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Journal Article
Three Delaware Agencies Craft Program That Combines Housing Subsidies and Supportive Services
In 2010, the Delaware State Housing Authority (DSHA) partnered with two of its sister state agencies to create an innovative new program designed to meet the needs of some of Delaware?s most vulnerable citizens. The State Rental Assistance Program (SRAP) couples tenant-based housing subsidies provided by DSHA with supportive services provided by the Department of Health and Social Services (DHSS) and the Department of Services for Children, Youth, and Their Families (DSCYF).
Journal Article
Apprenticeships and Their Potential in the U.S.
Government, foundation, and workforce leaders are displaying keen interest in apprenticeships as a way to give job seekers skills, credentials, and access to careers. This increased interest is also part of the greater attention to workforce development strategies that engage employers. Apprenticeships have a long history with roots in ancient times. The Code of Hammurabi of Babylon, which dates back to the 18th century bce, required artisans to teach their crafts to the next generation. By the 13th century, a type of apprenticeship emerged in Western Europe in the form of craft guilds.1 In ...
Journal Article
Confronting Challenges, Exploring Solutions
In order to strengthen our economy in ways that enable greater economic mobility and prosperity, we must invest in opportunity. By investing in opportunity, we have the ability to empower people to build wealth and create value, to foster revitalization and promote resiliency in places that have experienced disinvestment, to invigorate civic engagement, and to mitigate the risks that poverty presents to our economic system. We are excited to explore ways to invest in opportunity both in this publication and throughout the 2018 Reinventing Our Communities conference
Journal Article
Using Tax-Time Savings Programs to Build Assets
The recent financial crisis and subsequent recession had a debilitating effect on the wealth of many American families. In a report produced by the Federal Reserve Bank of St. Louis, it was estimated that household wealth declined 26 percent from its peak in 2007 to the trough in 2009. Not surprisingly, low- and moderate-income (LMI) families, who were already struggling financially prior to the crisis, were among the hardest hit. In 2008, nearly 30 percent of low-income families had zero or negative net worth.
Journal Article
Investing to Create Good Jobs
A growing number of foundation, nonprofit, and for-profit investors are making investments for measurable social and environmental impact as well as financial return. The ?impact investing? field includes a few investors that are investing in businesses specifically to create jobs for unemployed and underemployed residents. These investors also provide ongoing assistance to owners of the businesses to create ?good quality jobs,? which generally provide income above the minimum wage, health benefits, and training and opportunities for workers to move into positions with higher wages. Three ...
Journal Article
Mapping Our Community: Philanthropic Grant Funding for Community and Economic Development in the Third District
Along with public sources of funding, philanthropic capital can be a critical source of support for the community and economic development (CED) work of nonprofit organizations. Research by the Federal Reserve Banks of Philadelphia and Atlanta examined CED grants disbursed to recipients in U.S. metro areas between 2008 and 2013, and identified characteristics that help to explain the ability of certain metro areas to attract more philanthropic funding than others. The authors examined grants for more traditional CED projects (e.g., housing rehabilitation, urban development, financial ...
Journal Article
Student Loans: A Primer
On average, higher education is a great investment: The average person with a four-year degree earns substantially more than the average high school graduate, and the cost of that degree is well below the financial benefits that are derived. However, borrowing to pay for education has risen dramatically in recent years, with outstanding student debt recently passing $1 trillion, which is almost four times the debt incurred in 2004. Today, an increasingly large number of borrowers are unable to make their student loan payments,4 which raises concerns about what this means for individuals and ...
Journal Article
Spotlight on Research: The Influence of Financial Literacy on High-Cost Borrowing
Two topics have gained widespread attention in recent years. One is the rapid growth of high-cost borrowing offered by the alternative financial services (AFS) industry, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own stores. The other topic is the efficacy of financial literacy on improving the overall financial well-being of individuals. A study by Annamaria Lusardi and Carlo de Bassa Scheresberg explores the characteristics of those who use high-cost borrowing and the influence of financial literacy on their borrowing behavior.1 The following ...
Journal Article
The Housing Market and Its Influences
The housing market influences our economic and social well-being. It serves as a prime mover of overall economic activity, the foundation for wealth creation, and the basis for the landscape of our neighborhoods as well as the dynamic relationship between cities (particularly older ones) and suburbs. The recent downturn in the housing market generated changes in its aforementioned influences. It also fostered changes in the regulatory environment in the mortgage market. These topics were discussed at the 2014 Reinventing Older Communities conference.
Journal Article
Breakthroughs in CDFI Capital Access
For a long time, community development financial institutions (CDFIs) have wanted to raise larger amounts of capital in order to make more loans and have greater social impact. A significant step in that quest was two California CDFIs being issued Standard and Poor?s (S&P) ratings in April 2015. Two other important moves to raise capital are seven CDFI intermediaries raising $525 million through the CDFI Fund?s CDFI Bond Guarantee Program (BGP) and 35 nondepository CDFIs becoming members of the Federal Home Loan Bank (FHLB) system. This article explores each of these developments.