ASSET BUILDING AND FINANCIAL SERVICE ADVOCACY FOR IMMIGRANT COMMUNITIES    CFED 2008 Assets Learning Conference, Washingto...
About MAF <ul><li>The  Mission Asset Fund  is the first neighborhood-based, community-led, asset-building organization in ...
Our History <ul><li>Levi Strauss & Co. sold their factory on Valencia St. </li></ul><ul><li>$1 million commitment to Levi ...
Community Engagement
The Mission District <ul><li>The Mission is a vibrant working-class community with a long history as a gateway for new imm...
… in pictures
… in pictures
… in video
Why don’t we “own” our community?  <ul><li>Nationally, for every $1 dollar in assets held by a white household, a Latino h...
Create asset-building programs that fit the realities of Mission residents <ul><li>Matched Savings Accounts (IDAs)   </li>...
Create culturally-relevant financial products <ul><li>Cestas Populares </li></ul><ul><ul><li>Built on immigrant tradition ...
Create culturally-relevant financial services  <ul><li>Financial Coaching </li></ul><ul><ul><li>Help clients understand an...
Take Away Messages <ul><li>Asset-building programs and policies work for Latino, immigrant communities </li></ul><ul><li>M...
José Quiñonez, Executive Director [email_address] Mission Asset Fund 1500 South Van Ness Ave #200 San Francisco, CA 94110 ...
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Financial Service Advocacy - Mission Asset Fund

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  • About MAF: -who we are -our mission But before I get into more detail about MAF and our asset-building strategies, I want to tell you more about the Mission District -Mission District
  • Back to MAF -Levi story: -Committee now our Board of Directors -Asset-Building
  • How many of you know the Mission District? I’m sure that in your 4 day stay in San Francisco, some of you must have visited the Mission in search of great food. These numbers are just to give you a sense of the Mission….but, frankly, they don’t capture the essence, the energy of the neighborhood. How about some pictures?
  • Murals – public art People walking all along Mission Street
  • More murals – I can give you a hour long presentation just on the Murals in the Mission These are nice pictures…but they still don’t show you the love that people have for the Mission… Let’s try some video…
  • We’re in the middle of producing a couple of videos to help us demonstrate how people feel about the Mission – this is a very rough and short video – we’re going to have this on our website, fondopopular.org, where I invite you to visit and see the final version
  • We have big challenges -low net worth -unbanked -locked out of credit markets What’s our asset-building strategies?
  • Traditional IDAs are restrictive: -2:1 savings match -under 40% of AMI = $33k -asset purchase limited to homes, business, and education. These are all great, but for a high cost city like SF, buying is a long term proposition for anyone, specially for low-wage families.
  • -Asset building is a long term strategy – it’s generational
  • Financial Service Advocacy - Mission Asset Fund

    1. 1. ASSET BUILDING AND FINANCIAL SERVICE ADVOCACY FOR IMMIGRANT COMMUNITIES   CFED 2008 Assets Learning Conference, Washington DC September 12, 2008
    2. 2. About MAF <ul><li>The Mission Asset Fund is the first neighborhood-based, community-led, asset-building organization in the country </li></ul><ul><li>Our mission is to expand access to financial services, savings and investment opportunities for residents of the Mission District to build a more secure economic future for themselves, their families and their community </li></ul>
    3. 3. Our History <ul><li>Levi Strauss & Co. sold their factory on Valencia St. </li></ul><ul><li>$1 million commitment to Levi Strauss Foundation for Mission community development project </li></ul><ul><li>MAF committee formed – community leaders and LSF senior staff </li></ul><ul><li>Committee held community forums to explore how funds could be used to support residents </li></ul>
    4. 4. Community Engagement
    5. 5. The Mission District <ul><li>The Mission is a vibrant working-class community with a long history as a gateway for new immigrants; rich in social networks, active civic engagement, and strong nonprofit leadership. </li></ul><ul><li>The 1.5 square mile neighborhood is densely populated with over 60,000 residents, including 50 percent Latino and 11 percent Asian/Pacific Islander households. </li></ul><ul><li>Nearly one-half of Mission residents are Spanish speakers and more than one-in-three speak only Spanish. </li></ul><ul><li>Forty-five percent of Mission residents are foreign-born. </li></ul>
    6. 6. … in pictures
    7. 7. … in pictures
    8. 8. … in video
    9. 9. Why don’t we “own” our community? <ul><li>Nationally, for every $1 dollar in assets held by a white household, a Latino household only has 13.2 cents </li></ul><ul><li>About half (50 percent) of Mexican immigrants do not have a savings or checking account – same is true for half of all Latino adults in the Mission </li></ul><ul><li>22 percent of Latinos don’t have a credit history – same is true for 44 percent of all households in the Mission </li></ul><ul><li>In the Mission, the number (22) of pawnshops, check-cashers and payday lenders is almost twice the number (12) of banks </li></ul>
    10. 10. Create asset-building programs that fit the realities of Mission residents <ul><li>Matched Savings Accounts (IDAs) </li></ul><ul><ul><li>Accessible to individuals in low-income households earning up to 80% of AMI </li></ul></ul><ul><ul><li>$1:$2 match towards the following goals: </li></ul></ul><ul><ul><ul><ul><li>Homeownership </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Small business </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Education/training </li></ul></ul></ul></ul><ul><ul><li>$1:$1 match to help remove barriers to asset-building, particularly towards the following goals: </li></ul></ul><ul><ul><ul><ul><li>Citizenship fees </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Penalties associated with adjusting immigration status </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Retirement savings </li></ul></ul></ul></ul>
    11. 11. Create culturally-relevant financial products <ul><li>Cestas Populares </li></ul><ul><ul><li>Built on immigrant tradition of lending circles, Cestas Populares will help participants create and build mainstream credit </li></ul></ul><ul><ul><li>‘ Cestas’ or ‘Tandas’ traditionally function as rotating, interest free, credit associations; they are voluntarily formed by a group of participants who agree to make regular contributions to a fund, which is distributed in whole or in part to each contributor in rotation </li></ul></ul><ul><ul><li>Cestas Populares will recognize this informal financial activity and report it to credit agencies </li></ul></ul><ul><ul><li>Provide wrap-around financial education services and information to help cesta members transition to the financial mainstream </li></ul></ul>
    12. 12. Create culturally-relevant financial services <ul><li>Financial Coaching </li></ul><ul><ul><li>Help clients understand and access financial products and services; and to develop long-term financial plans </li></ul></ul><ul><li>Promotoras </li></ul><ul><ul><li>Train and support peer organizers to connect residents to asset-building opportunities </li></ul></ul><ul><li>Cooperativas </li></ul><ul><ul><li>Provide technical assistance, education and support to worker-owned business and housing co-ops </li></ul></ul>
    13. 13. Take Away Messages <ul><li>Asset-building programs and policies work for Latino, immigrant communities </li></ul><ul><li>MAF is creating culturally-relevant financial products that bridge the path into the financial mainstream </li></ul><ul><li>MAF’s culturally-relevant products are viable alternatives to predatory lenders </li></ul>
    14. 14. José Quiñonez, Executive Director [email_address] Mission Asset Fund 1500 South Van Ness Ave #200 San Francisco, CA 94110 www.missionassetfund.org www.fondopopular.org

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