Exploring Innovation in Rural Areas

Dyess, Ark., received a $42,000 grant to help restore this building. When completed, it will house the Johnny Cash Memorial and city offices.

Community leaders in Dyess, Ark., a small town of just over 500 people, took a lemon—an abandoned school building—and made lemonade by transforming it into a performing arts auditorium that is the centerpiece of their annual music festival. The spring issue of Bridges highlights the critical role this new auditorium plays in Dyess’ heritage preservation-based plan.

Other articles in the newsletter focus on affordable “green” housing, philanthropic organizations and the foreclosure crisis, and proposed rules designed to prevent unfair practices regarding credit cards.

A Closer Look, a supplement to Bridges, features a farmers market in Louisville that has had a far-reaching effect on several distressed neighborhoods.

For those of you interested in the results of a readership survey we sent out at the beginning of the year, here’s what you had to say.

Earnings Inequality within the Urban United States:  2000 to 2006

This study from the Federal Reserve Bank of St. Louis looks at one of the most striking economic trends in the United States: the ever-widening wage gap between workers at the top end of the pay scale and those at the low end. In Earnings Inequality within the Urban United States: 2000 to 2006, economist Christopher H. Wheeler discusses the reasons behind this continuing trend and what public policymakers can do about it. The study includes information on four metropolitan areas within the Eighth Federal Reserve District—Little Rock, Louisville, Memphis and St. Louis.

Foreclosure Survival Guide

This publication from the Federal Reserve Bank of St. Louis is intended for homeowners who are having difficulty paying their mortgage. The Foreclosure Survival Guide (PDF, 432 Kb) provides basic information on when to worry about a loan, how to get help from a housing counselor and pitfalls to avoid in choosing a counselor.

The free publication also includes a national hotline number (1-888-995-HOPE) and a list of local counseling agencies. It is available to individuals or organizations by calling 314-444-8761 or by sending an e-mail to communitydevelopment@stls.frb.org.

Bank Held
Exploring Innovation in Community Development Week

The Federal Reserve Bank of St. Louis held its first-ever Exploring Innovation in Community Development Week, April 14-18, 2008. The purpose was to draw national attention to innovations in the community-development industry and its important role in American life. Featured speakers, resource fairs and workshops highlighted topics such as innovations in housing finance and new ways to promote entrepreneurship.

For more information, contact Matt Ashby in St. Louis, 314-444-8891; Amy Simpkins in Little Rock, 501-324-8268; Faith Weekly in Louisville, 502-568-9216; or Kathy Moore Cowan in Memphis, 901-579-4103.

Bank Appoints District Experts to New Advisory Council

Executives from 13 organizations throughout the Federal Reserve's Eighth District comprise the Bank’s new Community Development Advisory Council. The council was created to keep the Federal Reserve Bank’s president and community development staff informed about community development issues in the District and to suggest ways the Bank might support local development efforts. (Learn more.)

The Rising Residential Concentration of Joblessness in Urban America, 1980 to 2000

Between 1980 and 2000, America’s urban neighborhoods became increasingly polarized into high- and low-unemployment areas. Fed research economist Christopher Wheeler presents his findings on this topic in The Rising Residential Concentration of Joblessness in Urban America: 1980 to 2000. Wheeler studied neighborhood-level unemployment in more than 360 U.S. cities. His report includes information on four metropolitan areas within the Eighth Federal Reserve District—Little Rock, Louisville, Memphis and St. Louis.

Home Counseling Services Listed in Fed Brochures

The Federal Reserve Bank of St. Louis' Learn Before You Leap brochures list counseling agencies that provide advice on every step of the home-buying process, from budgeting income to negotiating a contract to closing on a loan.

Each of the brochures focuses on one of the Fed’s zones in the Eighth District: St. Louis (English, Español), Little Rock (English, Español), Louisville (English, Español) or Memphis (English, Español).

Multiple copies can be ordered from Julie Kerr in Little Rock, (501) 324-8296; Kendra Keller in Louisville, (502) 568-9202; Cathy Martin in Memphis, (901) 579-4102; or Cindy Davis in St. Louis, (314) 444-8761.

Newcomers to community development can use this online self-study guide to learn the basics of launching projects. For a free paper copy of Community Development Financing: Coming up with the Money, e-mail your request to us.