A college degree is practically a prerequisite for economic mobility, but the potential students who need one the most often find it hardest to afford. Jim Wolfston, Founder and President, CollegeNET and Katie Bardaro, Lead Economist, PayScale spoke about the problem of making college accessible for low-income students, and how to help them embark on successful careers, post-graduation.
Equity-in-action is a community-centered process. By bringing business teams and school communities together to build budgets, we can collectively reimagine engagement and target funds to better serve students.
This collaborative work is critical—and timely. A worldwide pandemic has exacerbated longstanding inequities around the world—and close to home. At the same time, America’s racial reckonings are reverberating in every aspect of society.
As communities call for societal renewal, including an examination—and transformation—of systems, policies and investments, school communities play a critical role in shaping the world on the other side of the crisis.
The path forward begins with conversations, commitments and collaborations focused on our bottom line: student success.
A college degree is practically a prerequisite for economic mobility, but the potential students who need one the most often find it hardest to afford. Jim Wolfston, Founder and President, CollegeNET and Katie Bardaro, Lead Economist, PayScale spoke about the problem of making college accessible for low-income students, and how to help them embark on successful careers, post-graduation.
Equity-in-action is a community-centered process. By bringing business teams and school communities together to build budgets, we can collectively reimagine engagement and target funds to better serve students.
This collaborative work is critical—and timely. A worldwide pandemic has exacerbated longstanding inequities around the world—and close to home. At the same time, America’s racial reckonings are reverberating in every aspect of society.
As communities call for societal renewal, including an examination—and transformation—of systems, policies and investments, school communities play a critical role in shaping the world on the other side of the crisis.
The path forward begins with conversations, commitments and collaborations focused on our bottom line: student success.
DC-based Eisenhower Fellows journey through China thezadivya
The Eisenhower Fellowship was established in 1995 when more than 100 emerging leaders from China came to the United States to exchange ideas and promote international collaboration.
“Generation Connection” seminar hosted by the Community Foundation for Palm Beach and Martin Counties. National expert and keynote speaker Nancy Henkin and a panel of local nonprofit leaders explored the issue of Intergenerational Civic Engagement in depth.
Engaging our youth in Islamic ActivitiesAl-Mahmud Ali
Key Questions to Consider:
Understanding our youth.
Why are they needed?
How can they contribute?
Why should they contribute?
Is there enough coordination between those already working for Islam in various ways?
Using mentorship to encourage diversity in organizational leadershi pppt (1)Michael Adams
Assignment per graduate criteria, that presents a business case on why mentoring is a key component of promoting and fulfilling diversity initiatives in an organization.
Learning and Development: Preventing Generational Poverty | Economic opportun...angela_silveira
The persistence of poverty in America and the dramatic increase of economic inequality in recent decades have garnered growing public awareness. Isn't the United States at least a land of economic opportunity, in which those who start lower on the economic ladder have a reasonable expectation that they, or their children, might advance into the middle class? Or are we at risk of being a caste society, in which multiple generations are trapped in a cycle of relative deprivation, while others inherit the security of a “gilded” lifestyle?
Important recent research by social scientists has shown that intergenerational economic mobility in the United States is low compared with many other wealthy countries, and that opportunity is unevenly distributed across the country. In this presentation, Professor Sundstrom will summarize some of these findings, including what they have to say about opportunity in the Silicon Valley region. He will provide an overview of the potential causes of intergenerational persistence in income status, and the implications for community and policy strategies for increasing opportunity.
How can lessons from grantmaking with a gender lens be applied more broadly? The Washington Area Women’s Foundation is using a gender lens in grantmaking to fill an important need in their community and help their Grantee Partners achieve enhanced outcomes. They spoke with us about how they are using their unique position and influence to drive innovation through their pioneering two-generation work with middle-school girls and their female caregivers, and how to apply what they’ve learned through this experience in one’s own work.
Speaker:
• Jennifer Lockwood-Shabat, President and CEO, Washington Area Women's Foundation
DC-based Eisenhower Fellows journey through China thezadivya
The Eisenhower Fellowship was established in 1995 when more than 100 emerging leaders from China came to the United States to exchange ideas and promote international collaboration.
