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From the President & CEO

Dear friends,

What a month it has been. Together, we experienced a presidential election unlike any other we’ve seen, all while COVID-19 continues to surge across the country. As we begin to close out 2020, I look back on this year with somber reflection, as well as a fierce resolve and optimism for the future.

In the waning weeks of the year, Prosperity Now will continue work on implementing our new strategic framework focused on bold large-scale solutions to the root causes of racial economic inequalities. I am excited to continue developing our organizational focal points and begin 2021 with our sights set on transformational change. I look forward to sharing more about our new direction and focus areas with you in upcoming newsletters.

In the spirit of the upcoming Thanksgiving holiday, I want to extend my heartfelt gratitude to this network and our entire field. Our work is more important than ever, and I hope you can use the holiday to fill your cup, refresh, and ready yourselves for the work ahead.

In solidarity,

Gary Cunningham

President & CEO, Prosperity Now

The Economic Disparity Within the Asian American Pacific Islander Community that Data Doesn't Show

By most measures of economic success—whether it be income, education, wealth or employment—Asian Americans are doing well in the United States.

But while these markers are noteworthy, the way they are collected and presented all too often masks the disparate financial situations of the dozens of ethnic subgroups categorized as “Asian American.” As a result, the belief that this group is largely prosperous ends up harming underserved Asian American and Pacific Islanders (AAPI), causing the needs of many within the AAPI community to be ignored.

With this context in mind, we recently partnered with the  National Coalition for Asian Pacific Americans Community Development [[link removed]] to publish  a new brief [[link removed]] that explores some of the misconceptions that feed into broadly held beliefs that all members of the AAPI community are part of one large, homogenous and successful group.  Learn more  [[link removed]]

Stemming Evictions and Creating Future Housing Stability

For millions of renters, the economic effects of the pandemic are fundamentally threatening the one asset that makes it possible to lead a safe and stable life: their homes. Unfortunately, as critical as federal supports have been in supporting vulnerable renters during this time, some of those supports—like an extra $600 in weekly unemployment insurance payments—have already expired or are limited in their reach.

Ultimately, with the U.S. potentially on the verge of an immense eviction and homelessness crisis, it is imperative that policymakers act now. Our newest brief,  Stemming Evictions and Creating Future Housing Stability [[link removed]], provides a look at a series of policies that can support the economic well-being of vulnerable renters now and over the long-term.

State Voters Advance Inclusive Policies on Ballots

While the nation’s attention was largely focused on the presidential race, Prosperity Now’s Policy Team was also keeping close watch on state ballot initiatives. We’re happy to report some positive developments, particularly with several states approving measures that give them a head start on enacting our slate of  state-level policy priorities for 2021 [[link removed]].

In Florida, voters approved a  minimum wage [[link removed]] increase to $15 per hour, nearly doubling the current wage ($8.56).

On the tax front, Arizona voters approved a tax increase on high-income earners (greater than $250,000) to fund teacher salaries and education programs, setting a bold example for other states and the federal government as they work to  create fairer tax codes [[link removed]] amid tighter budget constraints.

Nebraska voters took a major step forward to protect consumers by voting to  cap interest rates on payday loans [[link removed]] at 36%.

Though it’s too early to tell what these wins might mean for state-level policy trends broadly, these choices by the voting public certainly give us reason to be cautiously optimistic as we gear up for the next legislative sessions just around the corner.

