If you have abandoned commercial spaces, put art up in the empty windows to reduce the feeling that a place has been abandoned. If your streets feel dangerous because of traffic, work with local leaders to get approval for making low-cost changes to make it safer. For example, you can create sidewalk bumpouts using simple flower boxes. Talk to local lenders about what they can do to help local businesses get off the ground.
Be warned that if all this is successful, it risks leading to a big jump in housing prices, i.e., gentrification. Keep in mind that "gentrification" also tends to make local residents wealthier — it's not as simple as the usual picture in which locals are simply pushed out. However, it is important to start thinking now about solutions, because this will lead to some push-back. Ideally, the city or nonprofits should buy land now while property values are cheap to create housing trusts for low-income residents. This will always be a tough issue though.
There is a lot of small actions you can take locally to shift the momentum of your community. Lots of people have done it — you can do it.
Source: I'm an urban planner.