The Community Development and Regional Outreach Department supports the Federal Reserve System’s economic growth objectives by promoting community development in low- and moderate-income communities and fair and impartial access to credit in underserved markets. The department works closely with financial institutions, nonprofit organizations, and government agencies on public-private partnerships that result in increased affordable housing and community and economic development. The department assists financial institutions to understand their responsibilities under the federal Community Reinvestment Act (CRA).
To learn more about community development at the Philadelphia Fed, watch this
Data Tools & Other Resources
Home Mortgage Explorer: The Federal Reserve Banks of Philadelphia and Cleveland have released the new Home Mortgage Explorer. The data tool allows users to explore trends in mortgage lending between 2010 and 2015 for the U.S. as a whole, states, and metropolitan and nonmetropolitan areas.
Rental Housing Affordability: This interactive tool enables users to examine trends in rental housing affordability in Third District states from 2010 to 2015.
Consumer Credit Explorer (CCE): This interactive tool enables users to look at quarterly changes in credit use indicators from 2005 to mid-2017 and to compare indicators across different areas.
View the complete list of related links.
Publications & VideosNew Philadelphia Fed Study Focuses on the Risks and Opportunities of Automation for Less Advantaged Workers
This report analyzes the risks of automation and job opportunities for different demographic groups in the U.S. and 11 metropolitan areas in the Third Federal Reserve District. The study, by Lei Ding, Elaine Leigh, and Patrick Harker, attempts to clarify some misunderstanding on how automation impacts jobs.
This report examines the early impacts of a financial aid program that reduces or eliminates tuition and campus fee costs for lower- and middle-income New Jersey residents. The program boosted enrollment among lower-income students, improved students’ perception of college affordability, and reduced student financial stress. However, it is unclear whether first-year improvements in academic performance are attributable to the program.
This empirical study, which provides new evidence on the effects of gentrification on the homeowners’ tax payment behavior and residential mobility, takes advantage of an exogenous policy shock in the city of Philadelphia. In 2013, Philadelphia adopted the Actual Value Initiative (AVI), allowing the city to reassess the market value of all properties and make tax-assessed values closer to the properties’ actual market values. The AVI also introduced programs designed to mediate gentrification’s negative consequences for long-term owners. As a result, researchers were able to evaluate the effects of gentrification on homeowners’ tax burdens, as well as the effectiveness of gentrification relief programs.
Findings from this study help researchers, policymakers, and practitioners better understand the mechanisms through which gentrification impacts long-term homeowners and the effectiveness of policies to mitigate their displacement.
For residents unable to afford a car, transportation can be an obstacle to finding and keeping a job. This report explores the extent to which public transit in northeastern Pennsylvania connects low-income neighborhoods to opportunity employment, which pays above the median wage and doesn’t require a four-year degree. It concludes by identifying opportunities to more equitably connect low-income neighborhoods to jobs.
Reflecting a collaboration between the Federal Reserve Bank of Philadelphia and the Urban Manufacturing Alliance, this report combines an analysis of publicly available data with a survey of city-based manufacturers and a series of focus groups to gain a better understanding of the manufacturing sector in the city of Philadelphia. The report covers a variety of topics, including employment trends and wage levels, manufacturers’ growth intentions and barriers to growth, detailed information on the characteristics of manufacturing workers, and an overview of the manufacturing support ecosystem in the city. Opportunities to help firms thrive and grow into larger jobs generators are also discussed.
This paper sets a framework for building transformative economies. Prepared by Paul C. Brophy, Robert Weissbourd, Andy Beideman for the Economic Growth and Mobility Project, the authors share policy levels to foster inclusive growth practices and highlight emerging approaches and innovative programs in regions across the country.
This report reflects qualitative research conducted by The Institute for Public Policy & Economic Development at Wilkes University to explore transit equitability in Northeastern Pennsylvania. Produced for the Federal Reserve Bank of Philadelphia and the Scranton Area Community Foundation as part of the Economic Growth and Mobility Project, the report assess transportation barriers for community members, particularly those from underrepresented backgrounds and those most at risk of facing transportation difficulty.
Using examples from recent CRA performance evaluations, this report summarizes the potential mechanisms through which CRA could help promote economic prosperity and mobility, especially in low- and middle-income communities.
This report analyzes information gathered from nearly 1,000 leaders who work at the intersection of workforce training, recruitment, and finance. The study provides a current snapshot of the workforce development sector and its key challenges. It offers strategies for improving the human capital of America’s labor force, expanding access to jobs, and innovating workforce development funding.
Browse conference summaries, Special Reports, Discussion Papers, and Cascade.