Changes in the American economy have given rise to new opportunities and new risks for the nation’s older cities. Over the past decade, the revitalization of downtowns and urban neighborhoods has brought new vitality to communities that were all but written off only a few years earlier. Local governments and community institutions such as universities or hospitals have led some of these revitalization efforts, while other neighborhoods have been transformed through in-migration or through the efforts of residents themselves, mobilized by neighborhood organizations or community development corporations (CDCs). An important theme in the revival of many American cities has been the emergence of a new paradigm for urban revitalization. This paradigm not only acknowledges the central role of the marketplace in driving the future, but also defines new and creative roles for local government, nonprofit CDCs, and other stakeholders in harnessing the power of the marketplace for positive community change.