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    T h e F e d e r a l r e s e r v e B a n k o F s T . l o u i s : C e n T r a l T o a m e r i C a s e C o n o m y

    PUBLISHED QUARTERLY

    BY THE COMMUNITY

    DEvELOPMENT

    DEPARTMENT OF

    THE FEDERAL RESERvE

    BANK OF ST. LOUIS

    L i n k i n g L e n d e r s A n d C o m m u n i t i e s summer 2009

    Bridges w w w . s t l o u i s f e d . o r g

    By Linda Fischer

    From the start, ExploringInnovation: A Conferenceon Community Develop-

    ment was meant to be dierentrom the ordinary conerence.

    With Innovation in ChangingTimes as its theme this year,the goal o the biennial eventwas to illustrate the benets o

    creative thinking during chal-lenging circumstances. Notonly would the content ocuson innovation, but the struc-ture o the conerence itselwould be innovative.

    The event drew participantsrom across the country, manyo them high-level leaders with

    best practices and innovativepolicies to share. Communitydevelopers would leave withpractical ideas they could useto make a real dierence or

    the people they serve. Thisarticle is a brie overview o

    several highlights. (For moreon the conerence structure,see Page 9.)

    Innovation Toolbox

    How does one create aculture o innovation withinan organization? KathieThomas brought an innova-

    tion toolbox to illustrate oneway. As director o innovationor Fleishman-Hillard, a com-munications rm in St. Louis,Thomas and her group help therm and many o its corporateclients maintain an innovativeatmosphere.

    Innovation is dened as peo-

    ple working together to developand implement new ideas thatcreate value, Thomas said. Thekey elements are collabora-tion, ideation, implementation

    and value creation. Innovativethinking alone is not enough.

    I, in the end, creative ideas arenever implemented and nevercreate value, what good arethey? Thomas asked.

    Among the tools Fleishmanuses are the rms P.O.I.N.T.S.and Innovation Styles models.Once an organization decidessomething has to change,

    P.O.I.N.T.S. takes them througha six-step, problem-solving pro-cess that helps the team developthe best solutions quickly andeectively. Innovation Styles isan online assessment that teammembers take to determinewhich o nine innovation stylesthey preer.

    To learn more, go tohttp://innovation.feishmanhillard.com.

    iva:Wha Ca i d f Y Cy?

    continued on Page 2

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    8Swamp Gravy

    f Bafa 0

    The nations economic crisis

    brought down some mighty

    players during the last year.

    As the dominoes ell, com-

    munity development proes-

    sionals saw unding vanish

    and dreams ade. The uture

    may be uncertain, but is it all

    doom and gloom? A recent

    conerence sponsored by theFederal Reserve Bank o

    St. Louis ocused on innova-

    tion and its role in helping

    organizations survive, and

    thrive, despite the economy.

    This issue oBridges is devoted to

    topics covered during the conerence.

    Exploring Innovation

    iN

    d

    e

    X

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    l i n k i n G l e n d e r s a n d C o m m u n i T i e s#

    2

    The Innovation Ca

    One important purpose othe conerence was to bringpeople in the communitydevelopment industry together,not only to hear rom expertsin the eld, but also to networkwith each other. What betterplace to do that than in a ca?

    The Innovation Ca con-sisted o an online meetingplace and a real, physical ca

    where conerence-goers couldnd resources, rereshmentsand conversation. The onlinecomponent was live on theInternet beore and during theconerence and oered par-ticipants a chance to proposeand ponder ideas. The virtualca remains open at www.

    exploringinnovation.org. There,one can nd discussions aboutquestions such as How do Iencourage others to implementinnovation? and How can onework in an environment whereinnovation is not promoted?The intent is or there to be anongoing dialogue on commu-

    nity development.

    Policy Implications

    Three experts in communitydevelopment were on hand tolead an interactive session onhow policy aects innovationin community development.Mark Pinsky o Opportunity

    Finance Network, Ray Bosharao New America Foundationand Alan Berube o the Brook-ings Institution heard some othe ollowing comments:

    Unwinding current scaland economic issues is mostimportant, as well as puttingcertainty back into expectedmarkets.

    There is a need to organizeand implement a true com-munity development process.

    How can we change thestructure o the system thatdiverts money to communitydevelopment issues?

    To read more comments, go

    to www.exploringinnovation.org, click on the InnovationCa and Thursday PlenaryTable Talk.