“Generation Connection” seminar hosted by the Community Foundation for Palm Beach and Martin Counties. National expert and keynote speaker Nancy Henkin and a panel of local nonprofit leaders explored the issue of Intergenerational Civic Engagement in depth.
Engaging our youth in Islamic ActivitiesAl-Mahmud Ali
Key Questions to Consider:
Understanding our youth.
Why are they needed?
How can they contribute?
Why should they contribute?
Is there enough coordination between those already working for Islam in various ways?
Using mentorship to encourage diversity in organizational leadershi pppt (1)Michael Adams
Assignment per graduate criteria, that presents a business case on why mentoring is a key component of promoting and fulfilling diversity initiatives in an organization.
Learning and Development: Preventing Generational Poverty | Economic opportun...angela_silveira
The persistence of poverty in America and the dramatic increase of economic inequality in recent decades have garnered growing public awareness. Isn't the United States at least a land of economic opportunity, in which those who start lower on the economic ladder have a reasonable expectation that they, or their children, might advance into the middle class? Or are we at risk of being a caste society, in which multiple generations are trapped in a cycle of relative deprivation, while others inherit the security of a “gilded” lifestyle?
Important recent research by social scientists has shown that intergenerational economic mobility in the United States is low compared with many other wealthy countries, and that opportunity is unevenly distributed across the country. In this presentation, Professor Sundstrom will summarize some of these findings, including what they have to say about opportunity in the Silicon Valley region. He will provide an overview of the potential causes of intergenerational persistence in income status, and the implications for community and policy strategies for increasing opportunity.
How can lessons from grantmaking with a gender lens be applied more broadly? The Washington Area Women’s Foundation is using a gender lens in grantmaking to fill an important need in their community and help their Grantee Partners achieve enhanced outcomes. They spoke with us about how they are using their unique position and influence to drive innovation through their pioneering two-generation work with middle-school girls and their female caregivers, and how to apply what they’ve learned through this experience in one’s own work.
Speaker:
• Jennifer Lockwood-Shabat, President and CEO, Washington Area Women's Foundation
From Boomers to Millennials: Generation Specific Volunteer Recruitment, Reten...Sarah Bradbury
This presentation, originally given 1/27/12 for the Indiana Special Olympics State Conference, details generational characteristics of volunteers, as well as generation specific recruitment, retention, and recognition ideas.
Communicating the importance of housing to and in our communities is key to our success as advocates. The Housing Alliance and local and national partners have worked hard to develop communications skills, techniques, and common messages. Come hear the latest in our thinking about what works, how to inspire passion for housing opportunity, how to elevate diverse voices, and our tools and plans for helping you be the strongest possible advocates for housing.
Michael Anderson, National Housing Trust Fund Project, Center for Community Change
Jes Larson, Director, Welcome Home Coalition
Jill Winsor, Neighborhood Partnerships
Matt Kinshella, Neighborhood Partnerships
EOA2015: Amplifying the Community VoicePIHCSnohomish
Who defines health? When ALL voices are heard, our community is healthier and more just. A panel of community partners explores how inclusive listening can strengthen the health and fabric of our community.
Public Relations Campaign Book - Habitat for Humanity Orange CountyMeredithHardy2
This is a public relations campaign that focuses on research. This was a project where we collaborated with Habitat for Humanity of Orange County, Indiana, to create a campaign to further their brand identity and awareness within their communities.
Presentation on Housing First & justifications (to be developed with this organizations help) for taxpayer & government funding savings from the proposed solution!
At the recent Place Matters conference in Washington, D.C., David Williams, PhD, the Norman Professor of Public Health at the Harvard School of Public Health and staff director of the reconvened Robert Wood Johnson Foundation Commission to Build a Healthier America, talked about the need for cooperation between the community development industry and health leaders.
“Community development and health are working side by side in the same neighborhoods and often with the same residents but often don’t know each other or coordinate efforts.”
