NEW ECONOMICS FOR WOMEN Community Economic Development Organization MISSION: We enhance the quality of all of our lives by leading poor, single parents and low income families to permanent personal & economic success Guiding Initiatives: Build quality housing designed by single parents Help single parents develop strategies and resources for success – building assets Help communities transform by developing strategies and resources to eliminate poverty NEW ECONOMICS FOR WOMEN 2005 Asset Building Results Homeownership 83 clients purchased homes-38 community clients through Financial Literacy programs and 44 residents Of the 38 community clients, subsidy assistance was valued at $523,757 and first and second mortgages valued at $11.6 million Individual Development Accountants (IDA’s) 2 separate IDA programs assisted 83 participants with a total savings of $72,738 for the year (1 to 3 match and 1 to 2 match) Smart Consumer 26 Workshops offered in Spanish and English on Pay Yourself & Budgeting, Credit, Credit Cards and Loans, Bank On It, Check It Out 118 residents graduated creating a monthly budget with savings NEW ECONOMICS FOR WOMEN NEW Definitions: Minimum wages= crisis and homelessness Sustainable wages = stability- meet your current family expenses Thriving wages=opportunities for wealth creation leading to freedom of choice – homeownership, savings for retirement, business ownership NEW ECONOMICS FOR WOMEN How to get to the next level from Minimum wage to sustainable Wage: Affordable rent (30-60% of income) Subsidized child care, afterschool programs Extensive case management focusing on economic outcomes not just crisis counseling (financial literacy, access to affordable health care (healthy families) Long term transition career path for higher wage job (goal $20-$30 hr.) NEW ECONOMICS FOR WOMEN How do you get from a Sustainable Wage: $ 40,000 – $60,000 to a Thriving Wage: $ 75,000+: Rent subsidy still provided Child care subsidy - smaller to zero Case Management focused on Asset building opportunities- e.g. link homeownership purchase with 1st time homebuyer subsidy program and IDA savings program * Need $125,000 income to purchase a median priced home of $500k without subsidy access to capital for starting a business Establish a retirement savings program, creating a college fund for children Linking career path is linked to good health benefits NEW ECONOMICS FOR WOMEN TWO EXAMPLES: 1. Sustaining: Two parent family with 2 children – Moved in 2005 with income of $24,918 and current income is $35,420 – Completed Smart Consumer Education and created monthly budget and savings program 2. Thriving: Welfare Mother with 4 children – Moved in 2001 with $17,232 income and moved out 2005 with $80,000 income $1,436/mo to $6,600/mo – Rent at NEW ‘s housing development - $ – Obtained Bus Driver training and license – Completed Smart Consumer Education, Homeownership Workshop, and participated in IDA Savings Program – Purchased a home within four years. Received 1st time homeownership subsidy program NEW ECONOMICS FOR WOMEN What does it take for a low-income families with two children to move to a Middle Class Income ? Key Solutions: 1. Must have Career Path leading to a triple increase, especially for working poor families with children 2. Affordable Housing- increase public/private partnerships to develop affordable housing stock for middle class families leading to homeownership 3. Affordable and Quality Child Care – extend eligibility limits to higher income families 4. Safety Net of support is vital for sustainability/thriving (financial literacy, access to wealth creation opportunities, affordable health care NEW ECONOMICS FOR WOMEN PROPERTY PROFILE TIERRA DEL SOL COMMUNITY Background: Tierra del Sol establishes the first development in the San Fernando Valley for New TIERRA DEL SOL COMMUNITY A THRIVING COMMUNITY MODEL • 119, 1 to 5 bedroom units for families earning 30 to 60 percent of the area median income with rents ranging from $350 to $1,100 a month •Consists of four distinct, yet connected, 3-story structures above subterranean parking and several landscaped courtyards with 40,865 square feet of open space • Supportive services and includes an on-site Family Service Center and accommodates an array of resident services: case management, financial literacy, educational and employment enhancement, after school activities for children and youth, evening programs for adult learning, and parenting courses • Each resident is required to attend Smart Consumer classes within the first three months of moving in. NEW Academy .Canoga Park NEW elementary charter school by provides 24 new classrooms for K-5 grades and is comprised of 44,000 square feet of open space, a gymnasium, library, lunch shelter, kitchen, and underground parking. COMMUNITY SERVICE CENTER NEW’s forthcoming development will be a two-story 15,000 square foot Community Center building with underground parking located on the northeast corner of the site on approximately 1 acre. The Center will provide a number of educational, civic, and cultural activities to the immediate community. It will house a number of service providers and serve as a cultural hub and source of economic prosperity for the community.
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