    The 10,000-Hour Challenge

    One opportunity presentedto attendees deserves specialattention.

    Ater hearing about researchthat shows it takes 10,000hours o practice to becomean expert in any eld, manyconerence attendees accepteda spontaneous challenge tocollectively contribute 10,000hours o innovation to com-munity development. The

    challenge is now a work inprogress, with the St. LouisFed leading the eort.

    More inormation will becoming soon to the conerenceweb site.

    Arts and the Community

    The role o the arts in com-munity development literallytook center stage when per-ormers presented a samplingo the olk-lie play o Georgia,Swamp Gravy. The play is aperect example o a culturalheritage arts program that hasrevital ized a town. (See storyon page 3.)

    An arts program that ismaking a dierence in a toughurban neighborhood o Pitts-burgh, The Manchester Crats-mens Guild Youth Program,and the inspiring story toldby its ounder, Bill Strickland,rounded out the conerence.Through the guild, Strickland

    has helped countless youthachieve success in their lives.He hopes to persuade 200 citiesaround the world to replicate hisarts, education and job-trainingprogram. To nd out more, goto www.manchesterguild.org/youth/youth.htm.

    Linda Fischer is an editor at theFederal Reserve Bank of St. Louis.

    ivacontinued from Page 1

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    Conerence-goers had the chance to

    test their innovation skills in the Fed

    Prize Challenge, a contest that oered

    valuable prizes rom sponsors. Con-testants submitted their most creative

    responses to the ollowing question:

    Based on traditional models,

    the viability o todays community

    development sector looks bleak.

    Describe how an innovative approach

    could change that horizon. What new

    structural changes, measures o suc-

    cess, unding tools, partnerships and

    comprehensive approaches will enablethe community development sector to

    reinvent its role and sustain itsel in the

    21st century?

    The winners were Ben Steinberg o

    Southern Bancorp and Karl Cassell o the

    Cedar Rapids Civil Rights Commission.

    Steinberg described an innovative

    approach to improving communities by

    providing access to capital in areas o

    persistent poverty in a way that is scal-

    able, replicable, sustainable and eec-

    tive. Instead o waiting or borrowers to

    approach Southern, Southern, guided by

    the community goals, creates and solic-

    its opportunities to lend and leverage

    resources, Steinberg wrote. He outlined

    a geographically ocused, bank-centered

    community development strategy.

    Cassell wrote about an urban radio

    station that uses the Internet to link

    economic development, social aware-

    ness, education and music. KOJC Radio

    will stand out amongst current models

    o radio stations because o its unique

    vision and ocus on providing critical

    thought-providing educational programs;

    access to social and human service

    outlets; opportunities or economic devel-

    opment; consumer playlist choice; and

    the latest in technology to better serve

    the listener, Cassell wrote.

    For details, visit www.exploring

    innovation.org and click on Special

    Features.

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    o n T h e i n T e r n e T a T w w w . s T l o u i s F e d . o r G#

    3

    By Teresa Cheeks Wilson

    W

    hile attending a con-erence on commu-nity development

    in 1991, Joy Jinks, a residento Colquitt, Ga., met RichardGeer, a student who was doingresearch on perormance asa community-building tool.

    Jinks talked with Geer abouther towns dwindling popula-tion and her desire to preserveits rich heritage and instill civic

    pride in ellow residents.That chance meeting devel-

    oped into a project involvingGeer and Colquitt communityvolunteers, who collected andrecorded stories rom residentstorytel lers. Their stories werelater adapted into play ormat.

    Ater songs and music were

    added, Swamp Gravy was born.(The name Swamp Gravy

    comes rom a stew-like dishmade rom a blend o ried shdrippings and whatever is onhand in the kitchen. The dishis native to the area and Geor-gia sh camps.)

    The rst perormance o

    Swamp Gravy was held in theMiller County ElementarySchool auditorium to a sold-out crowd. The play was sosuccessul that the group began

    looking or a larger location.Newton Allen, a local resi-

    dent, loaned them an old cottonwarehouse. Despite the actthat it had a dirt foor, the group

    took him up on his oer and,ater some cleaning and prepa-ration, held its rst perormancein the new location in 1994.

    The organization has sincepurchased and completely ren-ovated the warehouse, whichis now known as the CottonHall, Swamp Gravy Theater.

