The Neighborhoods in Bloom report assesses the impact of targeted financial investment in several Richmond neighborhoods over a five year period.
In 1999, the City of Richmond divided to target the bulk of its federal community Development Block Grant funds and its Home Investment Partnership fund, as well as significant amounts of capital improvement funds and other resources on seven carefully chosen neighborhoods. Through the Neighborhoods in Bloom initiative, the city planned to concentrate significant resources on these neighborhoods until it achieved the critical mass of public investment needed to stimulate self-sustaining, private-market activity.
Pierre-Daniel G. Sarte, a senior economist at the Richmond Fed, revisits the Neighborhoods in Bloom initiative for insight into the economic effects of community revitalization. A Richmond, Va.-based community development program provides a natural experiment for measuring how the choices of one property owner can increase or decrease the value of neighboring properties.