Federal Reserve Governor Randall S. Kroszner, PhD, visited Uptown in May to see first-hand the impact of foreclosures on community development. In particular, he addressed the unique risks of lending in urban areas, particularly areas of high crime and a history of disinvestments and blight. Dr. Kroszner also spoke at a NeighborWorks® networks symposium on foreclosures.

Dr. Kroszner has been a member of the Federal Reserve’s Board of Governors since March 2006. He oversees the Federal Reserve’s Consumer Advisory Council (CAC), which advises the Board on its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services.
    
“I serve with Dr. Kroszner in my capacity as chairman of the CAC,” said Tony Brown, president and CEO of the Uptown Consortium. “I can tell you that he is extremely engaged.”
       
Brown noted that in light of the mortgage crisis, representatives from the Home Ownership Center, the group Working in Neighborhoods and Xavier University’s Community Building Institute were on hand to explain the devastating impact of housing foreclosures to both families and neighborhoods.

“Dr. Kroszner learned how we are using New Markets and the Low Income Housing Tax Credits to attract private capital to low income, urban and minority areas,” explained Brown.  “All told, we have attracted more than $60 million in private capital from these two programs, which is the catalyst for leveraging more than $200 million in new housing and commercial projects. Having someone of Dr. Kroszner’s stature come to Uptown is really a testament to the growing importance of this area. We are proud that he came to see how hard this community is working to reinvent itself.”