    The theater oers state-o-the-art lighting, creative sets andmultilevel staging. The designo the theater oers good viewsrom every seat. The once dirtfoor is now brick and cement,and a loading dock and oldFord truck are part o the sets.The hall includes the Story-

    telling Museum, which wasdesigned to be reminiscent oColquitts town square.

    By promoting economicdevelopment through the arts,Swamp Gravy has had a greatimpact in southwest Georgia.The Swamp Gravy Institute,an arts service organization, is

    an outgrowth oSwamp Gravy.The institute holds workshopson storytelling, gathering oralhistories and helping othercommunities create their

    own production. The Jokara-Micheaux Film Studio has anannual lm estival, whichshowcases southwest Georgiaas a movie location. An ater-school program called Bounce

    tutors students with homeworkand in the arts.

    Swamp Gravy also was theinspiration behind a regionaltourism initiative ocusing onthe arts, heritage and ecology.There is also a how-to manualon cultural tourism.

    In the rst ve-and-a-hal

    years o the project, 50,000tickets were sold to tourists.The play has increased therevenue or Miller County by$2 million annually and has

    created several ull-time andpart-time jobs.

    The Swamp Gravy playersalso have taken their showon the road, perorming atCentennial Park during the

    Olympics in Atlanta and at theKennedy Center in Washing-ton, D.C.

    For more inormation, go towww.swampgravy.com.

    Teresa Cheeks Wilson is a com-munity development specialist atthe Memphis Branch of the Fed-

    eral Reserve Bank of St. Louis.

    Several Swp G cast members traveled from Colquitt, Ga., to St. Louis to stage ashort performance of the folk-life play.

    How a Small Town in Georgia Survives on Swamp Gravy

    Tsd ig bkst t t 2009 Exploring Innovation cc td pc Swamp Gravy, t fci

    k-i p Ggi. Bsd t -i xpics sidts Cqitt, G., tis cwd-psig bd cd,

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    Based on the session Open Source

    Economic Development: Accelerating

    Innovation through Collaboration.

    Presenter: Ed Morrison, Purdue Cen-

    ter for Regional Development.

    Matthew Ashby

    Community Development SpecialistFederal Reserve Bank of St. Louis

    llaBoraTion + ideaTion + imPlemenTaTion + value CreaTion + CollaBoraTion + ideaTion + imPlemenTaTion

    The Four Key elemenTS o F InnovaTIon

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    Community Development Specialist

    Federal Reserve Bank of St. Louis

    ia

    + value CreaTion + CollaBoraTion + ideaTion + imPlemenTaTion + value CreaTion + CollaBoraTion + ideaT

    The Four Key elemenTS o F InnovaTIon

  • 8/9/2019 Bridges - Summer 2009

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    Community Development Specialist

    Federal Reserve Bank of St. Louis

    n + imPlemenTaTion + value CreaTion + CollaBoraTion + ideaTion + imPlemenTaTion + value CreaTion + Co

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    The Miami DrillDown is one example of information a community can use to determineconsumer purchasing patterns.

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    Faith Weekly

    Community Development Specialist

    Federal Reserve Bank of St. Louis

    llaBoraTion + ideaTion + imPlemenTaTion + value CreaTion + CollaBoraTion + ideaTion + imPlemenTaTion

    Val Ca

    The Four Key elemenTS o F InnovaTIon

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    By Howard McAuliffe

    All too oten, we hearpessimists in govern-ment, academia and

    our neighborhoods say Youcant do that, That wont work

    here, and Their problems aretoo great when discussingsolutions to complex chal-lenges, especially in disadvan-taged communities.

    Poverty, crime, ailing schoolsystems, lack o aordablehousing and lack o healthcare are issues that aect

    all Americans, but are espe-cially pressing in low-incomecommunities. These issuesare complicated becausethey require assistance rommultiple sources, such asnonprot groups; the businesscommunity; and ederal, state,and local government. Fur-

    thermore, assistance is neededrom a variety o proessionalsto make progress on these di-cult issues. Exploring Innova-tion: A Conference on CommunityDevelopment brought together avariety o community devel-opment proessionals whohave been working together tomitigate these problems andare making progress.

    I had the pleasure o meet-ing many o these people at theconerence. Overall, I came

    away with a sense o hope orthe uture and excitement orgraduation and the chance to

    join this truly innovative com-munity in working toward abetter uture. Since then, Ivebeen thinking more about what

    community development is,

    about how amazing the pre-sentations and conversations atthe event were and wonderingwhat innovative ideas shared orsparked at the conerence willbe put into action.

