From the Community Development Research Center within the New School University, this new working paper is authored by Edward Blakely, one of the foremost urban policy academics and practitioners in the United States. In the 35-page paper, Professor Blakely examines the use of arbitrage theory as "a means of valuing community assets in urban low-income communities." As Professor Blakely points out in his abstract, "This tool [arbitrage] is applied, in this paper, to valuing the wide range of assets that exist in low-income areas so that the potential of these assets can be realized as a new wealth package to sustain inner-city community institutions and increase the wealth of local residents." The paper includes a historical sketch of capital markets and continues with an extended discussion of how arbitrage theory might best be deployed in creating a meaningful valuation of the assets contained within low-income and distressed urban communities. Thought-provoking in its scope and perspective, this paper will be a valuable addition to writings on urban policy and social planning.