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Mission Asset Fund: A comprehensive approach to asset building in an immigrant community
NALCAB National Conference, San Francisco, CaliforniaSeptember 4, 2008
About MAF
The Mission Asset Fund is the first neighborhood-based, community-led, asset-building organization in the country
Our mission is to expand access to financial services, savings and investment opportunities for residents of the Mission District to build a more secure economic future for themselves, their families and their community
The Mission District
The Mission is a vibrant working-class community with a long history as a gateway for new immigrants; rich in social networks, active civic engagement, and strong nonprofit leadership.
The 1.5 square mile neighborhood is densely populated with over 60,000 residents, including 50 percent Latino and 11 percent Asian/Pacific Islander households.
Nearly one-half of Mission residents are Spanish speakers and more than one-in-three speak only Spanish.
Forty-five percent of Mission residents are foreign-born.
Forging a Community Partnership
Levi Strauss & Co. sold their factory on Valencia St.
$1 million commitment to Levi Strauss Foundation for Mission community development project
MAF committee formed – community leaders and LSF senior staff
Committee held community forums to explore how funds could be used to support residents
Community Engagement
MAF Framework
Economic Security
Access to Financial Services
SavingsOpportunities
Investment Opportunities
Continuum of Asset-Building Opportunities
Residents
Asset Preservation
Key Strategies Mission District
CommunityMAF Board
Mission Asset Fund
ConvenerMAF will convene diverse groups of Mission stakeholders in an ongoing dialogue about asset-building gaps and opportunities
ConnectorMAF will connect residents to existing and emerging asset-building opportunities and knowledge
CatalystMAF will catalyze new and innovative asset-building products, services, programs, policies and resources to expand asset-building opportunities.
• Community Engagement
• Mission Asset Alliance
• Financial Coaching
• Promotoras
• IDAs • Community Investment• Technical Assistance• Policy Analysis
Resource Partnerships
BanksBank of the West
Citibank
United Commercial Bank
Washington Mutual
Public SectorMayor
County Supervisors
City Treasurer
Mayor’s Office of Community Development
Foundations/OtherF.B. Heron Foundation
Friedman Family Fdn.
Gerbode Foundation
Haas Jr. Fund
Haas Sr. Fund
Levi Strauss Foundation
San Francisco Foundation
United Way of the Bay Area
CommunityResidents
Business Owners
Nonprofits
Mission Asset Alliance
Mission Asset Fund Governance
Cross-Organizational Collaboration Community Control & Accountability
Elected by Members
Majority Residents
Appointed Experts
July 2007 September 2009
Establish and grow MAF membership
…in video
Why don’t we “own” our community?
Nationally, for every $1 dollar in assets held by a white household, a Latino household only has 13.2 cents
45 percent of all Latinos are under-banked, meaning they do not have a savings or checking account – same is true for half of all Latino adults in the Mission
22 percent of all Latinos don’t have a credit history – same is true for 44 percent of all households in the Mission
The number of pawnshops, check-cashers and payday lenders (22) is almost twice the number of bank branches (12) in the neighborhood
Asset-building programs that fit the realities of Mission residents
Matched Savings Accounts (IDAs) Accessible to individuals in low-income households earning up to
80% of AMI
$1:$2 match towards the following goals: Homeownership Small business Education/training
$1:$1 match to help remove barriers to asset-building, particularly towards the following goals:
Citizenship fees Penalties associated with adjusting immigration status Retirement savings
Creating culturally-relevant financial products
Cestas Populares ‘Cestas’ or ‘Tandas’ traditionally function as rotating, interest free,
credit associations; they are voluntarily formed by a group of participants who agree to make regular contributions to a fund, which is distributed in whole or in part to each contributor in rotation
Cestas Populares will recognize this informal financial activity and report it to credit agencies to help participants create and build mainstream credit scores
Provide wrap-around financial education services and information to help cesta members transition to the financial mainstream
Creating culturally-relevant financial services
Financial Coaching Help clients understand and access financial products and
services; and to develop long-term financial plans
Promotoras Train and support peer organizers to connect residents to asset-
building opportunities
Cooperativas Provide technical assistance, education and support to worker-
owned business and housing co-ops
Take Away Messages
Asset-building programs and policies work for Latino, immigrant communities
MAF is creating culturally-relevant financial products to help bridge the path into the financial mainstream
MAF’s culturally-relevant products are viable alternatives to predatory lenders
José Quiñonez, Executive Director Merle Lawrence, Senior ManagerMission Asset Fund Worldwide Community & Corporate Citizenship Dept.1500 South Van Ness Ave #200 Levi Strauss & Co./Levi Strauss FoundationSan Francisco, CA 94110 1155 Battery Street LS/5www.missionassetfund.org San Francisco, CA 94111www.fondopopular.org www.levistrauss.com
Contact Information
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