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Chapter 2: The Plan <br />CDCs are formed by residents, small business owners, congregations and other local stakeholders- to <br />revitalize a low and/or moderate- income community:- CDCs typically produce affordable housing and <br />create jobs for community residents: Jobs are often created through small or micro business lending or <br />commercial development projects. Some CDCs also provide a variety of social services to their target <br />area. <br />According to a national census of CDCs conducted by NCCED in 1998, there are an estimated 3,600 such <br />groups across the United States. Since the emergence of the first CDCs in the late 1960s, they have produced <br />247,000 private sector jobs and 550,000 units of affordable housing. <br />SELF1 HELP, CREDIT UNION of Durham, NC makes loans that range in size from a few thousand dollars to <br />several million, depending on the project being financed. -Their loans are available to meet a variety of needs <br />such as: <br />�® Starting, buying or expanding a business or nonprofit <br />30 "Purchasing or constructing real estate <br />"Buying equipment and machinery <br />® Providing working capital <br />® Buying inventory http: / /www.self- help.org/ <br />lffain'Streefldedls <br />'The'Task.Force invited '. Liz'Parham, Executive Director of the Chapel'Hill Downtown'Partnership, to be a guest <br />speaker at one of the monthly meetings. "Ms,;'Parham spoke about the mission and objectives of the Downtown <br />'Partnership and outlined a tactic called tho'.Main Street Approach, which encourages revitalization -of <br />commercial areas and is being employed by many communities nationwide. <br />ffThe'Main Street Approach is a community - driven, comprehensive methodology used to revitalize older, <br />traditional business districts throughout th& United States.!! It is a common -sense way to address the variety of <br />issues and problems that face traditional business districts. The underlying premise of the:Main Street approach . <br />is to encourage economic development within the context of historic preservation in ways appropriate to today's <br />marketplace.'The'Main Street Approach advocates a return to community self - reliance, local empowerment, and <br />the rebuilding of traditional commercial districts based on their unique assets. The Main Street; Four'Point <br />ApproachTM is a comprehensive strategy that is tailored to meet local needs and opportunities° It encompasses <br />31 <br />US 70/ Cornelius Street Corridor Strategic Plan 2007 <br />