    What Is Community Development?

    This question came up sev-eral times during the coner-ence. Because my mastersdegree has a concentration incommunity development, Iam used to trying to explain it

    and have ound it dicult todo. It is apparent that there isno consensus on the denitiono community developmentand the role o a communitydeveloper. Working towardsuch a consensus could have

    important implications or

    practitioners.I attended a meeting o theCommunity Development Insti-tute and met someone who saidhis colleagues in communityorganizing do not identiy them-selves as community developers.It occurred to me that other pro-essionals such as social workers,community activists, academicsand architects may not considerthemselves community develop-ers, although they work towardstrengthening communities.

    I dont know what the deni-tion should be, but I can seehow community developmentcan be a powerul rameworkor examining progressivedevelopment. Furthermore,community development can

    unite disparate groups thatwork toward similar goals. Byincreasing collaboration amongthese groups, we may nd thatwe are more likely to resolvethe complex problems ourcommunities ace.

    Powerul Motivators

    The Exploring Innovation con-erence brought together grass-roots practitioners and some othe top minds in the country(oten the same people) to dis-cuss, collaborate and learn.

    I wish I could have been inall o the breakout sessionsbecause I know that I missed

    some inspiring presentationsand interactions. In additionto memorable keynote presen-tations by Alan Berube, RayBoshara, Nicol Turner-Lee andBill Strickland, I was particu-larly inspired by the innova-tive solutions implementedby Swamp Gravy, The EastInitiative and The CornerstoneCorporation or Shared Equity.They are great examples o howcommunity development oper-ates in dierent places and at

    CommenTary

    th Cfchh h ey f h nx ga

    Howard McAuliffe, right, takes notes on a laptop to capture the discussion going on at histable during the policy plenary session.

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    dierent levels o infuence.Alan Berube with The

    Brookings Institution and RayBoshara with New AmericaFoundation work at the nationallevel to infuence policy.

    Nicol Turner-Lee has beenpart o One Economy Corp.,a grassroots organization thathas become a global power,delivering technology andinormation to the homes olow-income people.

    Bill Strickland has taken thesimple idea o using the arts to

    inspire people and created atemplate or career training andbusiness incubation in low-income communities.

    The EAST initiative, startedin rural Arkansas, was aneye-opening example o how avisionary approach to educatingstudents can motivate them to

    achieve amazing things.Swamp Gravy is a perormance

    group that has used olk peror-mances to reinvigorate an entirecommunity in rural Georgia.

    Finally, Cornerstone Corpo-ration or Shared Equity hascreated a renters equity pro-gram in Cincinnati that allows

    renters to build equity, whileincreasing the property ownersbottom line, creating a win-winor both groups.

    These groups and individu-als were powerul motivatorsbecause they used innova-tive ideas to create signicantchange in disadvantaged com-munities. I encourage everyoneto visit the Exploring Innova-tion web site or look up thesegroups online. I cant do them

    justice with a ew sentences.

    Whats in the Future?

    As a young communitydevelopment proessional,I hope to work with these typeso people and organizationsor years to come. The posi-tive energy combined with theopportunity or me to interactwith amazing communitydevelopment proessionalshelped solidiy my commitmentto community development.It was rereshing to see peoplewho are carrying out trulyinnovative solutions to many

    o the problems in our country.The way the conerence

    unctioned as a conversationbetween attendees, presentersand volunteers was very power-ul. One recurring statementI heard was: We have come along way, but still have a longway to go. I think this coner-

    ence helped strengthen the com-munity development movementby creating new ties, strengthen-ing existing ties, increasing toolsthat proessionals have to workwith and, o course, inspiring allo us to keep working toward abetter uture.

    Howard McAuliffe is a graduateof the masters program in UrbanPlanning and Real Estate Develop-ment with a concentration in Com-munity Development at St. LouisUniversity. He was one of severalstudent volunteers at the confer-ence. Read what other studentshad to say at www.stlouisfed.org/publications/br/2009/b/.

    The structure o the 2009

    Exploring Innovation conerence

    was designed to be, in itsel, an

    example o innovation. Each piece

    o the conerence was deliberately t

    together to create a seamless learn-

    ing opportunit y. To accomplish this,

    the conerence incorporated three

    distinctly innovative approaches:

    1. engaging partic ipants beore,

    during and ater the conerence;

    2. responding to a variety o

    learning styles; and

    3. encouraging cross-sector learning.

