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Economic Opportunity Initiative

Economic Opportunity Initiative. City of Portland Bureau of Housing & Community Development. Poverty Alleviation: Wealth Creation Strategies Community Development Policy Summit. June 23, 2006. Initiative Overview.

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Economic Opportunity Initiative

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  1. Economic Opportunity Initiative City of Portland Bureau of Housing & Community Development Poverty Alleviation: Wealth Creation Strategies Community Development Policy Summit June 23, 2006

  2. Initiative Overview • Goal: Increase the incomes and assets of low income Portland residents by a minimum of 25% within 3 years. • Strategy: • Build a portfolio of best practice modeled programs; • provide support, tools, training and evaluation, and • leverage the system of projects. • Current Portfolio: 30 projects. • 12 adult workforce, 8 youth workforce, 9 microenterprise

  3. How we got here ... • Two factors led BHCD to transition from revitalization to income generation as a poverty reduction strategy. • Changes in community. • Strategic planning process. • BHCD researched local & national best practices related to poverty reduction.

  4. Workforce development:• population or sector specific program • comprehensive support services • early employer involvement • peer support • long-term program relationship Microenterprise development:• all Workforce elements • participant capacity assessment • business training • credit repair • business supports• multiple financial tools Poverty Reduction Best Practices

  5. Local HUD BHCD Participant Contract Management Best Practices • Historical commitment to community directed development • Recognition of contractors as allies • Relationship-based Community Based Organization

  6. $2.4 million Federal CDBG $1.2 million City General Fund $1 million from Northwest Area Foundation for 3 years $100,000 annually from United Way Financial Investments

  7. State & Federal IDAs TANF extensions for workforce participants Some WIA-funded ITA resources Legal Clinic & Technology Support for Microenterprises Health benefits for uninsured participants & families. System Leverage

  8. Currently 1120 participants, project over 2000 by July 2007 291 microenterprises 829 workers on the job or in training Current Portfolio

  9. Initial Results: Microenterprise

  10. Initial Results: Workforce

  11. Return on Investment • Average cost per participant: • $5,500 in Year 1 • $1,000 in Year 2 • $1,000 in Year 3 • Year 1 income gains averaged for workforce participants $12,800 • Average business revenue gains, $32,000.

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