城市研究所：2024社区再投资的催化资本研究报告：克利夫兰的经验教训（英文版）（41页）.pdf

1、RESEARCH REPORT Catalytic Capital for Neighborhood Reinvestment Lessons from Cleveland Brett Theodos,Eric Hangen,URBAN INSTITUTE I SQUARED COMMUNITY DEVELOPMENT CONSULTING Noah McDaniel,Tanay Nunna URBAN INSTITUTE URBAN INSTITUTE March 2024(updated March 28,2024)COMMUNITY AND ECONOMIC DEVELOPMENT HU

2、B ABOUT THE URBAN INSTITUTE The Urban Institute is a nonprofit research organization that provides data and evidence to help advance upward mobility and equity.We are a trusted source for changemakers who seek to strengthen decisionmaking,create inclusive economic growth,and improve the well-being o

3、f families and communities.For more than 50 years,Urban has delivered facts that inspire solutionsand this remains our charge today.Copyright March 2024.Urban Institute.Permission is granted for reproduction of this file,with attribution to the Urban Institute.Cover image by Real Window Creative/Shu

4、tterstock.Contents Acknowledgments iv Errata v Catalytic Capital for Neighborhood Reinvestment 1 Catalytic Capital and Neighborhood Investment Flowsthe Cleveland Context 2 Who Invests Catalytic Capital in Neighborhoods?3 Local Philanthropy 3 CDFIs 6 Anchor Institutions 7 How Much and Where Does Cata

5、lytic Capital Flow?8 How Catalytic Capital Leverages Neighborhood Investment:Models and Pathways 13 Deal-Level Leverage 14 Enterprise and Fund-Level Leverage 15 Neighborhood-Level“Spinoff”Leverage 16 Conditions for Success 19 Robust Ecosystem of Catalytic Capital Investees 20 Government Partnership

6、and Leading Investment 22 Limitations and Constraints 23 Racial Disparities 23 Leverage Varies with Neighborhood Market Strength 25 Long Timeframes for the Development of Neighborhood Markets 25 Catalyzing Small-Scale Investments 26 Small Business Development Challenges 27 Theres Not Enough to Go Ar