms will also be prepared.
Key statewide case studies will be used on a best efforts' basis, so that other Michigan cities, communities, and neighborhoods can collectively learn what type of social impact investment strategy would work best in their community. A standardized approach will be used to evaluate each social impact investment strategy for potential use. This social impact investment "playbook" will be of help and assistance to foundations and other grant making institutions, community residents, philanthropic donors, social NGOs, as well as local communities and neighborhoods as they seek additional sources of capital to increase economic development activities and address specific social impact areas of concern, such as affordable housing. This project will be considered as a "work in progress."