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