ABSTRACT
"Neighborhood revitalization" has been occurring in older areas of most large United States cities. Phillip Clay distinguishes two basic forms this process can take: investment by and for existing residents and investment by and for higher income newcomers. In 1978, President Carter announced his Administration's concern with neighborhood revitalization by proposing a new urban policy composed of a series of legislative and administrative initiatives. Primarily, the neighborhood revitalization process requires private investment by outside investors, taking risks on the possibility of a neighborhood's future. Two fundamental types of revitalized neighborhoods may be distinguished. The first type refers to as "incumbent upgrading." The second type of revitalization we might call "gentrification"; it describes neighborhoods where the private rehabilitation was done mostly by outsiders. In some upgrading areas, for instance, people found a particular street or part of the neighborhood that had experienced gentrification.
