New Report: Building Assets While Building Communities

Posted by on October 20, 2006

[posted from AssetBuilding newsletter]

Building Assets While Building Communities (pdf)
Heather McCulloch, Walter and Elise Haas Fund
February 2006

In today?s economy, ?working? and ?poor? too often go hand in hand. The sad truth is that, in 21st century America, having a job does not ensure economic security. Increasingly, assets serve as the dividing line between those families and individuals who are economically stable and those who are not. And for families with limited income, the challenge to build assets and gain economic traction remains formidable.

The Walter and Elise Haas Fund commissioned Building Assets While Building Community because we have learned that, with support and incentives, low-income families can build savings. However, the opportunity to leverage their savings into productive investments often remains costly and out of reach. We also know that low-income communities throughout the Bay Area are undergoing rapid economic development, generating the possibility of new business and home ownership. But without committed planning from the stakeholders in economic development, low-income residents are unlikely to reap these benefits.

This report proposes that economic development activities hold untapped potential to support savings and create home, business and real estate ownership opportunities affordable and accessible to low-income families. It also presents concrete strategies for structuring neighborhood economic development activities to maximize asset accumulation for low-income residents. While focused on the San Francisco Bay Area, these strategies are applicable to communities throughout the country.

We hope the report will be a catalyst for further discussion of the interplay between asset development and economic development. We offer it as a resource for practitioners, policy makers, residents and funders committed to creating new opportunities for low-income families to save, invest and build a secure economic future for themselves and their children.

http://www.haassr.org/html/resources_links/pdf/buildingReport2006.pdf