Community development corporations (CDCs) have become important vehicles for revitalizing urban neighborhoods. These small, multi-disciplinary groups must adapt quickly to changing conditions in the industry. The author interviewed CDC directors and other industry experts from Richmond, Virginia and Atlanta, Georgia to identify and compare contemporary challenges, opportunities and adaptations among community developers. The cost and availability of land, inadequate funding and organizational capacity were significant barriers in both cities. In Richmond, increasing competition, NIMBY and staff retention were other barriers. In Atlanta, securing community buy-in, the permitting process, and the growing need for affordable housing were other barriers. Increasing public interest in affordable housing, the need for new housing types and increased housing demand present new opportunities. Atlanta also has new public policies supporting housing. In response, CDCs in both cities are expanding their geographic areas, developing partnerships, and adding new development products. Atlanta CDCs also reported expanding non-development activities.