Addressing Disinvestment in Rural Maryland: MCIC and PFI Collaborate for Change

Tackling Disinvestment in Rural Maryland

In a significant step towards revitalizing rural communities, the Maryland Community Investment Corporation (MCIC) and the Public Finance Initiative (PFI) collaborated on a multi-day workshop aimed at addressing long-standing disinvestment in rural Maryland. This capacity-building event took place in Boston, bringing together various stakeholders to explore viable financing strategies for rural development.

The workshop revolved around a crucial question: What does it take to create consistent and equitable rural development at scale? Participants delved into the history of the New Markets Tax Credit (NMTC) program in Maryland, examining its impact over two decades. The findings revealed a stark reality — a pronounced gap in investment between urban and rural areas, underscoring the urgent need for targeted strategies that would facilitate better support for rural communities.

MCIC's CEO, Michael Porkony, highlighted this disparity, emphasizing the importance of bridging the divide. The workshop was part of PFI's Rural and Small Cities Program, receiving backing from the esteemed Robert Wood Johnson Foundation, which aims to promote health and equity.

Throughout the event, participants engaged with MCIC’s strategic plan, learning about new lending instruments designed to foster development in under-resourced areas. They collaborated to identify critical rural projects within their jurisdictions that require investment, sharing insights on how integrated financing approaches could be utilized to address existing gaps.

Maryland’s Department of Housing and Community Development Secretary, Jake Day, articulated the necessity of channeling resources to rural locales, emphasizing the challenges posed by systemic disinvestment that also impacts urban neighborhoods. He stated, 'The convening was a unique opportunity to rethink how we align capital with community priorities, ensuring investments reach the most vulnerable.'

Moreover, community representatives from counties such as Dorchester, Washington, Allegany, and St. Mary's contributed to discussions, offering feedback on how MCIC can enhance its support for rural areas. PFI Executive Director Lourdes German reinforced the idea that building capacity within these communities is essential. She pointed out that empowering local leaders to assess their financing hurdles and explore blended funding solutions via public finance strategies is vital in achieving place-based outcomes.

The workshop not only aimed at informing participants about funding strategies but also sought to foster a collaborative approach among communities. This initiative is vital as it encourages the pooling of resources and expertise, enabling local leaders to tackle the multifaceted challenges posed by disinvestment.

Through forums like this, MCIC and PFI aspire to lay the groundwork for a sustainable economic future in rural Maryland, focusing on inclusivity and equitable growth. By continuously engaging with community stakeholders and emphasizing collaborative efforts, these organizations hope to inspire systemic change, ensuring that rural areas receive the attention and investment necessary for thriving economies.

To learn more about the ongoing work of MCIC and PFI, or to get involved, visitors can explore their websites for resources, updates, and opportunities for partnership.