Kevin Jeffries, Consumer Liaison, Oregon Department of Consumer and Business ...NeighborhoodPartnerships
Kevin Jeffies of the Oregon Department of Consumer and Business Services presents on financial fraud and scam prevention at Neighborhood Partnerships' 2016 RE:Conference
Laura Choi, Senior Research Associate – Community Development, Federal Reserv...NeighborhoodPartnerships
Laura Choi of the Federal Reserve Bank of San Francisco presents on Strengthening the Financial Future in Oregon at Neighborhood Partnerships' 2016 RE:Conference
Lori Coyner (State Medicaid Director, Oregon Health Authority), Rachel Port (Public Policy Director, Central City Concern), Leslie Neugebauer (Director of Central Oregon Coordinated Care Organization, PacificSource), Pam Hester (Health and Housing Manager, CareOregon), and Josh Balloch (VP of Government Affairs and Health Policy, AllCare) present on Health as Housing at Neighborhood Partnerships' 2016 RE:Conference
Cupid Alexander, Housing Program Specialist, Portland Housing Bureau, How We ...NeighborhoodPartnerships
Cupid Alexander, of the Portland Housing Bureau, presents on how local governments can generate housing resources at Neighborhood Partnerships' 2016 RE:Conference
The free Your Money Your Goals (YMYG) Toolkit designed by the Consumer Financial Protection Bureau (CFPB) makes it easy and customizable to set client financial goals, choose financial products and build money management skills for social service providers who aren’t experienced with such things. Neighborhood Partnerships is part of a team charged with getting the toolkit in the hands of more Oregonians.
Every year the Oregon IDA Initiative helps thousands in Oregon buy homes, start small businesses and get an education. Here's the data behind the Initiaitve.
Regulatory requirements for improving access to housing are powerful tools for removing barriers to housing choice and increasing housing opportunities. Local, state and federal laws can help you address unreasonable barriers put in place by neighbors or advocate for inclusive housing through planning and land use processes. The new affirmatively furthering fair housing rules at US Department of Housing and Urban Development will shape housing options for years to come. This session will provide an overview of applicable regulatory tools and practical discussion of how to apply them
Margaret Solle Salazar, Portland Field Office Director, US Dept of Housing and Urban Development
Pam Phan, 1000 Friends of Oregon and Anti-Displacement PDX
Martha McLennan, Executive Director, Northwest Housing Alternatives
Building housing that will remain affordable for years to come is a complex undertaking. It can also be expensive. How do we talk and think about cost comparisons, cost containment, and new approaches? What has recent analysis taught us about costs and alternative development models? We’ll get a preview of the work that’s still ahead to reach agreement on priorities and to communicate well about the tradeoffs and choices we make.
Margaret Van Vliet, Director, Oregon Housing and Community Services
Michael Parkhurst, Affordable Housing Initiative Program Officer. Meyer Memorial Trust
“Housing First” models offer great hope for housing individuals and households who face significant barriers to housing. Oregon has been a leader in this work, but more needs to be done in every community, and we need opportunities to learn from one another. Join us as we hear about and map examples of work being done now in Oregon to move this approach forward.
Bill Hall, Commissioner, Lincoln County
Kenny La Point, Systems Integrator, Oregon Housing and Community Services
Marc Jolin, Director, A Home for Everyone
Heather Lyons, Corporation for Supportive Housing
What’s working? Strategies to create inclusive communities, mitigate and reve...NeighborhoodPartnerships
Working to address and mitigate barriers to housing opportunity requires passion, creativity and a clear vision of how prosperous, equitable communities work. Community-based organizations are innovating approaches to mitigating residential displacement, inclusive anti-poverty strategies, and creating successful pathways to homeownership for those who experience the greatest barriers to this core asset building step. Learn from leaders from across the state what new strategies are working, how community engagement supports self-determination, and how funding is being secured for these innovations in creating inclusive and prosperous communities.
Moderator: Roberto Jiménez , Farmworker Housing Development Corporation
Travis Phillips, Pathways 1000 Plan, Portland Community Reinvestment Initiatives (PCR!)
Jen Matheson, Northwest Health Foundation
Amy Cubbage, Habitat for Humanity Mid-Willamette Valley
Oregon’s economy is both booming and struggling, and the pressure is on for housing markets across the state. The problem shows up as a lack of housing stock, high rents, unaffordable homeownership, sub-standard housing quality. People with low incomes, people experiencing a disability, and especially people of color experience the greatest barriers to housing opportunity. Hear what the data says about growing wealth disparity and housing opportunity gaps, and add your voice to this discussion about what housing needs are in your community. How does data drive policy change and greater inclusion?
