From the Editor
Dear Community Partners and Friends,
The health and economic impacts of COVID-19 have caused much uncertainty throughout our country. Though there are many questions left to answer, I do know for sure that we are all in this together. All of our work to ensure economic stability for low-to-moderate income families has proven to be extremely critical during this crisis. As Prosperity Now pivots our service and advocacy strategies, we are heeding the concerns expressed by you all during our COVID-19 Community Listening Sessions.
We are working diligently to support the organizations and advocates with whom we work. We’ve created a COVID-19 Resource Page which provides tools that cover an array of topics, geared towards practitioners, advocates, and partners throughout the field. Our Advocacy Center is up-to-date with action alerts for the ASSET Act and we are celebrating the win of the tax filing deadline extension thanks to everyone’s advocacy already. Additionally, we are re-assessing our programmatic priorities to determine possible responses to concerns regarding immediate cash assistance for families and business; and the lack of technology that creates barriers for low-income individuals and service providers. Finally, we will continue to leverage our data on household financial health to inform key legislation. We are engaging our philanthropic partners regarding our response to the needs of the field so that we can continue to advocate for economic policy solutions alongside you.
In closing, I share these inspiring words by Rahm Emanuel: “…never let a serious crisis go to waste. And what I mean by that is, it's an opportunity to do things you think you could not do before.”
Fran Rosebush Baylor
Director of Field Engagement
If you have any items you’d like to see featured in future Community Bulletins, share them with us at [email protected].
Highlights
COVID-19: What We've Heard and Our Response
For most members of the Prosperity Now Community, the COVID-19 crisis has created economic and social disruptions. Numerous individuals have reported lost wages, job layoffs, decreased benefits, and financial insecurity. Emergency savings are crucial during this time, and without them, most people will have no safety net to support them while weathering the financial uncertainty. This state of emergency within our economy is particularly difficult because social distancing has forced many community-based organizations to temporarily close their doors, even though the need for emergency and crisis services has increased.
Last week, Prosperity Now hosted three listening sessions to evaluate the impact of COVID-19 on our field, and its effects on the Volunteer Income Tax Assistance (VITA) program and other services. Also discussed during the session was the need for strong policy solutions to help Americans manage this crisis.
We had nearly 400 field partners join the Listening Sessions, sharing with us various experiences and the unprecedented need to support low-wealth neighborhoods, small businesses, and vulnerable individuals across the country. Here are the top themes from all three field calls: Read More.
Foundation for Financial Planning accelerated its launched of a virtual volunteer platform in response to COVID-19
In response to the current coronavirus crisis, the Foundation for Financial Planning (FFP) has accelerated the launch of CFP® Volunteer Match. This is an online platform to facilitate the connection between financial planners and nonprofits that provide in-kind services for financially vulnerable individuals and families.
On CFP® Volunteer Match, nonprofits can post volunteer opportunities for Certified Financial Planner® professionals to virtually engage via one-on-one sessions; or through interactive, small group sessions with people in need. CFP® volunteers are experts in their field and can help with budgeting and saving; managing debt and credit; navigating government benefits; and much more. You can sign-up here and post any virtual opportunities for CFPs to serve your constituents. FFP is also offering a demo of CFP® Volunteer Match on Wednesday, April 1st at 2pm ET. Click here to register.
Building High-Impact Nonprofits of Color: Financial Empowerment Cohort Gathered in D.C. For Final Convening
Members of Prosperity Now’s Building High Impact Nonprofits of Color Financial Empowerment Cohort (FEC) gathered in Washington D.C. in early March to share results of the project. The Cohort was comprised of five organizations of color from the Building High Impact Nonprofits of Color (BHINC) project, sponsored by JP Morgan Chase. The FEC project paired these leaders with Prosperity Now technical assistance providers to innovate financial empowerment services, and to equip them as they lead the way in community-wide conversations on racial wealth inequities. Organizations participating in the FEC were:
- Bon Secours Community Works (Baltimore, MD)
- Hispanic Unity (Miami, FL)
- Louisiana Fair Housing Action Center (New Orleans, LA)
- North Lawndale Employment Network (Chicago, IL)
- Sant La Haitian Neighborhood Center (Miami, FL)
Bank On Connects Atlanta’s Residents to Safe Banking Options
Atlanta Mayor Keisha Lance Bottoms announced the launch of Bank On Atlanta in February 2020. Supporting the program are the Cities for Financial Empowerment Fund, local banks and credit unions, local government agencies, and community-based organizations that make up the coalition and working groups. The program is a great example of how cross-sector collaboration can work. Leading the program is Venus R. Lockett, founder and CEO of Urban Asset Builders. Venus is housed in the Mayor’s Office of Innovation and Performance as a Bank On Fellow, and is the Program Manager for the Atlanta program. Prosperity Now spoke with Venus to learn more about this work. Read more.
If you have suggestions for future Spotlights, reach out to us at [email protected].
