Boston’s Office of Economic Opportunity and Inclusion is exploring innovative approaches to catalyze investment in underserved areas, with a focus on preventing displacement and creating economic opportunity. FUSE Executive Fellow Brittany Hume Charm will develop deep relationships with diverse stakeholders, including city partners, local business owners, corporate and finance leaders, philanthropic organizations, and community members, with an emphasis on historically underserved individuals and communities. Drawing on best practices from models like Invest Detroit and the New York Economic Development Corporation, Hume Charm will create a comprehensive framework for capital deployment in targeted neighborhoods.
A key challenge is that Boston currently lacks a mechanism or entity to implement its vision for community-led investments. Hume Charm will address this by mapping the roles of city and quasi-governmental entities, identifying gaps in tools or capacities, and recommending potential legal structures such as new 501(c)(3) or quasi-governmental organizations. The project will identify potential funding sources, quantify resources needed for implementation, and outline actionable next steps. By the end of the fellowship, the work will have produced a stakeholder engagement report, a capital deployment framework, and an implementation plan that will continue advancing beyond the fellowship period, ultimately creating pathways for diverse residents to grow their businesses and build wealth through entrepreneurship.
