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FRB Releases Community Development Tools
The Federal Reserve Board has announced three tools for community economic developers. One, of course, is the FRB's community development investments website which contains information about CRA rules and how different community investment projects will be considered for CRA purposes. This site should also be valuable to financial institutions.
Also designed as a resource is the "Lessons Learned: Community and Economic Development Case Studies." This should be a useful resource for generation and evaluation of development ideas.
The FRB has also developed the "Fiscal Impact Tool" or FIT. This tool is for use by development professionals to determine costs and benefits of projects. This should also prove useful to financial institutions in justifying or explaining the CRA value of certain loans or investments.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 8, No. 16, 1/04
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