Member Spotlight: Peter Dolkart
Peter Dolkart, Community Development Regional Manager - Federal Reserve Bank of Richmond
How long have you been part of AFN? In what capacities are you currently involved with the Network? I joined the AFN Steering Committee in Spring 2023. While I am new to the Network, the Richmond Fed has been involved since AFN’s formation in 2010.
What is the mission of your organization, and why is this pursuit important to you? The Federal Reserve Bank of Richmond strengthens the economy and our communities by fostering the stability, integrity, and efficiency of our nation's monetary, financial, and payments systems. Our Community Development (CD) team advances the economic resilience and mobility of low-to moderate-income (LMI) communities by engaging with community partners to help address economic challenges and identify opportunities. We work with community stakeholders to understand the root causes of barriers, foster partnerships that support research and analysis, and drive initiatives that promote solutions on economic inclusion.
What is a project you are working on that you’re passionate about? What is the inteded impact of this project? How will you demonstrate that impact? The Federal Reserve Bank of Richmond is leading a new Rural Investment Collaborative with the goal to improve economic investment in small towns and rural communities. There is a basic problem of supply and demand that keeps small towns from accessing and utilizing funding for critical infrastructure and community development initiatives. On the demand side, rural regions have less access to technical resources that can assist a community develop strong project proposals. On the supply side, some sources of capital are missing or are not well coordinated.
The Richmond Fed is collaborating with rural community development hubs to provide training to help more communities frame a concept into a proposal. We are also convening national and regional funding sources to help them increase the availability and alignment of funds needed to bring investable projects to life.
Since we just launched in 2023, it is still too early to measure the impact. However, the work thus far has enabled me to meet community development practitioners and build a network throughout West Virginia and other Appalachian communities. We are working to identify communities that could participate in our future training and technical assistant cohorts.
What do you see as the greatest strength of Central Appalachian communities? I have been impressed with the strong personal and community ties in all of the towns and counties in which I have worked. There is a unique interconnectivity and sense of obligation to one’s neighbors and hometown that I have not quite experienced as consistently in regions outside of Central Appalachia. I am also struck by the resourcefulness and “get it done” attitude of the stakeholders that I engage. I’m less likely to encounter explanations from locals as to why a policy initiative is not feasible but rather how they overcame perceived obstacles. Examples are found in the various Land Reuse Authorities (aka “Land Banks”) spread out throughout the region that are taking blighted and derelict structures and bringing them back as productive and repurposed buildings. In many cases, the success of these efforts is due to a very small staff but also local volunteers.
What is one thing you’d like to see improved in how funders work together in Central Appalachia? I am still learning my way through the region. However, I do have the advantage of speaking with Richmond Fed colleagues who came before me and accessing our CDFI survey work. I have been told that, as a group, the Appalachian loan funds have had challenges in the past attracting substantial capital from new sources. This may be due to less access to CRA-driven conventional lenders and fewer foundations operating in the region. I am excited to join AFN because it is the type vehicle to address these gaps and has a collective impact or multiplier effect.
What do you see as the primary hurdle in the pursuit of equitable Appalachian transition? How would you approach this challenge? I believe that a possible lack of awareness of funders’ work, a need for more marketing resources, and also the rural nature of their operations present hurdles that need to be overcome. The limited number of banks headquartered in the Region, resulting in diminished opportunities for bank investors to meet CRA requirements is another factor that has constrained access to these new sources of capital.
The Richmond Fed’s goal for our Rural Investment Collaborative is to partner with communities and financial institutions to provide technical assistance and access to new sources of capital.
What is the one experience from your past, personal or professional, that most influences the work you do today? Prior to joining the Richmond Fed, I have spent most of my professional career working for local and state government agencies in and around Baltimore City. Early in my career, I was assigned the task of forming a land bank authority for Baltimore to address the now roughly 15,000 abandoned properties that blight the City. Baltimore has the third highest rate of vacant and abandoned properties in the country. Despite the success of this strategy throughout the country, I was unsuccessful in my ability to overcome local political opposition and a lack of resources. Looking back on what I could have done differently, I realized that our “top down” approach of dropping the idea onto policy makers without first getting sufficient community support or understanding of the concept doomed us from the start. It was a learning experience that continues to guide me today.