Resources from Across the Community
Comcast Announces Comprehensive COVID-19 Response to Help Keep Americans Connected to the Internet | Comcast
Comcast announced a number of measures to ensure Americans remain virtually connected, including 60 days of free internet for low income families.
Building Financial Security in the Face of Crisis | Prosperity Now
This blog explores some ideas to begin building out the social and economic infrastructure that can help us get through this health crisis and prepare for the future.
How to Use Your Tax Refund to Build Your Emergency Funds | Consumer Financial Protection Bureau
This guide shares ways consumers can file their taxes and how refunds can be used to start or contribute to an emergency fund.
Strong Foundations: Financial Security Starts with Affordable Housing | The Aspen Institute
This primer provides an overview of the research on housing affordability, the economic and political drivers, and the impacts it has on low-income families.
Exploring the Experiences of Leaders of Color and Philanthropy | Prosperity Now
This report describes common challenges facing leaders of color and shares how organizations promoting racial wealth equity can be supported.
From Surviving to Thriving: Ensuring the Golden Years Remain Golden for Older Women | Asset Funders Network
This brief examines the drivers of financial instability for older women and provides strategies to address this gap.
What We Talk About Among Our Peers | Prosperity Now
This report shares what it takes to establish an environment where nonprofit leaders of color can prosper, build capacity and exchange ideas to help overcome common challenges.
Don’t Fixate on the Racial Wealth Gap: Focus on Undoing Its Root Causes | Roosevelt Institute
In this paper, Anne Price explains how focusing on the root cause of racial wealth inequality, instead of the gap, can create more sustainable economic and political changes that address inequities.
Mortgage Reserve Accounts: A Mortgage-Match Savings Initiative Reducing Default for Low-Income Homeowners | Prosperity Now
This report shares the process and lessons learned from a 2-year pilot program to incentivize low-income homeowners to save for emergencies by providing matched savings.
Opportunities and Events
Opportunities
Foundation for Financial Planning is looking to provide grants to strong programs that engage Certified Financial Planners as volunteer financial coaches. Learn more and apply by April 30th here.
Jobs
Asset Building and Financial Education Program Manager | Women’s Opportunities Resource Center | Philadelphia, PA
Development/Executive Assistant to the President | Women’s Opportunities Resource Center | Philadelphia, PA
Economic Development Coordinator | Lutheran Services in Iowa | Des Moines, IA
Events
Webinar: Towards Healthy Equity: Measuring Health Outcomes in Community Based Programs | Asset Funders Network | April 1, 2020
Credit as an Asset: Spring 2020 Virtual Course | Credit Builders Alliance | April 1 – May 6 2020
Financial Education Summit | CASH Campaign of Maryland | Baltimore, MD | April 30, 2020
Strengthening Communities: Housing Affordability and Access | NeighborWorks | Los Angeles, CA | May 20, 2020
Webinar: Community Leadership: Moving from Grassroots to Scalable Community Change | Center for Community Practice | May 28, 2020
Policy Updates
Property Tax Relief
On March 2, 2020, Michigan Governor Gretchen Whitmer visited Prosperity Now Community Champion Wayne Metropolitan Community Action Agency (Wayne Metro) to sign into law H.B. 5124, which permits counties to dramatically reduce property tax debts for low-income homeowners, and help families avoid foreclosure. This new program, known as Pay As You Stay (PAYS), will allow homeowners facing the threat of a property tax foreclosure to keep their homes and reduce their debts to manageable levels that can be paid off interest free over three years. Read more.
Children’s Savings Account
U.S. Senator, Bob Casey (D-PA), announced his Five Freedoms for America’s Children initiative. This bill would expand the Child Tax Credit and allow parents to claim their credit on a monthly basis as a way to prepare for emergencies.
Community Reinvestment Act
Earlier this year, the Office of The Controller of Currency (OCC) published a Proposed Rule that would significantly weaken the Community Reinvestment Act (CRA). If passed, this rule would make it harder for underserved communities to access safe and affordable financial products and services. Prosperity Now has drafted a comment letter strongly opposing these proposed changes, and is looking for as many organizations as possible to express their support by signing on. Please review the letter and add your organization here before April 8 at 5 pm ET.
American Opportunity Accounts Act (Baby Bonds)
We are excited to release our new report "A Birthright to Capital: Equitably Designing Baby Bonds to Promote Economic and Racial Justice," along with The Kirwan Institute for the Study of Race and Ethnicity, that builds on Professor Darrick Hamilton's Baby Bonds idea. Baby Bonds, also known as the American Opportunity Accounts Act, would provide every child each year with a seed deposit of $1,000. Read more.
Volunteer Income Tax Assistance
Prosperity Now and United Way Worldwide have partnered to request $30 million in funding for the Volunteer Income Tax Assistance (VITA) program in fiscal year 2021. Read our comment letter to Congress and add your organization to support this effort.
