The Canadian lender TD Bank was one of the good guys during the housing boom. It didn’t gorge itself on subprime loans and end up in the crosshairs of government investigators. The bank prides itself on being a responsible company, and puts out an impressive corporate responsibility report discussing its work. Among other things, its philanthropic arm, the TD Charitable Foundation, funds in the housing sector, giving away $2.5 million a year in a competitive grant award program called “Housing for Everyone.”
If you are a nonprofit that focuses on housing, should you apply for CDFI money? It’s probably a good idea to look into it. Funding from CDFIs has increased since 2008, and appears to be a growing trend.
How do you kill the American dream? One way is to finance people in over their heads, in essence creating debtors out of hard-working people who, in a more sane economy, would be accruing assets. It appears we are ready to go down the path of deregulation again all too quickly. From the New York Times:
“Financial deregulation is similar to relaxing rules on nuclear power plants,” argue Anton Korinek of Johns Hopkins University and Jonathan Kreamer of the University of Maryland in a related working paper for the Bank for International Settlements. It makes it easier and more profitable for the utilities, their shareholders and executives. It might also help ordinary Americans get cheaper electricity. “However, it comes at a heightened risk of nuclear meltdowns that impose massive negative externalities on the rest of society.”
Read more at More Renters, Less Risk for Wall St. – NYTimes.com.
And, for a first-hand account of what it feels like to be ripped off by an unscrupulous bank: http://www.rifuture.org/the-mortgage-debt-crisis-murders-the-american-dream.html
Wow, this is worth your 5 minutes. Join the Super Sweet Alpacas as they explain income inequality to the new employees of the Lollipop factory.
There’s keen interest right now in connecting young people of color to the work world, and the Rockefeller Foundation is a big funder in this tough terrain. One of their strategies? Changing employer attitudes.
We write about billionaires and their philanthropy almost every day here at IP, and so we’ve been intrigued by Darrell West’s new book, Billionaires: Reflections on the Upper Crust.
While young men of color are very much in the spotlight right now, the challenges facing urban youth tend to dominate discussion, especially after Ferguson. So it’s both significant and interesting that the Robert Wood Johnson Foundation is engaged in what it calls the “largest private investment in rural young men of color to date,” with a focus on the South and Southwest, two parts of the country that are often shortchanged by national funders.