Megan Bolton, Research Analyst, Oregon Housing and Community Services
Katie Sawicki, Policy Director, Urban League of Portland
Stephanie Jennings, Grants Manager, Community Development, City of Eugene
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
What is the point of small housing associations.pptxPaul Smith
Given the small scale of housing associations and their relative high cost per home what is the point of them and how do we justify their continued existance
Many ways to support street children.pptxSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Web of Wealth - Thomas Shapiro - 2014 RE:Conference
1. The Web of Wealth
Resiliency and Opportunity
or Driver of Inequality?
Thomas Shapiro, PhD
Institute on Assets and Social Policy
Neighborhood Partnerships RE: Conference
October 29, 2014
3. Toxic Inequality
• Different Sort and Experience of Inequality
• Quantitative Dimensions
• Qualitative Meanings
• Dysfunctional for Human, Community,
Economic Development
4. Perfect Storm
• Demographic Shift: Majority-Minority
• Historic High Inequality Meets Falling
Standard of Living
• Racial Wealth Gap
6. President Obama, 50th Anniversary, March on
Washington
• “Yes, there have been examples of
success within black America that would
have been unimaginable a half century
ago…
• The gap in wealth between races has not
lessened, it's grown.”
7. What’s Driving the Increasing Racial Wealth Gap
Number of Years of Homeownership 28%
0% 5% 10% 15% 20% 25% 30%
Household Income
College Education
Unemployment
Financial Support/Inheritance
17%
6%
5%
4%
8. How Policy Increases Inequality
• MID-- Mortgage Interest Deduction
• Estate Tax
• Let’s move from the DC-centric view to
families in our communities.
9. From Safety Net to Launch
• Anti-Poverty programs Lifts 40,000,000 Out of
Poverty
• Cornerstone of asset strategy is Emergency +
Opportunity
• our aspiration, social justice, equity not
served until sustainable well-being achieved
for communities, families.
10.
11. The Private Safety Net: Facilitating Resilience
1 in 5 Leveraging Mobility families received
help from the web of wealth for
unanticipated life events.
Quianna Fountain:
“when we move [in] the next 45 to 60 days I will
probably have to borrow money… from my brother and
his wife. You know, at least in the interim until I get the
deposit back from this lady.”
12. Improving Family Well-
Being
• ¼ Leveraging Mobility
families received well-being
family help
• Paulette Rotella – help
with housing
13. Opportunity Investments
• Impact on house
purchased
• Bachelor Degree –
worker earns 84%
more over life-time
than high-school
graduate
14. Inheriting Status
• Transformative assets
• Capital that provided income
• Nicola and Jessica Bzdell
15. Leveraging Mobility Series
iasp.brandeis.edu tmshapiro
The Leveraging Mobility Study is funded by The Ford Foundation
Released Reports
• Hard Choices: Navigating the
Economic Shock of Unemployment
• Leveraging Mobility: Building
Wealth, Security, and Opportunity
for Family Well-Being
• Employment Capital: how work
builds and protects wealth
• Keeping Dreams Alive: the Lane-
Changer Costs of Financial
Disruptions
• The Web of Wealth: facilitating
resilience and opportunity or
reproducing inequality?
Future Reports 2014
• Location, location, location: the
importance of neighborhood for
building wealth
• Facing retirement insecurity:
managing for tomorrow
17. The Challenge of a Weak Web of Wealth
“We’re all working class people. I have two
brothers…the one brother who works…as a bus
driver….Another brother who is a surveyor for
the state, so we’re all working class, we’re all
blue collar….I can’t call them up for money
because they are just working too…in both
families we’re probably the most stable…”
—Ashley Dudley
18. Innovative Models: Emergency Wealth
Sharing Funds
New Hampshire:
Neighbor Helping
Neighbor Fund
Community Action Agencies
and Utility companies
http://nhnfund.org
Build Wealth
Minnesota Hardship
Fund
- Grant/loan combination
- Repayment in 9 months
- Alternative to payday
loans
www.buildwealthmn.org/
hardship.php
19. Strengthen Government Emergency Programs
Expand the supply of
affordable and
emergency housing
• Support for rapid re-housing
programs
• Support for maintenance
of existing affordable
housing stock
• Additional development
of affordable housing
Update and reform
unemployment insurance
• Expand eligibility criteria
Increase awareness about
eligibility for
unemployment and other
emergency programs
20. Strengthen Existing Wealth-Building
First time home-buyer
assistance
• Down-payment and
closing costs
assistance – e.g. City of
Boston
• Sustainable mortgages
– e.g. Community
Advantage Program
• Low down-payment
mortgages
Support employment
wealth building
• Matched retirement
savings
• Investments in education
Individual family savings
• Emergency Savings
Programs
• Child Savings Accounts
21. Leveraging Mobility Series
iasp.brandeis.edu tmshapiro
The Leveraging Mobility Study is funded by The Ford Foundation
Released Reports
• Hard Choices: Navigating the
Economic Shock of Unemployment
• Leveraging Mobility: Building
Wealth, Security, and Opportunity
for Family Well-Being
• Employment Capital: how work
builds and protects wealth
• Keeping Dreams Alive: the Lane-
Changer Costs of Financial
Disruptions
• The Web of Wealth: facilitating
resilience and opportunity or
reproducing inequality?
