This report was written out of a recognition that there has been little effort to systematically examine the value to anchor institutions of engaging in significant community investment. In the absence of such research, the authors believe that institutions tend to overestimate the costs and risks and underappreciate the potential benefits. In this report, they analyze the costs and benefits of various potential anchor strategies for institutional action and present a compendium of strategic options. The report concludes that use of particular strategies for urban and community development must reflect local needs and circumstances. Among the most common, most successful, and most promising strategies are a set of infrastructural strategies that include urban renewal; infrastructure growth oriented toward community improvement aims; involvement in urban planning; and investing in local infrastructure and commercial development. Promising non-infrastructural strategies include employee assisted housing; local purchasing, contracting, and hiring; investments targeted to specific local challenges; holistic neighborhood revitalization efforts; job creation through knowledge transfer; and research and policy analysis around key local issues. Key relational strategies include project-based relationships; convening and visioning; establishing or joining a community development partnership; supporting community organizations; multi-anchoring; and institutional reorientation toward an urban mission. (Contains 19 footnotes.)