Community Development Corporation
Community development corporations (CDCs) are 501(c)(3) non-profit organizations that work with neighborhood stakeholders to improve the condition of a specific neighborhood area. Most CDCs focus on housing and other physical development, but there are a significant number that tackle social service needs or focus on a combination of the two. Because they are recognized by the IRS as non-profit corporations they benefit from certain tax advantages and are eligible to receive public and private dollars to support their operations and projects. One of the hallmarks of community development corporations is their grass-roots governance, which in most cases requires that at least 51% of the governing majority of the board are residents/stakeholders of the particular neighborhood.
Although, Center City is fortunate to have a number of non-profits currently operating in the neighborhood, a concerted effort to involve residents and cultivate neighborhood leadership in planning is essential to a successful community development corporation. CORE's strong leadership could help to spark greater community participation, especially if tangible products of their efforts can be demonstrated. Moreover, defining a very specific mission and purpose for the CDC's existence are also critical. Those CDC's that tend to be single mission focus realize the greatest successes in the shortest amount of time.
By and large, most community development corporations across the country focus on housing development in low-income or distressed neighborhoods, using a comprehensive social and economic approach to community revitalization. However, a number of CDC organizations are formed or expanded to address other facets of community development, such as commercial, retail, downtown development, and even social development such as child care, job training, and crime prevention. This is often dictated by community needs and priorities. A common feature of CDCs is their ability to weave together financing from a variety of public and private sources to finance development projects.
In Chapter Eight, Implementation, the planning team proposes an institutionally-sponsored CDC to champion new physical neighborhood development. The current resident population is probably not substantial enough to generate a grassroots led CDC at this time. As the population grows and neighborhood dynamics change, the City and C.O.R.E. may find it wise to foster and support the creation of a community-oriented CDC.