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The Fourth Plan highlights the unique and powerful role that partnerships between “anchor institutions,” typically large nonprofit or public institutions such as hospitals and healthcare systems, colleges and universities, and place-based cultural institutions that are rooted in place by physical assets and historic ties and are unlikely to move to another location, and their local communities have in creating this virtuous cycle. This cycle strengthens those very institutions and the communities they serve. Leveraging the financial capital, human resources and economic output of anchor institutions affords an opportunity to address the structural challenges that perpetuate poverty and inequality across our region: access to jobs, quality housing and healthy neighborhoods. Promoting meaningful dialogue and stimulating collaboration will connect the people, knowledge, physical spaces and economic power of these partners to create strong communities and sustainable local ecosystems. Specifically, effective and enduring cross sector partnerships can produce the following benefits: ⊲ Local hiring and workforce development: Training and hiring local and diverse residents creates a reliable workforce for anchor institutions while building effective career ladders. ⊲ Inclusive, local purchasing: Directing purchasing by institutions toward local businesses strengthens local economies while attracting private investment. ⊲ Investment in quality housing: Initiatives to create quality, mixed income housing serve to stabilize neighborhoods where people at multiple income levels, including anchor employees, can live and work. ⊲ Coordinated capital investments: When anchors and municipalities coordinate their respective infrastructure planning efforts, they improve efficiencies and multiply their impact.
Acknowledgements
Authored by
-
Vincent Tufo
Charter Oak Communities, Chief Executive Officer
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Pamela Koprowski
Cardinale Associates, Principal
Funded By
- Ford Foundation
Produced With
- Dovetail
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