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8/9/2019 Bridges - Summer 2009
1/12
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
3ky el f iva
Cy dvlp h F
spa h
r4
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
8/9/2019 Bridges - Summer 2009
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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
i hav ll y ha h s. L F
wll y w appach a a
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a h v a ca f .
ma Py, p
oppy Fac nw
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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
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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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Exploring Innovation
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Kathy Moore Cowan
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
6/12l 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#6
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Lyn Haralson
Community Development Specialist
Federal Reserve Bank of St. Louis
n + imPlemenTaTion + value CreaTion + CollaBoraTion + ideaTion + imPlemenTaTion + value CreaTion + Co
ipla
The Four Key elemenTS o F InnovaTIon
The Miami DrillDown is one example of information a community can use to determineconsumer purchasing patterns.
8/9/2019 Bridges - Summer 2009
7/12o 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#7
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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
8/9/2019 Bridges - Summer 2009
8/12l 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#8
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.
8/9/2019 Bridges - Summer 2009
9/12o 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#9
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
8/9/2019 Bridges - Summer 2009
10/120l 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
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
8/9/2019 Bridges - Summer 2009
11/12#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
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/
8/9/2019 Bridges - Summer 2009
12/12
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