Future Reports 2014
• Location, location, location: the
importance of neighborhood for
building wealth
• Facing retirement insecurity:
managing for tomorrow
Editor's Notes
I’m going to talk briefly here today about the research brief IASP recently released “The Web of Wealth: Resiliency and Opportunity or Driver of Inequality?”. This report draws from a larger study “Leveraging Mobility” a project to examine inequities in how families build an I do want to highlight my co-authors Tatjana Meschede, Alexis Man, Janet Boguslaw, and Tom Shapiro.
This brief examines the ways in which families use financial transfers from their extended family in a variety of different ways, and the differences this makes in their lives. During the course of this presentation I will touch on key points from the brief providing some data points and stories to illustrate our findings, and then I ‘ll spend some time discussing the implications for programming particularly from the perspective of philanthropic organizations.
Housing, homeownership largest driver
$2.3 Trillion over 5 years; Half to MID, Housing; about $200 Billion/year.
Comparison: HUD $35 B; CBDG=$35 Billion.
Where does the $200 B go?? This is a classic example of how national policy actually creates inequality. Is that the purpose of policy, hardly.
So let’s start by talking about who receives financial transfers. The data in this slide comes from our analysis of the Panel Survey on Income dynamics, a nationally representative longitudinal survey. We followed the same households over a more than a quarter of a century to look at who received any financial transfer. Overall approximately one-third – 35% - of households received extended family financial transfers.
When we did our analysis looking through a race lens, we saw a contrasting picture. African American headed households were much less likely to receive extended family financial transfers than were white headed households. As you can see in this slide, 46% of white households received a financial transfer. While only 10% of African American households did. This lower prevalence of receiving a financial transfer was compounded by the lower amounts that African American families received.
The median financial transfer to white households was $83,692 while African Americans received about two thirds of this amount - $52,240.
We then looked at the median change in wealth for those households who received a transfer. White households grew their wealth by $282,000 while African American households great their wealth by only $20,000. There are likely many other compounding variables that impact this difference in the median growth in wealth, but we know from other studies that have controlled for a variety of different variables, that the difference in the change in wealth between white households and African American households is impacted by these differences in the frequency and the amount of financial transfers that occur over the life-course.
What are the implications of having access to these financial transfers or what we call a web of wealth?
We draw on the Leveraging Mobility interview data to explore the ways that webs of wealth benefited families. A key advantage of having access to a web of wealth is for emergency help. Donna Hays loaned her sister money when she fell on tough times and then she said “If I’m having a bad month, she’ll loan me [back] to get through it.”
Quianna Fountain also often drew on support from her brother and sister-in-law. She referred to her brother and his wife as the Bank of Tina and Marie. In 2010 when we spoke to her she needed to ask for help again from her brother. She said “When we move [in] the next 45 to 60 days I will probably have to borrow money… from my brother and his wife. You know, at least in the interim until I get the deposit back from this lady.”
Extended family members often helped out in other ways by providing cash as gifts, paying for services and durable items, or providing in kind service such as childcare, services which were not emergencies, but helped to create well-being. The graphic web on this slide shows how often families in the Leveraging Mobility study received different kinds of help over the twelve year period between the first and second interviews. While not directly financial help, there were financial implications for the family since such help freed up income and wealth to be used for other purposes. One quarter of the Leveraging Mobility families received help with such services that helped to improve family well-being and impacted the family bottom line indirectly.