    Beore the conerence even began,

    the virtual Innovation Ca oered

    participants a chance to meet and

    share ideas on the power o innova-

    tion. These ideas were incorporated

    into the conerence as daily survey

    questions were developed, discus-

    sion groups and dinner groups were

    ormed, and the ormat or the round-

    table discussion was implemented.

    Conerence-goers were actively

    involved throughout, even helping to

    shape the content and agenda. The

    most striking example o this came

    during Thursdays Policy Plenary when

    public policy experts and the audience

    used interactive technology to discuss

    important issues acing community

    developers. The expert s posed

    questions to the audience, who then

    discussed the issues amongst them-

    selves. Recorders at each table cap-

    tured comments online and sent them

    to the experts. They, in turn, could

    quickly see on their laptops what was

    being said and respond. In this man-

    ner, a robust conversation took place

    between more than 150 participants,

    all in less than two hours.

    Specic tools, such as the Innova-

    tion Styles Assessment, helped

    attendees dene their particular

    approach to the sometimes compli-

    cated process o innovation. A variety

    o sessions and ormats oered

    opportunities to maximize these

    dierent styles through both active

    participation and thoughtul refection.

    Participants were encouraged to

    listen to other ways o thinking to

    discover innovative solutions to com-

    munity development problems. At Fri-

    days roundtable discussion, everyone

    became a resident expert by using

    an active listening process. During the

    roundtable questions and shbowl

    conversation, everyones voice could

    be heard and everyone had the chance

    to learn something new.

    While these new techniques and

    learning opportunities were important,

    their true value came in the degree to

    which they contributed to the overall

    goals o the conerence. Everything had

    a purpose. Every piece had to meet

    the standard o adding value beore it

    was incorporated into the agenda. This

    echoes the rule heard over and over

    during the conerence: Innovation with-

    out value creation is simply a new idea

    that goes nowhere. The importance o

    innovation is in the value that it creates.

    The innovative design o the conerence

    refects that core belie.

    For a detailed description o the

    Question Circle Process used during

    the Policy Plenary Discussion or the

    Roundtable Discussion Question

    Process and Fishbowl Conversation,

    visit the Exploring Innovation web

    site, www.exploringinnovation.org,

    and download the Methods Tool Kits

    describing these models.

    Amy Simpkins

    Community Development Specialist

    Federal Reserve Bank of St. Louis

    d a ivav Cfc

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    The region served by the Federal Reserve Bank of

    St. Louis encompasses all of Arkansas and parts of Illinois,

    Indiana, Kentucky, Mississippi, Missouri and Tennessee.

    sPanninG the regioN

    Missouri Innovation Centers

    Help New, Existing Businesses

    The Missouri TechnologyCorp. has created a networko 10 centers across the state,each with a particular areao ocus on innovation. The

    centers are state-sponsored,not-or-prot organizationsthat assist entrepreneurs andenterprises during the earlystages o development o newtechnology-based ventures.Funding or the innovationcenter program is through theMissouri Department o Eco-

    nomic Development.Each center is a partner-

    ship between local universitiesand a diverse group o public,private and nonprot orga-nizations. Services includeincubation, consultation,educational training programsand technology evaluation and

    transer. The centers ocus oninnovation in areas such as liesciences, biomedicine, appliedscience and engineering, agri-culture, industrial and ruralenterprise, and entrepreneurialdevelopment.

    The Missouri TechnologyCorp. is working with theInnovation Centers to ndnew methods to calculate thetotal economic impact thataccrues to Missouri citizensas a result o the Innovation

    Center operations.Innovation Centers are

    located in Columbia, Rolla,St. Louis, Cape Girardeau,

    Joplin, Kansas City, Kirksville,Springeld, Warrensburg andSt. Joseph.

    For more inormation, visit:www.missouridevelopment.organd click on Business Solutions.

    Arkansas To Regulate

    Reund Anticipation Loans

    The Arkansas state legisla-ture recently passed the rstlegislation regulating issuers

    o reund anticipation loans(RALs). This type o loan isissued by tax preparers andis repaid directly or indirectlyrom the consumers incometax return or tax credits.

