A project of Network Funders’ Restoring Prosperity in Older Industrial Cities Working Group, the Federal Reserve-Philanthropy Initiative (FPI) is a collaborative effort between the organization and the Federal Reserve Banking System to develop plans on funding city projects. Focusing on economic development, neighborhood revitalization, transportation, and land use, FPI works toward reviving old industrial cities to reduce foreclosures and other severe impacts that derive from a down economy. As a result, the group looks to fill vacant properties with businesses and homes that encourage population growth and spur financial activity.
In FPI’s most recent meeting, supporters of the initiative discussed government and policy barriers affecting city growth. To work beyond development obstacles, group members will address and research areas of government housing and tax subsidies and growth opportunities for small-to-medium sized cities. In addition, FPI seeks participation in the 2015 Federal Reserve Research Conference to share its mission.