By engaging the corporate, philanthropic, and government sectors in strong public-private partnerships, the community development industry succeeded in creating a remarkably durable financing system.
Paul S. Grogan is president and CEO of The Boston Foundation, one of the nation’s oldest and largest community foundations. Mr. Grogan joined The Boston Foundation from Harvard University. From 1986 through 1998, he served as president and CEO of the nonprofit Local Initiatives Support Corporation, the nation’s largest community development intermediary. During his term, LISC raised and invested more than $3 billion of private capital in inner-city revitalization efforts and contributed to the creation of the Low Income Housing Tax Credit, the HOME program, and the New Markets Tax Credit. Mr. Grogan served Boston Mayors Kevin H. White and Raymond L. Flynn and headed Boston’s neighborhood revitalization efforts, pioneering a series of public-private ventures that have been widely emulated by other cities.