Paulette Rotella was one of those who received such help. Over the years she relied on housing support from her mother to make ends meet. In 1998, she had just moved out of her mother’s house where she was living with her daughter rent free. She moved into an apartment in the same building which she was able to access because her mother knew the landlord. She lived in this apartment for the 12 years between interviews, and then shortly before we interviewed her in 2010 again, she had to move back in with her mother because her employer reduced her overtime hours and she couldn’t afford the rent any more. Paulette’s mother provided a critical support for Paulette to ensure she did not become homeless.
In the Leveraging Mobility study, families often received help from the extended web of wealth to invest in opportunities for their off-spring or themselves. Just under half of the LM families used family help to invest in kids camps, private schools, college tutors, college education or a home. These investments help create opportunities and build wealth. A college educated child with a BA will earn 84% more over their lifetime than a high school graduate. And buying a home earlier in the life-course enables a family to build equity.
Race played a role however. In L.M. of all white families interviewed, nearly two thirds received opportunity investments from extended family, while only a little more than one-third of African American families interviewed received such opportunity investments. The implications of such disparities is huge.
Maybe talk about Soledad Givelber or the Cotters if time.
For some families the amounts of wealth that were passed on were what we call “transformative” or sufficiently substantial and steady over time that a family’s economic status was shifted to a higher class. These are transformative assets providing wealth far beyond the achievements of the individual family members. Often they were in the form of capital such as stocks and bonds and land. Nearly one in four LM families received a financial transfer in the form of capital large enough to provide some income.
Large and transformative asset transfers overwhelmingly went to white families. Among LM families nearly nine out of ten families that received more than $50,000 in financial help were white, while only just over one in ten were African American. Insert their story here.
Nicola and Jessica Bzdell were one such family. Until just shortly before the 2010 interview, Jessica and Nicole Bzdell lived in a house in an East Coast city neighborhood. Both worked in non-profit jobs; their combined household income was $80,000. They did not have savings for college so they used their home’s equity to pay for their daughter’s college. Nicole’s mother lent them $300,000 to purchase a rural farm with the intention of moving in with them. While waiting for their urban home to sell Nicole’s mother passed away. Nicole was surprised to discover that she was sole beneficiary of her mother’s estate valued at $1 million in stocks and at least $300,000 in cash. When the urban house sold they netted an additional $200,000. Jessica and Nicole now had minimal housing expenses, an annual income of $40,000 from the stocks and cash to draw on if needed. Despite Nicole’s health related unemployment, Jessica could still take her $25,000 a year dream job. The inheritance shifted th efamily into the top decile of wealth holdings in the U.S. Jessica and Nicole inherited Nicole’s mother’s wealth status, moving them beyond their own achievements in work and education.
Released four reports/briefs- encourage you to download/take a look.
Four more to be released in 2014
Common theme through the data is that the resources you can access and the way policy is structured impacts families and communities ability to stabilize and advance.
So this brief was just one example of the kind of data we are mining and the ways it contributes to policy discussions and product and service development.
Questions/comments?
Released four reports/briefs- encourage you to download/take a look.
Four more to be released in 2014
Common theme through the data is that the resources you can access and the way policy is structured impacts families and communities ability to stabilize and advance.
So this brief was just one example of the kind of data we are mining and the ways it contributes to policy discussions and product and service development.
Questions/comments?
Many families did not have a strong web of wealth. These families in LM were more often lower-income and African American. Ashley Dudley, an African American mother summed it up with this quote: “We’re all working class people. I have two brohters… the one brother who works… as a bus driver… Another brother who is a surveyor for the state, so we’re all working class, we’re all blue collar… I can’t call them up for money because they are just working too… in both families we’re probably the most stable.”
Whatever the multiple reasons that families could not draw on their extended family for financial help, how a family fared, depended on the other resources available. Both Margaret Dove and Ashley Dudley, neither of whom had extended family wealth, were able to build wealth through their employers which provided them with savings they could draw on if need be.
Heather Beanne, who when describing why there was no extended family wealth said “we’re a family of addicts”, found that her employer provided a first time homebuyers program that with downpayment assistance and a good mortgage enabled her to access homeownership to build some stability and wealth to leave her children.
