The Program: Milano — a national leader in urban policy, public finance, nonprofit/private ventures, and community development — launched the Community Development Finance Lab (the "Finance Lab").  In seeking to link capital to communities, the Finance Lab's objectives are:

• to train the next generation of nonprofit leaders using Milano's expertise and that of leaders from various industries who work in community development finance (e.g., bankers, lawyers, private developers);
• to bridge the financial knowledge gap between CDOs and Wall Street; and
• to ensure the financial health and long-term sustainability of CDOs by providing quality, hands-on training for their key staff.

The Finance Lab currently consists of three principle components:

The Consulting Clinic, a faculty-supervised consulting center that provides Milano graduate students the opportunity to perform feasibility studies and develop business plans for real world community development clients.

The Milano Fellows, a scholarship program for students to earn a Master's degree specializing in community development finance.  The Fellows, typically comprised of five first-year and five second-year students and including strong representation of students of color, are highly sought after by graduate programs across the U.S.  Through the Consulting Clinic and other school-related projects the Fellows provide much-needed assistance to CBOs, helping them to enhance their financial operations and social mission.  A critical factor in the Fellows' recruitment is offering them the best financial aid package.  See page 3 for further information on some of our graduates.

The "Reality Check" Conference, an annual meeting which convenes nearly 200 leaders from business, government, and the nonprofit sector to address the most pressing issues and innovations in community development finance, and links CBOs to private capital markets.

The Consulting Clinic has conducted feasibility studies and developed business plans free of charge for over 15 organizations that annually serve thousands of underserved New York City residents.  Past clients include: the Harlem Congregations for Community Improvement, the Harlem Boys and Girls Club, Bedford-Stuyvesant Family Health Center, the Brooklyn Economic Development Center, Bushwick Coop Federal Credit Union, Pratt Institute Center for Community and Environmental Development, and many others.  In addition, the Finance Lab's annual Reality Check conference has provided a unique forum for nearly 600 professionals from the public and private sectors to network and find solutions to the most pressing issues in community development finance.

This year being the Lab's fifth anniversary, we are currently engaged in an evaluation process aimed at further enhancing the program's impact on New York City's CDC community, as well as our impact on the national debate around these issues.  Several possibilities are under consideration, such as expanded executive training options for mid-career community development finance professionals; periodic symposia for practitioners, as well as academics and policymakers, to address topical issues such as managing new market tax credits, new sources of venture capital, and the future of the federal Community Reinvestment Act.

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Supported by the J.P. Morgan Chase Foundation
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