Community reinvestment in the city needs better coordination, according to the president of Philadelphia City Council.
And so, Darrell Clarke Thursday proposed a change to the city charter — establishing a commission to coordinate initiatives so that banks, universities and other groups talk to each other about the projects they’re backing.
“There’s a significant amount of investment over time — some as a result of capital investment through the city, some as a result of federal and state, some as a result of the [Community Reinvestment Act] where the government requires that lending institutions invest in neighborhoods and municipalities,” he said. “But there’s no coordination whatsoever.”
And better coordination, said Clarke, could help these projects have a bigger impact.
“What we want this commission to do is to sit down, have appointing authority and come up with a strategy for reinvestment in neighborhoods across the city of Philadelphia,” he said.
If approved in City Council, the proposal would need the approval of Philadelphia voters to proceed.