Fortunately, our staff also highlighted promising policy and practice solutions that have been implemented in some communities to try to address these challenges, including the establishment of dedicated funding for affordable housing and the elimination of exclusionary land use and zoning policies.5 While this type of research and community engagement work is a central component of our efforts to support rural areas, we also know that communities need resources and dedicated local partners to help implement many of the strategies involved.
CRA has been an important tool for strengthening local community and economic development infrastructure since it was enacted in 1977. We also recognize that significant changes in the financial services industry since then have hindered the law’s effectiveness, especially in rural communities, and that an update of the implementing regulations is appropriate.