ASSET BUILDING AND FINANCIAL SERVICE ADVOCACY FOR IMMIGRANT COMMUNITIES

 

CFED 2008 Assets Learning Conference, Washington DC

September 12, 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

Our History

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

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.

…in pictures

…in pictures

…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

About half (50 percent) of Mexican immigrants do not have a savings or checking account – same is true for half of all Latino adults in the Mission

22 percent of Latinos don’t have a credit history – same is true for 44 percent of all households in the Mission

In the Mission, the number (22) of pawnshops, check-cashers and payday lenders is almost twice the number (12) of banks

Create 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

Create culturally-relevant financial products

Cestas Populares Built on immigrant tradition of lending circles, Cestas Populares

will help participants create and build mainstream credit ‘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

Provide wrap-around financial education services and information to help cesta members transition to the financial mainstream

Create 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 that bridge the path into the financial mainstream

MAF’s culturally-relevant products are viable alternatives to predatory lenders

José Quiñonez, Executive Directorjose@missionassetfund.org

Mission Asset Fund

1500 South Van Ness Ave #200

San Francisco, CA 94110

www.missionassetfund.org

www.fondopopular.org