Drexel University has announced a new Lab in honor of Jeremy Nowak: "With national and state politics polarized and governments at all levels under enormous fiscal pressure, however, cities and metropolitan areas must pool and combine resources in many forms and from a variety of sectors. In their recent book, The New Localism: How Cities Can Thrive in the Age of Populism, Jeremy Nowak and fellow urban expert Bruce Katz chronicled the emergence of a new field of metro finance, which is inventing ways of financing the inclusive city by organizing private and civic capital, unlocking public wealth and attracting voter support for an array of transformative investments.
To help capture, deepen and accelerate this burgeoning field, Drexel proposes to establish the Metro Finance Lab. The Lab will be named after Jeremy, who founded the Reinvestment Fund in Philadelphia and built it into one of the most respected community development finance institutions in the nation. The Lab’s founding director will be Bruce Katz, who brings more than 30 years’ experience and expertise in urban governance and finance with the Brookings Institution, the U.S. Senate and the U.S. Department of Housing and Urban Development.
Working within a broad network of cities, practitioners, financial institutions and research partners, the Nowak Metro Finance Lab will 1) set the broad context for the inclusive financing challenges and opportunities facing U.S. and European cities in the coming decade; 2) identify innovative ways in which local, city, state, national and international actors are responding to these challenges and opportunities; and 3) explore ways in which innovative governance practices and finance mechanisms can become the market norm through the development of seasoned data and analytics and new instruments, intermediaries and institutions. In 2019, the lab aims to publish a major edited volume on Financing the Inclusive City with contributions from leading political, business and civic leaders and academic researchers."
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