Financial Security Network October Newsletter
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Spotlight
Catalyst to Community Collaboration and Change in Miami-Dade County
Reimagining economic justice for all does not start within our organization’s offices, buildings and video conferences. This conversation is shaped as we work to meet the needs of community members across the country. At the center of initiatives to create equitable access, investments and wealth-building opportunities for communities of color, are organizations like Catalyst Miami [[link removed]]. Catalyst Miami is a non-profit organization in the heart of Miami-Dade County that is committed to creating impact from within through people-led strategies. To learn more about this organization’s work, we interviewed Zelalem Adefris, the Deputy CEO of Catalyst Miami.
Read More [[link removed]] From the Field
Racial Wealth Equity Database | Black Wealth Data Center [[link removed]]
The Black Wealth Data Center, a program funded by Bloomberg Philanthropies’ Greenwood Initiative and incubated and hosted by Prosperity Now, launched last month and includes the Racial Wealth Equity Database. The Center is a comprehensive repository for Black wealth data and the Database aims to empower decision-makers with reliable data and raise the national standard for data collection and accessibility.
Capital for Communities Scorecard | Urban Institute [[link removed]]
The Capital for Communities Scorecard developed by the Urban Institute assesses the potential social, economic and environmental impacts of a proposed real estate development or operating business investment. The tool’s results can support projects that strengthen communities, benefit residents, and redress racial and geographic inequities in access to opportunity
Rent Reporting Center | Credit Builders Alliance [[link removed]]
Credit Builders Alliance (CBA) released a new animated video [[link removed]] that helps renters understand rent reporting. The five-minute video, offered in English and with Spanish subtitles, provides information on what rent reporting is, why it matters, how it works, and its impact on credit scores. It also emphasizes who is a good fit for this credit building strategy -- a key ingredient to successful rent reporting participation. Interested renters are encouraged to visit CBA's Rent Reporting Center [[link removed]] for additional information on getting started with rent reporting.
Upcoming Events & Opportunities
Grant Opportunity for Lenders
The CBA Fund [[link removed]], Credit Builders Alliance's (CBA) Community Development Financial Institution (CDFI) Intermediary, recently announced a new funding opportunity for nonprofit lenders. CBA Fund will provide up to $100,000 in loan capital and $6,000 in grant funding to selected applicants. Find out more about the opportunity and how to apply here [[link removed]]. Applications are due by November 4th.
Webinar: The Impact of COVID-19 on Financial Capability and Asset Building Services: Exploring Equity, Accessibility, and the Future of Service Delivery [[link removed]] | Asset Funders Network | October 25, 2022
Webinar: Access to Credit & Financial Services for BIPOC, Low-Income, and Immigrant Communities in Maryland and the District of Columbia [[link removed]] | FDIC, Office of the Comptroller of the Currency, Federal Reserve Bank of Richmond | October 26, 2022
Webinar Series: Building Up Black-Led CDFIs: A Roundtable Discussion on Community-Led Banking [[link removed]] | Prosperity Now | November 3-9, 2022
Community Collaboration for Economic Inclusion | November 3 Rallying Your Community: Shaping Policy through Advocacy | November 7Investing in Change: Growing High-Impact CDFIs of Color | November 9
Webinar: A Call to Action: Economic Opportunity Narrative Change Coalition Launch [[link removed]] | Prosperity Now and Camber Collective | November 8, 2022
Webinar: On the Road to Racial and Economic Justice: Essential Questions for Addressing Racial Bias in Asset Building Philanthropy [[link removed]] | Asset Funders Network | November 8, 2022
Webinar: New Developments in Bank Access [[link removed]] | Credit Builders Alliance | November 17, 2022
In the News
Black families are falling further behind on home ownership | Analysis [[link removed]] | Pennsylvania Capital-Star
Some cities and states are trying to boost Black homeownership, which dropped to a 60-year low even before the economic turmoil wrought by the COVID-19 pandemic. Black homeownership fell in 2019 to 40.6 percent, down from the 2004 peak of 49.7 percent. The rate has rebounded somewhat since then, but advocates remain dismayed at how, decades after the 1968 Fair Housing Act, Black families still struggle to become homeowners at the same rate as white peers.
Using Rental Payment History in Mortgage Underwriting Is a Promising Strategy to Close the Black-White Homeownership Gap [[link removed]] | Global Newswire
The technologies and developments required to make this a reality, however, are just beginning to emerge. A comprehensive new report from the Racial Equity Accelerator for Homeownership [[link removed]]—a collaboration of the Federal Home Loan Bank of San Francisco (FHL Bank San Francisco) and the Urban Institute—examines the current mortgage lending landscape and analyzes how Black households could benefit from the adoption of alternative data, specifically rental payment history, without increasing the amount of risk lenders take on.
Racial Wealth Gaps Will Not Go Away on Their Own [[link removed]] | Newsweek
Young Invincibles just released a new report called the Financial Health of Young America [[link removed]] that finds that racial wealth gaps are not getting better for young people. In many cases, they are getting worse. This is supported by a 2021 report from the Federal Reserve showing [[link removed]] the wealth gap between white families and Black and Hispanic or Latino households growing over the past few decades.
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