In 1997, USAID organized the Novgorod Regional Investment Initiative to accelerate economic transition at the local level, foster U.S.-Russian linkages, and spur increased trade and investment. This report describes UI's efforts to achieve these aims through reforming the region's land and real estate markets. The report outlines the objectives, activities, issues, and results for key reforms including: improving the tax structure for investment, establishing the legal and regulatory framework, stimulating markets through titling and land marketing, and regulating land use through zoning. In describing the experience of land reform activities in one Russian locality, this report offers a guide for other Russian cities looking to implement similar reforms.