The Bronx is a tough part of New York. More than 30 percent of Bronx residents live below the federal poverty line and unemployment is well above the national average, especially for young people of color. That’s why it’s so important that funders like Capital One Foundation are investing in workforce training, to help people get on the first rung of the employment ladder in health care.
“There is still some stigma about men who say, ‘My kids are more important than my work,’ ” said Scott Coltrane, a sociologist studying fatherhood who is the interim president of the University of Oregon. “And basically that’s the message when men take it. But the fact that women are now much more likely to be at least a principal breadwinner, if not the main breadwinner, really changes the dynamic.”
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
JP Morgan Chase may have done its part to blow up the U.S. economy a few years back, thanks to irresponsible lending practices, but lately the company and its foundation has been giving big to foster economic growth and improve jobs skills.
Another sad story of how our pension dollars are being given to Wall Street by 1%-subsidized politicians.