The Federal Reserve Bank of Cleveland is introducing a new program intended to line up funding for community development projects.
It has launched an online tool, called Investment Connection, that allows community-based organizations to propose eligible projects to various financial institutions.
Assistant Vice President of Community Development Mary Helen Petrus said the Fed is specifically interested in proposals affecting low-income areas in Appalachia.
“I’m anticipating that we’re going to get proposals dealing with housing issues, with workforce development kinds of issues. Perhaps connectivity issues such as broadband, transit. Those kinds of things.”
Petrus said those interested can attend training sessions to familiarize themselves with the Community Reinvestment Act. The Federal Reserve and other federal banking regulators are charged with implementing the CRA to encourage financial institutions to meet the credit needs of the communities in which they do business.