By contrast, without good alternative programs some ended up homeless. At the same time as losing her job, Gwedolin Rollins was cut out of family help when her father died because of her sexual orientation. Without good housing programs in the city she lives in, Gwedolin has found herself without housing and struggling to get back on her feet.
The role of private and public programs is clearly critical in stepping in to fill the needs for families who lack the web of wealth.
Ultimately the webs of wealth that families have access to mirror and exacerbate the broader inequities in the distribution of wealth by race and class in the US. We need to make sure that through both the public, private and non-profit sectors that we ensure all families have access to the same set of benefits – well-being, security and opportunity – that are obtained through access to a strong web of wealth.
I want to spend a little time delving into some promising models of non-profit and public programs that we think can begin to fill the gaps that are left when families do not have access to a healthy web of wealth.
For families that are financially vulnerable and without a web of wealth to draw on in an emergency, programs such as New Hampshire’s Neighbor Helping Neighbor Fund, or Build Wealth Minnesota’s Hardship fund offer the means for households to cover emergency costs.
Started in 1986, New Hampshire’s Neighbor helping Neighbor Fund is a partnership between utility companies and community action agencies. Customers of the utility companies can donate money into a fund which is then tapped into when another customer has a problem paying their utility bill for some reason. The target customers for this emergency assistance fund are customers who do not qualify for the normal community action provided fuel assistance programs in the state.
The Hardship Fund at Buildwealth Minnesota was created to minimize the impact of unforeseen catastrophe's that tend to deteriorate a family's financial position. The fund is a gratitude loan/grant fund that allows a family to use up to $4000 one time per year in the event of a major hardship such as a sudden loss of household income, death or disability of a family member, major unforeseen repairs or breakdowns, major medical or student hardships. The fund has no repayment plan or term with the exception of a nine (9) month maturity date. Only families enrolled and active in the long-term Financial Literacy program are eligible to utilize the fund. It is hoped that this fund will discourage the use of the new wave of pay-day loans and other predatory lending products that have been on the rise in recent months. The Hardship Fund provides families that have gone through an unforeseen incident or catastrophe that causes financial strain on the family temporary relief until they are back on their feet.
Public programs have the capacity to address the need for emergency support during a crisis. Many programs already exist in both the public and the non-profit sector.
Expanding the supply of affordable and emergency housing would support the need for housing in a crisis. Currently the wait times for emergency housing support can be very long meaning in practice many families need to draw on families for that support or become homeless. Rapid rehousing programs are programs that prioritize moving a family experiencing homelessness into permanent housing as quickly as possible. It includes three components – help identifying housing, rent and move-in financial assistance, and case management and services. Evaluations of the model point to its effectiveness.
Unemployment insurance is another emergency financial assistance program that needs to be expanded and updated. Many workers are not eligible for the program, or aware of their eligibility and African American workers have lower rates of eligibility and awareness of eligibility.
While addressing emergency assistance for households who do not have access to a web of wealth is important, we must not forget the needs for promoting wealth building that ultimately improves family well-being and stability. There are many existing wealth building programs worth looking at.
One of the major ways that families have historically built wealth and stability is through purchasing a home. Families without a web of wealth are at a disadvantage in pursuing this goal since they do not have easy access to downpayment assistance, or even help qualifying for a mortgage. Many existing programs help to achieve this goal with downpayment assistance or sustainable and low-cost mortgages. While the financial crisis has discouraged the promotion of homeownership as a wealth-building tool, we must remember that there are responsible ways to promote homeownership in building wealth and financial stability. In other words, let’s not throw out the baby with the bathwater.
Other wealth building programs, such as promoting wealth building through work, and helping families build individual family savings through matched savings programs can be beneficial, for example, emergency savings accounts, a form of individual savings accounts. Children’s savings accounts are yet another way for families to build wealth.
Ultimately we need to look carefully at how programming impacts
Released four reports/briefs- encourage you to download/take a look.
Four more to be released in 2014
Common theme through the data is that the resources you can access and the way policy is structured impacts families and communities ability to stabilize and advance.
So this brief was just one example of the kind of data we are mining and the ways it contributes to policy discussions and product and service development.
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