Money savvy youth: evaluating the effectiveness of financial education for fourth and fifth graders
While there are studies on the impact of financial education on teens, there is a lack of research on programs targeted at elementary school-aged youth. To address this gap, we evaluated the effectiveness of Money Savvy Youth (MSY), a financial education program for fourth and fifth graders, developed by the East Bay Asian Local Development Corporation. MSY training was delivered in the classroom once a week over the course of five weeks during the 2011-2012 school year, and targeted a diverse and primarily low-income student population attending public schools in the Oakland Unified School ...
Urban sustainability and community development: Creating healthy sustainable urban communities
Increased urbanization has also led to many challenges for urban residents. In the United States, land use and zoning, transportation and infrastructure, lack of affordable housing, and disinvestment have severely affected the quality of life of poor urban populations. Despite these challenges, opportunities do exist to make economically disadvantaged urban communities more sustainable, livable, and healthy. This working paper discusses the challenges facing urban communities and then considers the opportunities that exist to develop sustainable urban communities given our current economic ...
The subprime crisis in suburbia: exploring the links between foreclosures and suburban poverty
In this brief, we provide an overview of patterns of subprime lending, as well as trends in foreclosures and REOs, in suburban communities compared to inner-cities. We also explore the relationship between foreclosures in suburban areas and the increased suburbanization of poverty. We find that the vast majority of foreclosures ?nearly three out of four (73.1 percent)?have been in suburban areas, and that suburban neighborhoods with higher rates of poverty are more likely to experience higher foreclosure rates. This is of concern because the mechanisms for addressing the challenges associated ...
Who receives a mortgage modification? Race and income differentials in loan workouts
Loan modifications offer one strategy to prevent mortgage foreclosures by lowering interest rates, extending loan terms and/or reducing principal balance owed. Yet we know very little about who receives loan modifications and/or the terms of the modification. This paper uses data from a sample of subprime loans made in 2005 to examine the incidence of loan modifications among borrowers in California, Oregon and Washington. The results suggest although loan modifications remain a rarely used option among the servicers in these data, there is no evidence that minority borrowers are less likely ...
Understanding the crowd, following the community: the need for better data in community development crowdfunding
In the past half-decade crowdfunding has emerged as a popular way to raise money online for a wide range of projects. As the reach of crowdfunding has expanded, the field of community development has the potential to benefit from the practice, both as a straight fundraising mechanism and as a way to give greater voice to community members. This paper makes the case that in order for community development crowdfunding to reach its potential scale, and to involve the full range of potential stakeholders, better standards of data reporting and collection need to be established. The authors ...
The Community Reinvestment Act and small business lending in low- and moderate-income neighborhoods during the financial crisis
Over the last three years, the financial crisis and ensuing recession have led to tectonic shifts in the availability of credit, especially for small businesses. Data show that the number of loans to small businesses has dropped from 5.2 million loans in 2007 to 1.6 million in 2009. This trend is of significant concern to policy-makers, particularly given the important role that small businesses play in the US economy. Making credit accessible to small businesses, therefore, is seen as a critical component of economic recovery. Despite this policy focus, however, few studies have documented ...
Boosting the power of youth paychecks: integrating financial capability into youth employment programs
This paper summarizes the results of the first-ever quasi-experimental design study of a youth financial capability initiative seamlessly integrated into a youth workforce development program. MyPath Savings supports low-income working youth to bank, save, and build their financial confidence through a comprehensive model that includes financial education, goal-setting, and non-custodial accounts. MyPath provided technical assistance and training to prepare nonprofits to implement MyPath Savings, as well as to the financial institution partner, Self-Help Federal Credit Union, to ensure the ...
Paying for school: an overview of charter school finance
This paper examines the current state of the market for charter school finance and will focus specifically on programs and financing structures for school facilities.
The untold costs of subprime lending: examining the links among higher-priced lending, foreclosures and race in California
This paper explores the relationship between race, subprime lending, and foreclosure in California in an effort to understand what happened during the subprime lending boom. The paper finds that communities of color have been disproportionately affected by the foreclosure crisis, and that these disparities stem from a series of complicated and interrelated factors, including borrower credit profiles, the ?boom and bust? housing market, and rising unemployment. However, the paper also shows that Blacks and Hispanics in California had access to very different mortgage markets, and that mortgage ...