Abstract
The community development movement in America was shaped initially by the adoption of the community development corporation (CDC) model, by some of the largest of the nation’s private philanthropies as an answer to the numerous and intermingled problems of the nation’s burgeoning “urban crisis.” The choice of this kind of a community-based institution to grapple with the problems of economically distressed, and frequently minority, communities, however appropriate and successful initially, had far-reaching and long-term consequences for the American community development, and the community development financial institution (CDFI), movement. This was a kind of decision that economists and historians frequently describe as a critical juncture in a path-dependent process, in this case, the creation and sustenance of the American community development movement. The adoption of the CDC model was a choice that “locked in” a set of programmatic choices that shape not only the way in which activities were managed by these neighborhood organizations originally but also the choices available for community development from that point forward.
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Notes
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Mark Pinsky’s interview June 11, 2015.
- 43.
- 44.
Ibid.
- 45.
Ibid., 2–4.
- 46.
Ibid., 5–6.
- 47.
Ibid., 6–11.
- 48.
Mark A. Pinsky, “Coalition of Lenders and Investors Help Create the Community Development Financial Institution Act of 1994”, Shelterforce Magazine Issue #79, January/February 1995. National Housing Institute at http://www.nhi.org/online/issues/79/coallaw.html.
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Hyman J. Minsky, et al., Community development banking: A proposal to establish a nationwide system of community development banks (Annandale, N.Y.: Jerome Levy Institute, 1993), 10–11, ii.
- 50.
United States Senate, Committee on Banking, Housing, and Urban Affairs, “Hearings on the Proposed Community Development Financial Act of 1993” (Washington: GPO, 1993), 13.
- 51.
Ibid.
- 52.
Senate Committee on Banking, “Hearings”, 6.
- 53.
Senate Committee on Banking, “Hearings”, 16.
- 54.
Senate Committee on Banking, “Hearings”, 131.
- 55.
Senate Committee on Banking, “Hearings,”138.
- 56.
Senate Committee on Banking, “Hearings,” 18.
- 57.
Senate Committee on Banking, “Hearings,” 47.
- 58.
Senate Committee on Banking, “Hearings,” 43.
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Greer, J.L., Gonzales, O. (2017). The CDFI Industry: Its Origins and Development. In: Community Economic Development in the United States. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-349-69810-3_3
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