How philanthropy breathed new life into a forgotten Salford suburb

After decades of economic and social despair that once saw it named the poorest big city in America, Cleveland has become a model of revitalization, thanks to a unique “anchor strategy” that harnesses the immense wealth and power of the city’s public institutions.

Many cities have the potential to prosper under the 2017 Tax Cuts and Jobs Act, which created “opportunity zones” to increase investment in “distressed” areas. To maximize the potential for local investment, the Richland County Community Development Group united key players to ensure census tracts in the county would be considered. Though the opportunity zone program is in its early stages, Richland County led all the preparation work for local cities to receive big business investment for years to come.

In Sarasota, Florida, residents invested in change contend that for the poor to move beyond survival mode and break a multi-generational cycle, they need a wraparound strategy, rather than one-off or isolated services. The community is slowly growing programs like the Gulf Coast Community Foundation, which helps to fund and support comprehensive programs that build sustainable change. This article explores solutions being pursued by the county from job training for adults to after school support for students.

Stockton is courting philanthropists by billing itself as a budding hub of innovation for fighting poverty. The city is mitigating the risks of tapping private foundations to fund city services by identifying target policies and programs ahead of time.

Governments in the United Kingdom, the United States, and elsewhere use crowdfunded donations to restore historic areas and fund new developments. The approach can build democratic participation and community cohesion while plugging budgetary holes from falling tax revenue.

A project launched in the United Kingdom uses social-impact bonds to reduce recidivism among prisoners, bringing together public and private resources to implement more effective and cost efficient social programs. Their success is inspiring other countries to follow suit.

There is a substantial argument for increased involvement of private companies in venture philanthropy. Unlike large government bodies and NGOs, private companies are more nimble and experienced when it comes to strategies in marketing, R&D, creating pricing structures, and adapting to rapid social change. Three companies in India are seeing real results by serving India's poorest customers with a market-based approach.

After years of developmental stagnancy, the city of Waterbury, Connecticut puts into action a way for developers to renew buildings without having to take financial responsibility for previous owners' environmental waste. Through a public-private partnership between the city and development investors, developers have begun to break ground on renewing the city's dilapidated factories.

An initiative in St. Petersburg has reduced the number of vacant houses while increasing access to affordable housing. The city takes ownership of vacant lots and abandoned homes, then sells the properties to affordable housing developers or auctions them off. The initiative helps make land cheap enough to build affordable housing.

The Akron Community Revitalization Fund has already invested in the development of downtown Akron, a city once known for rubber manufacturing but now working to redefine itself. The revolving loan fund is comprised of funding from grant-making organizations, banks, and a New Markets Tax Credit. It aims to jumpstart more private investment into the city, including Northside Marketplace, a new hotel, and office space.