NEW ECONOMICS FOR WOMEN Community Economic Development Organization by wyf14327

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									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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