From the President and CEO

Dear Friends, 

Happy new year! I hope you are all staying safe and well.  

This year started off in a way that surprised and saddened me. As we all know, the Capitol came under siege on January 6 by a mob of insurrectionists bent on overturning our election. It was a dark day for our democracy. I also acknowledge the stark contrast in how the extremists at the Capitol were treated on January 6, and how peaceful demonstrators were treated this summer in the wake of George Floyd’s murder. For many reasons, this is a painful and shameful time in our country.

As we consider the heinous events at the Capitol and the myriad implications of those events, we also need to consider what needs to happen to effectively address racial economic injustice in America. It is clear that we need new and innovative approaches to make real progress and lasting change. 

I believe we need to consider new ways of framing issues of racial economic justice that focus on the unique strengths of BIPOC communities and the immeasurable positive impact they have had on our democracy. To that end, I recently published an article in Nonprofit Quarterly discussing the power of building identity from a strength-based framework, rather than through a deficit-focused lens. Though there are, indeed, systemic problems that must be addressed in seeking economic justice for BIPOC communities, I want to challenge our field to more frequently and more publicly acknowledge the power of their stories and strengths.

Another area we’re keenly focused on in the new year is effective advocacy, which is essential for addressing the “wicked problems” of economic injustice. There are both immediate needs, such as pandemic relief, and long-term solutions, such as an expansion of low-income tax credits and other specific policies to address the racial wealth divide. And, when nearly all business is being done virtually, it’s even more imperative that our community members have the tools they need to advocate effectively in this changed environment. Check out this blog authored by my colleagues Vanna Cure and Arohi Pathak outlining ways to effectively advocate virtually for policy change in 2021. 

We look forward to continuing our efforts with you this year. Though the first weeks of 2021 have been dark, I am confident that our work together will lead to brighter days ahead.

In solidarity,

Gary L. Cunningham

Spotlight

Tools for Effective Advocacy During COVID-19

New legislative sessions are underway in Congress and most state capitols across the country. With COVID-19 exacerbating many of the financial challenges low-income households face, and the new administration’s commitment to addressing these challenges, effective advocacy is needed now, more than ever. In light of this, Prosperity Now has put together resources to equip advocates at all levels with strategies and tools to effectively engage legislators during this cycle. Visit our updated online Advocacy Toolkit for downloadable resources and best practices for messaging, coalition-building, engaging lawmakers and more. Additionally, read our most recent advocacy blog where we sat down with Montana state Sen. Tom Jacobson (D-MT 11th District) and Rachel Cohen, an aide to Rep. Matt Cartwright (D-PA Eighth District), and discussed what advocates can do to push for policy change despite ongoing COVID restrictions.

Portland CDFI Provides Small Businesses with Capital

The work of Community Development Financial Institutions (CDFIs) has become increasingly vital in the wake of the coronavirus pandemic. As small businesses, especially those owned by people of color, struggle to stay afloat with the necessary capital during an extended period of quarantine restrictions, it is CDFIs that are in the best position to distribute loans and investments quickly and effectively to them. With this in mind, we wanted to highlight the work of one of our CDFI partners, Portland Housing Center, in Oregon. We spoke with Jackie Butts, Portland Housing Center’s HomeOwnership Program Director, about their work providing one-on-one counseling, financial education, down payment assistance and home loans to their community. While Portland Housing Center serves everyone, they have developed financial education courses that are specific to the African American community and the Hispanic-Latinx community. 

Portland Housing Center has found success in helping their clients in low- to moderate-income brackets purchase homes through down payment loans and grants. Recently, they participated in the LIFT Program with Wells Fargo, which provided qualified clients $20,000 in down payment assistance. Another program through the City of Portland, the Preference Policy Program, provided up to $100,000 to qualified clients towards the purchase of a new home. These initiatives have allowed clients to acquire significant financial assets—homes--which would otherwise be out of reach. In light of COVID-19, Portland Housing Center has shifted its usual in-person services to virtual services in order to still meet the needs of clients and prevent an interruption in their progress toward purchasing homes and receiving necessary financial education. Zoom has allowed them to move counseling sessions and education courses to a virtual platform. However, the Portland Housing Center has long provided flexible counseling options, including telephone appointments, helping to simply remove any barriers clients might face in reaching their financial goals. For more information on the work of the Portland Housing Center, check out their Annual Report 2020.

Because the work in our field is often so personal, we asked Jackie about what led her to her role at the Portland Housing Center. Jackie has a background in financial sales and banking and was interested in using those skills to help others make good financial decisions. Jackie is also passionate about helping those in her community build generational wealth. Says Jackie, “I firmly believe that whenever possible, each generation should leave the next generation in a position to do better and go further.”

Resources from Across the Community

In a Year Full of Loss, a Big Win for our VITA Field | Prosperity Now

While many of us were having a much-needed holiday break, Congress funded VITA at $30 million for fiscal year 2021, $5 million more than last year. Learn more about the VITA Permanence Act in this Prosperity Now blog post.

Lessons Learned from the Southern Partnership to Reduce Debt (SPRD) in 2020 | Prosperity Now
This brief highlights successful strategies used by organizations to reduce outstanding personal debt as part of the Southern Partnership to Reduce Debt (SPRD) initiative.

CSA Enrollment Process Maps | Prosperity Now

This document outlines enrollment processes for CSA programs to guide you as you develop your CSA program’s enrollment procedures. The process maps describe the actions taken by key stakeholders in any CSA program, including the program manager, financial institution or 529 provider, school district and/or state recordkeeper and families.

Strong Foundations: Housing Security Solutions Framework | Aspen Institute

Aspen Institute’s Strong Foundations report provides a solutions framework for effective, equitable and sustainable housing.

Health and Housing: A Cohort Based Learning Approach | Prosperity Now

This blog from Prosperity Now shares learnings from a cohort of housing partners expanding housing services to include and improve health outcomes.

What You Need to Know About Ending Cash Bail | Center for American Progress

This Center for American Progress fact sheet provides information on cash bail, strategies for ending cash bail, policy examples and additional resources.

Set Up to Fail: Fines, Fees & Financial Insecurity | Asset Funders Network

This Debt Series report from the Asset Funders Network describes the inequitable impact of fines and fees as well as their relationship to financial insecurity.

Events & Opportunities

Webinar Series: Responding to Clients’ “Now, Soon, & Later” Needs | Prosperity Now | January 19, February 2, and March 3, 2021.

Webinar: Overcoming Language Barriers | Financial Empowerment Network | January 26, 2021

Save the Date! EITC Awareness Day will be on January 29, 2021. Stay tuned for more information, including social media toolkits and other resources from Prosperity Now.

In the Media

The Undefeated, Nasdaq plans to make diversity pay for firms listed on the index, January 5 Wall Street Journal, Biden Taps Isabel Guzman to Lead Small Business Administration, January 7 Marketplace, How baby bonds could help close the racial wealth gap, January 13 The Colorado Sun, As some Colorado mobile home parks mull selling, resident co-ops seek to become their own landlords, January 19