    The new law requiresprominent posting o a eeschedule containing examples

    o interest charged on the RALin the amounts o $250, $500,$1,000 and $2,500. It alsorequires posting a statementinorming consumers that: theyare borrowing money againsttheir tax reund; i the reundis less than expected, they willstill owe the entire amounto the loan; and i the reundis delayed, they may have topay additional costs. It mustalso inorm the taxpayer thatreunds usually come within

    eight to 15 days without payingany extra ees and taking outa loan.

    These disclosures must alsobe given to the borrower sepa-rate rom the application on acolored-paper orm printed in

    large type.For more inormation

    about the RAL regulations,visit www.arkleg.state.ar.us/assembly/2009/R/Acts/

    Act1402.pd.

    Asset-Mapping Technology

    Benefts Mississippi Communities

    The state o Mississippiis using asset mapping toidentiy valuable resources inits communities. Asset map-ping entails pinpointing theresources on a GPS interac-tive web site. The process isdesigned to identiy assets thatset a community apart rom

    others or that have the poten-tial to enrich the quality o lieo its citizens.

    The work is being doneby the states Asset Develop-ment Division, which pursuesinnovative ways to developunique Mississippi assets, suchas cultural heritage, naturalresources and small town lie-styles. Assets that have beenidentied so ar include naturalgeologic ormations, historicbuildings, landmarks and other

    attractions with the potential toattract tourists.

    By identiying, improv-ing and promoting theirassets, these communities canimprove their quality o lie,increase their competitiveness

    and increase tax revenues. TheAsset Development Divisionhas used several strategiesto help communities achievethese benets. They include:

    partnering with the Mis-sissippi State UniversityCommunity Action Team,Mississippi Main Street

    Association, Mississippi ArtsCommission and other localorganizations to create solidrecommendations;

    encouraging communities toorm a citywide or county-wide vision and a plan toachieve it; and

    delegating action planresponsibilities to commit-tees and devising measuresto track success.

    For additional inormation,contact Joy Foy at 601-359-2659.

    Credit Card Challenge Urges

    Illinoisans To Reduce Debt

    According to the FederalReserves consumer creditreport or February 2009,the average American carries

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    BridgesBridges is a publication o the Commu-nity Development Oce o the FederalReserve Bank o St. Louis. It is intendedto inorm bankers, community develop-ment organizations, representatives ostate and local government agencies andothers in the Eighth District about cur-rent issues and initiatives in communityand economic development. The EighthDistrict includes the state o Arkansasand parts o Illinois, Indiana, Kentucky,Mississippi, Missouri and Tennessee.

    Glenda WilsonAssistant Vice Presidentand Managing Editor314-444-8317

    Yvonne SparksSenior Manager314-444-8650

    Linda FischerEditor314-444-8979

    Community Development staff

    St. Louis: Matthew Ashby314-444-8891Jean Morisseau-Kuni314-444-8646

    Eileen Wolngton314-444-8308

    Memphis: Teresa Cheeks901-579-4101Kathy Moore Cowan901-579-4103

    Little Rock: Lyn Haralson501-324-8240Amy Simpkins501-324-8268

    Louisville: Lisa Locke502-568-9292Faith Weekly502-568-9216

    The views expressed in Bridges are notnecessarily those o the Federal ReserveBank o St. Louis or the Federal ReserveSystem. Material herein may be reprintedor abstracted as long as Bridges is credited.Please provide the editor with a copy oany reprinted articles.

    Free subscriptions and additional copies

    are available by calling 314-444-8761 orby e-mail to [email protected].

    $8,000 in high-interest creditcard debt. The Illinois statetreasurers oce is challeng-ing Americans to reduce theirconsumer debt through a newdebt reduction campaign, Cutthe Coee, Save a Latte.

    The campaign addressesconsumer debt issues andproposes to help consumerseliminate their credit card debtby ollowing a simple, 12-stepplan. The challenge is vol-untary and anonymous, andparticipants receive a monthlye-mail rom the treasurers

    oce with nancial tips andwords o encouragement.

    In addition to registeringor the challenge, consumerswill nd resource inormationon other programs oered bythe Illinois state treasurersoce at www.treasurer.il.gov.Credit card debt calculators

    with pay-o plans are availablerom CNN at www.cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp.

    Kentucky Program Helps

    First-Time Homebuyers

    First-time homebuyers whoobtain a loan through theKentucky Housing Corp. (KHC)may be eligible to receive up to$4,500 or downpayment andclosing costs. The programbegan May 1, 2009, and will

    continue through Nov. 30, 2009.The First Home Advantage

    Program provides a secondmortgage with principal andinterest payments deerred until

    July 1, 2010 or KHC-approved,rst-time homebuyers.

