The Initiative for a Competitive Inner City to Release New Study on Foreclosures in Inner Cities and the Effect on the Economic Stability of Urban Areas

Business Wire, March 21, 2008

Did you know that in America's inner cities the foreclosure rates are two times higher than in the rest of the city and three times higher than elsewhere in the United States?

NEW YORK -- On Tuesday, March 25, 2008, as part of the annual New York Inner City Economic Leadership Event, ICIC will release never before seen foreclosure data on inner cities and the possible effect these foreclosures will have on the economic stability of America's most vulnerable urban areas. The Initiative for a Competitive Inner City (ICIC) is a national non-profit founded by Harvard Business School professor Michael E. Porter.

In a roundtable discussion, moderated by Henry Cisneros, CEO of CityView and former U.S. Secretary of Housing and Urban Development and hosted by Porter and ICIC president and CEO David G. Latimore, national experts will discuss "Housing, Construction and Inner City Economic Development: Short-term Issues and Long-term Prospects". The goal of the roundtable is to discuss research and recommend policy that can serve two critical goals. The first goal is to identify production and organizational models that will maximize employment, income, and entrepreneurial opportunities for inner city firms and workers over the long-term. The second is to consider private and public sector responses that could minimize the impact of the current housing crisis on inner city economic development.

Also at the event, ICIC will recognize Real Estate Developer Drew Greenwald and Abyssinian Development Corporation CEO Sheena Wright with the prestigious New York Inner City Economic Leadership Award.

EVENT LOCATION AND PRESS/PHOTO OPPORTUNITY: 5:00 - 7:30 PM

The Apollo Theater

253 West 125th Street

New York, New York 10027

About the Initiative for a Competitive Inner City

The Initiative for a Competitive Inner City (ICIC) is a national not-for-profit organization founded in 1994 by Harvard Business School professor Michael E. Porter. ICIC's mission is to promote economic prosperity in America's inner cities through private sector engagement that leads to jobs, income and wealth creation for local residents. ICIC brings together business and civic leaders to drive innovation and action, transform thinking and accelerate inner city business growth and investment.