COVID-19 Response: Sant La Haitian Neighborhood Center Serves the Needs of the Haitian Community in South Florida

Sant La Haitian Neighborhood Center [[link removed]] has been a pillar in the Haitian community in South Florida for 20 years, providing services ranging from expanding financial capability to increasing educational attainment. When COVID-19 quickly spread in March 2020, Sant La was an anchor connecting the Haitian and Haitian-American community with the most essential resources during a time of uncertainty. Prosperity Now spoke with Director of Financial and Literacy Services Alphonse Piard to learn more about how they addressed the spiraling needs.  Read more [[link removed]]

The Tools VITA Leaders Need to Jump those Community Tax Prep Hurdles

One year ago, Prosperity Now launched the inaugural VITA Leadership Institute (VLI). With the generous support of the Wells Fargo Foundation, the  VLI worked with 10 VITA programs and coalitions [[link removed]] to cover pressing topics and create new tools and resources to help VITA coalitions overcome common challenges. We hosted six peer calls with our VLI cohort that dove into basic components of a VITA program lifecycle and provided individualized technical assistance to address their specific programmatic and community needs.  Now, we are happy to share  our lessons learned from VLI [[link removed]]. Read more [[link removed]].

Resources from Across the Community

Weathering the Storm: Analysis of Financial Behaviors and Well-Being at Tax Time [[link removed]] | Prosperity Now

This report highlights results of a study on financial well-being of VITA taxpayers at tax time and how households try to make ends meet each year.

From Inclusion to Equity: Making Fintech Work for Low-Income Consumers [[link removed]] | Change Machine

This report describes the barriers low-income consumers face accessing fintech products and provides recommendations to address those barriers.

Including People with Disabilities in Financial Empowerment Services [[link removed]] | National Disability Institute

This brief shares how community-based organizations provide financial empowerment services to meet the needs of people with disabilities.

Capital. What Women Really Want: Building Arkansas Women’s Wealth Through Business Ownership [[link removed]] | Asset Funders Network

This report highlights the barriers women entrepreneurs face accessing capital in Arkansas and how funders and financial institutions can address these barriers.

Analyzing the Landscape of Saving Solutions for Low-Income Americans Part 6: Partnerships to Deliver Savings Solutions  [[link removed]]| Prosperity Now

Part 6 of this savings series describes the conditions that make for a successful partnership between savings product developers and service delivery partners.

EMERGE Insights [[link removed]] | Financial Health Network

Watch free recordings from EMERGE, Financial Health Network’s two-day conference, where nonprofit practitioners and financial institutions shared financial well-being data and insights.

LyftUp Access Alliance [[link removed]] | Lyft

Prosperity Now is proud to support the new LyftUp Access Alliance initiative to eliminate transportation as a barrier to upward mobility. LyftUp Community Grants [[link removed]] are available for local organizations directly supporting communities of color as part of Lyft’s commitment to help empower under-resourced Black communities.

Mark Your Calendars

Taking Stock and Looking Ahead: The Impact of COVID-19 on Communities of Color, the Fiscal Policy Response, and What Can be Done to Foster a More Inclusive Economy [[link removed]] | Asset Building Policy Network | November 24, 2020

FPP 2020 Northeast Florida Regional Roundtable: Community Conversations, Highlighting Financial Navigation Initiative [[link removed]] | Florida Prosperity Partnership | December 1, 2020

Save the Date: Prosperity Indiana 2021 Summit [[link removed]] |January 13-14, 2021

Prosperity Now in the Media

NPR: “How a Minneapolis clinic is narrowing racial gaps in health,” Yuki Noguchi [[link removed]]

The Morning Call: “Allentown partnership offers low-income residents access to banking and path to financial stability,” Peter Hall [[link removed]]

Christian Science Monitor: “Corporations pledge to fight racial inequality. Will it work?” Laurent Belsie [[link removed]]

Gotham Gazette: “Forum offers ideas from other cities for rebuilding New York,” Anna Conkling [[link removed]]

In Case You Missed It

Prosperity Now's Top Policy Priorities for 2021 (It's FINALLY Here!), [[link removed]] Myrto Karaflos

What We’ve Learned About Savings During COVID-19 [[link removed]], Santiago Sueiro

Savings Policies for the Win in 2021, [[link removed]] Joanna Ain

Inequality and Diversity, Not Universal Success, Marks the Economic Reality of the Asian American Community, [[link removed]] Emanuel Nieves

1200 G Street NW, Suite 400, Washington, DC xxxxxx

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