Member-funded credit unions have a strong capacity to positively impact the community, not only in providing lower cost financial services, but also in providing funding for programs that respond to community needs. An example of a state credit union that is pushing the boundaries of impact in housing: the State Employees’ Credit Union (SECU) Foundation of North Carolina, which recently announced a new investment of $10 million over a three-year period to build or renovate a home in every one of the state’s 100 counties.
Hell, yes, the rent is too damn high, higher than ever in fact. The reasons why are myriad: a shortage of rental properties, millions of families de-homed in the financial crash, and lending restrictions that have been tightened up in the process of financial recovery. The building sector is still recovering from the crash as well, so new housing hasn’t been added at the same pace as before the Great Recession. Meanwhile, family income, when adjusted for inflation is below what it was in 1989.
Collaboratives of funders appear to be a growing phenomenon. For housing nonprofits and funders, one collaborative that is particularly important to know about is Funders Together to End Homelessness.
The Obama administration has broken new ground in bringing together the power of philanthropy and government. Near the center of that effort is Michael Smith, the White House aide in charge of My Brother’s Keeper.
Diane Ravitch opens the discussion about whether Gates will turn to housing as a way to improve educational outcomes with my piece!
In recent years, the bank has dramatically ramped up its grantmaking to help revitalize cities and bolster urban workforces. Now it’s getting more intellectual firepower on its side by hooking up with a top think tank.
Nonprofits and funders on the side of improving access to housing and financial assets for low-income people are closely watching a showdown in the Supreme Court on “disparate impact.”