Supporters of urban revitalization have relied on community development corporations (CDCs) to carry a major share of the front-line burden. This research presents new evidence that these community-controlled, market-responsive organizations can indeed spark a chain reaction of investment. Advanced econometric analysis shows that CDC residential and commercial investments have led to increases in property values--the single-best measure of neighborhood improvement--as great as 69 percent higher than they would have been otherwise. To achieve these results, CDCs did more than just develop projects; they also brought business people, civic organizations, and public agencies into the neighborhood improvement process.