HOPE Economic Mobility Forum: Rural Places, Rural Spaces 2019
About the Forum
The Forum focused on persistent poverty, access to capital, rural housing, and the role of community development financial institutions (CDFIs), banks, philanthropy, and public policy in strengthening under-resourced rural places. Participants shared insights, research, and practical approaches for aligning investment and policy to support long-term economic opportunity in economically distressed areas.
What the Forum Explored
The Forum explored approaches to strengthening rural economies through expanded access to capital, investment in community infrastructure, and policies that support equitable growth. Key areas of focus included the role of Community Development Financial Institutions (CDFIs), Community Reinvestment Act–motivated investment, philanthropic capital, and housing strategies in addressing persistent poverty.
Discussions highlighted the importance of coordinated investment, effective policy design, and place-based strategies to improve economic mobility outcomes in rural communities across the Deep South and beyond.
Programs and Resources
The following resources provide additional detail on the Forum’s sessions, speakers, and materials.
Panel 1
CDFIs, CRA & Persistent Poverty – The Path to Greater Impact
Community development financial institutions have a demonstrated track record of braiding public and private resources to deliver mobility-enhancing financial services in low-income and distressed communities. These services range from deposit accounts and mortgages, to loans for small businesses and essential community infrastructure, such as schools, grocery stores and affordable housing. CRA-motivated bank investments are a primary funding source for CDFIs. Community development experts examined strategies for increasing the scale and impact of CDFIs in persistent poverty areas.
Panelists:
- Dan Letendre, Bank of America
- Lisa Mensah, Opportunity Finance Network
- Nick Mitchell-Bennet, CDC of Brownsville
- Laura Simão, Goldman Sachs
- Jesse Van Tol, National Community Reinvestment Coalition
- Ed Sivak, HOPE – moderator
Panel 1 Video
Panel 2
Igniting the Flame: Philanthropic Investment in Persistent Poverty Areas
From seeding the CDFI sector to developing innovative models for financing entrepreneurs, housing and community facilities, philanthropy has played a catalytic role in driving investment to underserved people and places. However, the National Committee on Responsible Philanthropy found significant disparities in the rate of philanthropic funding in places like the Mississippi Delta.
On this panel, philanthropic leaders shared insights on how philanthropy and impact investors can ignite increased investment in persistent poverty areas.
Panelists:
- Anne Marie Burgoyne, Emerson Collective
- Justin Maxson, Mary Reynolds Babcock Foundation
- Kyle Peterson, Walton Family Foundation
- Bill Bynum, HOPE – moderator
Panel 2 Video
Panel 3
Stimulating Economic Mobility through Rural Housing
Sponsored by Fannie May
Many people in rural areas of concentrated poverty live in housing that is dilapidated, unhealthy and expensive due to high energy costs associated with old, poor construction and due to significant levels of deferred maintenance. For these and other reasons, traditional approaches to housing and homeownership do not readily apply. This panel of experts shared lessons from their efforts to develop and finance quality, affordable housing in rural America.
Panelists:
- Doug Duncan, Fannie Mae
- Phil Eide, HOPE
- Maurice Jones, LISC
- Joe Wishcamper, Wishrock
- Sara Morgan, Fahe – moderator
Panel 3 Video
Pre-Forum Delta Tour
Prior to the forum, participants had the opportunity to experience a tour of the Delta. The following information was provided during that portion of the event.
Eastmoor Estates:
Built in the late 1960s as an affordable-housing development, and converted into a Low-income Housing Tax Credit project in the 90s, inadequate construction and infrastructure resulted in deteriorating conditions, including fires, pest infestation, and raw sewage. Ultimately, a lawsuit forced the developer to transfer ownership of the substandard properties to the residents. In 2015, HOPE began working with residents and local leaders to address the severe deficiencies, combining funding from Goldman Sachs with public and philanthropic sources to rehab 44 homes and other amenities to substantially improve conditions in Eastmoor.
Media Coverage
There has been extensive media coverage at national and local outlets. Take a moment to view these stories and share them with others.
The Today Show – Life Inside a Banking Desert Where Financial Services are Scarce
Reuters – Powell says rural poor need help with education, credit access
MarketWatch – Powell says rural poor need help with education, credit access
The Wall Street Journal – Fed Chief Says U.S. Economic Expansion Has Been Uneven
View photos from the events in the Hope Enterprise Corporation Flickr album.
Stay Connected
Learn more about HOPE’s Economic Mobility Forums and stay informed about upcoming events and opportunities to engage.
