Wilmington’s Economic Growth and Mobility Project

The project partners the Federal Reserve Bank of Philadelphia with area nonprofits to create pathways out of poverty.

Patrick Harker, former president of the University of Delaware and current Philadelphia Federal Reserve Bank president, said revitalizing low-income communities is crucial to improving the national economy.

“The economy won’t thrive unless it gets better community by community,” he said in an interview with The News Journal. “The economy is not one big thing, but rather a series of communities, states and industries that we want to see prosper.”

Rep. Lisa Blunt Rochester, D-Del., accompanied Harker on his tour. She said the Economic Growth and Mobility Project could help lift up the East Side.

“[The Philadelphia Fed] has already started talking about the resources to help us learn and give us examples of things we can do here,” she said. “The conversation has helped us think about what we can do here.”

Harker and Rochester toured Wilmington’s east side on and stoped at the Lacey Project on Eighth and Church streets. The project is a mixed-use development that, will have affordable apartment units, ground-floor restaurant research space and a commercial kitchen to bring food service businesses to the neighborhood.

So far the project has created 12 construction jobs, and the restaurant will require five full-time employees. The project is expected to be completed in 18 months.

Read the full article at: DelawareOnline.com

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