NEW ECONOMICS FOR WOMEN Community Economic Development Organization

1. NEW ECONOMICS FOR WOMENCommunity Economic Development Organization MISSION: We enhance the quality of all of our lives by leading poor, single parents and low income families to permanent personal & economic success Guiding Initiatives: Build quality housing designed by single parents Help single parents develop strategies and resources for success – building assets Help communities transform by developing strategies and resources to eliminate poverty

2. NEW ECONOMICS FOR WOMEN 2005 Asset Building Results Homeownership • 83 clients purchased homes-38 community clients through Financial Literacy programs and 44 residents • Of the 38 community clients, subsidy assistance was valued at $523,757 and first and second mortgages valued at $11.6 million Individual Development Accountants (IDA’s) • 2 separate IDA programs assisted 83 participants with a total savings of $72,738 for the year (1 to 3 match and 1 to 2 match) Smart Consumer • 26 Workshops offered in Spanish and English on Pay Yourself & Budgeting, Credit, Credit Cards and Loans, Bank On It, Check It Out • 118 residents graduated creating a monthly budget with savings

3. NEW ECONOMICS FOR WOMEN • NEW Definitions: • Minimum wages= crisis and homelessness • Sustainable wages = stability- meet your current family expenses • Thriving wages=opportunities for wealth creation leading to freedom of choice – homeownership, savings for retirement, business ownership

4. NEW ECONOMICS FOR WOMEN How to get to the next level from Minimum wage to sustainable Wage: • Affordable rent (30-60% of income) • Subsidized child care, afterschool programs • Extensive case management focusing on economic outcomes not just crisis counseling (financial literacy, access to affordable health care (healthy families) • Long term transition career path for higher wage job (goal $20-$30 hr.)

5. NEW ECONOMICS FOR WOMEN • How do you get from a Sustainable Wage: • $ 40,000 – $60,000 to a Thriving Wage: $ 75,000+: • Rent subsidy still provided • Child care subsidy - smaller to zero • Case Management focused on Asset building opportunities- e.g. link homeownership purchase with 1st time homebuyer subsidy program and IDA savings program * Need $125,000 income to purchase a median priced home of $500k without subsidy • access to capital for starting a business • Establish a retirement savings program, creating a college fund for children • Linking career path is linked to good health benefits

6. NEW ECONOMICS FOR WOMEN • TWO EXAMPLES: • 1. Sustaining: Two parent family with 2 children • Moved in 2005 with income of $24,918 and current income is $35,420 • Completed Smart Consumer Education and created monthly budget and savings program • 2. Thriving: Welfare Mother with 4 children • Moved in 2001 with $17,232 income and moved out 2005 with $80,000 income $1,436/mo to $6,600/mo • Rent at NEW ‘s housing development - $ • Obtained Bus Driver training and license • Completed Smart Consumer Education, Homeownership Workshop, and participated in IDA Savings Program • Purchased a home within four years. Received 1st time homeownership subsidy program

7. NEW ECONOMICS FOR WOMEN What does it take for a low-income families with two children to move to a Middle Class Income ? Key Solutions: • Must have Career Path leading to a triple increase, especially for working poor families with children • Affordable Housing- increase public/private partnerships to develop affordable housing stock for middle class families leading to homeownership 3. Affordable and Quality Child Care – extend eligibility limits to higher income families 4. Safety Net of support is vital for sustainability/thriving (financial literacy, access to wealth creation opportunities, affordable health care

8. NEW ECONOMICS FOR WOMEN PROPERTY PROFILE TIERRA DEL SOL COMMUNITY Background: • Tierra del Sol establishes the first development in • the San Fernando Valley for New • TIERRA DEL SOL COMMUNITY • A THRIVING COMMUNITY MODEL • 119, 1 to 5 bedroom units for families earning 30 to 60 percent of the area median income with rents ranging from $350 to $1,100 a month • Consists of four distinct, yet connected, 3-story structures above subterranean parking and several landscaped courtyards with 40,865 square feet of open space • Supportive services and includes an on-site Family Service Center and accommodates an array of resident services: case management, financial literacy, educational and employment enhancement, after school activities for children and youth, evening programs for adult learning, and parenting courses • Each resident is required to attend Smart Consumer classes within the first three months of moving in.

9. . NEW Academy Canoga Park NEW elementary charter school by provides 24 new classrooms for K-5 grades and is comprised of 44,000 square feet of open space, a gymnasium, library, lunch shelter, kitchen, and underground parking.

10. COMMUNITY SERVICE CENTER NEW’s forthcoming development will be a two-story 15,000 square foot Community Center building with underground parking located on the northeast corner of the site on approximately 1 acre. The Center will provide a number of educational, civic, and cultural activities to the immediate community. It will house a number of service providers and serve as a cultural hub and source of economic prosperity for the community.