    The program oers a 10-yearloan that deers payment with azero percent interest rate until

    July 1, 2010. The loan will thenully amortize over 10 years atthe rate o 6 percent. I the bor-rower pays o the loan beore

    July 1, 2010, KHC will orgive$300 o the principal balance.

    First-time homebuyers arealso eligible or an $8,000 taxcredit through the AmericanRecovery and Reinvestment

    Act o 2009, signed into lawon Feb. 17, 2009. They canle or the housing tax crediton their 2009 tax returns anduse it to repay the First Home

    Advantage Program loan totake ull advantage o the pre-payment incentive.

    To qualiy or this program,the buyer must obtain a KHCrst mortgage through a KHC-approved lender, be a rst-timehomebuyer, meet KHC incomeand purchase price guidelines,and have a 620 minimumcredit score.

    To learn more, visit the KHCweb site: www.kyhousing.org.

    State Web Sites Track

    Stimulus Fund Spending

    The American Recovery andReinvestment Act requires stategovernments to keep residentsinormed about how ederalstimulus unds are being

    spent. Under the act, billionso dollars are being investedin community and economicdevelopment, inrastructure,human services, transportationand workorce development.In the Federal Reserves EighthDistrict, the ollowing stateweb sites track the unds:

    Arkansaswww.recovery.arkansas.gov

    Illinoiswww.recovery.illinois.gov

    Indianawww.in.gov/gov/INvest.htm

    Kentucky

    www.kentuckyatwork.ky.govMississippihttp://stimulus.ms.gov/msgo/mssr.ns

    Missourihttp://transorm.mo.gov/transparency

    Tennessee

    http://tnrecovery.gov/

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    PRSRT STD

    U.S. PoSTage

    paid

    ST. LoUiS, Mo

    PeRMiT No. 444

    AUgUst

    3-7

    Community Development Institute

    Conway, Ark.

    Sponsor: Community Development Institute

    Central

    501-450-5372

    www.uca.edu/cdi

    17-21

    NeighborWorks Training Institute

    Chicago

    Sponsor: NeighborWorks America1-800-438-5547

    www.nw.org/network/training/training.asp

    26-28

    Inner City Phase II: Strategic Alliances &

    The Value PropositionMemphis, Tenn.

    Sponsor: Mid-South Minority Business

    Council

    901-525-6512

    www.mmbc-memphis.org

    sePteMBer

    1

    Statewide Conerence on Housing and

    Community Economic Development

    Indianapolis

    Sponsors: Indiana Housing and Community

    Development Authority and the Indiana

    Association or Community and Economic

    Development

    www.instatewideconerence.net

    9-11

    Missouri at WorkInvesting in TomorrowSt. Louis

    Sponsor: Missouri Department o Economic

    Development

    573-751-4962

    www.ded.mo.gov/conerence.htm

    14-15

    Governors Conerence on Economic and

    Community DevelopmentNashville, Tenn.

    Sponsor: Tennessee Department o

    Economic and Community Development615-741-1888

    www.tnecd.gov

    16-17

    Under One Roo: Building Communities in

    the DeltaGreenville, Miss.

    Sponsor: Mid South Delta LISC

    662-335-3318

    21-25

    Community Development Academy

    St. Louis

    Sponsor: University o Missouri Extension

    573-882-9552

    http://mucon.missouri.edu/

    CommDevelopmentAcademy/

    23-25

    Lead the Economic Recovery in Your

    CommunityLos Angeles

    Sponsor: National Association or Latino

    Community Asset Builders

    www.nalcab.org

    oCtoBer

    3

    Creating Livable Communities

    Memphis, Tenn.

    Sponsors: Coalition or Livable

    Communities, Community Development

    Council o Greater Memphis, University o

    Memphis CBANA, and the Federal Reserve

    Bank o St. Louis

    901-725-8370

    23

    The Four Futures o NonproftsSt. Louis(eaturing Paul C. Light, proessor, author

    and ounder o the Organizational

    Perormance Initiative)

    Sponsor: Nonprot Services Consortium

    314-436-9580

    www.nonprotservices.org/index.html

    CAleNdAr

    P.O. Box 442

    St. Louis, MO 63166