State Asset Building Initiatives

MODELS & BEST PRACTICES

Arkansas Assets Coalition
www.arassetpolicy.org
The Arkansas Assets Coalition (ACC) is a nonprofit organization that helps construct IDA programs throughout the state through offering technical assistance and capacity building. ACC was launched in 2000 after the passage of Arkansas Individual Development Account legislation.

Asset Building Policy Project-Community Economic Development Association of Michigan
www.cedam.info/policy/abpp
Originally the Michigan IDA Partnership (MIDAP), in 2004, the group decided to support the creation of a statewide asset policy initiative that includes government, business, and community leaders. Policy goals include expanding state support for IDAs, linking EITC refunds to matched savings accounts, removing barriers to asset accumulation in public benefit programs, supporting children's savings accounts, and combating predatory lending and insurance redlining.

Help Minnesota Save
www.helpmnsave.org
This is an online clearinghouse of information and resources for financial literacy practitioners who work directly with low-income individuals and families. With a central mission to help low-income consumers reach financial well-being through access to quality credit and loans, Help Minnesota Save offers information on various financial topics like budgeting, building good credit, debt reduction, IDA programs, and taxes.

Ho'owaiwai Asset Policy Initiative —Hawaii Alliance for Community Economic Development
www.hacbed.org
Founded in 1992, HACED launched its Ho'owaiwai Asset Policy Initiative in 2004 after a conference attended by more than 250 participants from across the state. Initiative leaders are advancing a variety of community wealth building policies, including the extension of the state individual development account tax credit, the implementation of a voluntary tax assistance program, and the establishment of a state Earned Income Tax Credit.

IDA and Asset Building Coalition of North Carolina
www.ncidacollaborative.org
NC IDA is the central coordinating agency of asset-based development in the state. Offering training and technical assistance for new IDA programs; fostering partnerships among IDA practitioners, policy makers, and funders; and researching new asset-building strategies, NC IDA seeks a synchronized statewide network of public and private partners that promote asset-building among low-income residents.

Illinois Asset Building Group
www.illinoisassetbuilding.org
The Illinois Asset Building Group, first convened by the Woods Fund of Chicago in 2003, has proposed an extensive community wealth building policy agenda that includes expanding access to financial education and financial services, removing asset barriers in public benefit programs, supporting children's savings accounts, promoting affordable housing and homeownership, and combating predatory lending.

Massachusetts IDAs (MIDAS)
www.massassets.org
MIDAS is a coalition of community-based nonprofits across the state that promotes asset building among low-income residents. This collaborative serves as facilitator of a statewide system of asset development programs and performance standards. MIDAS provides technical assistance, research, and training to asset development programs and has partnered with CEFD to advocate asset-building policy through the 2007-2008 Assets and Opportunity Scorecard. MIDAS also has several programs to provide fiscal assistance in order to expand access to IDAs.

New Mexico Assets Consortium
www.communityactionnewmexico.org/assets/index.html
The New Mexico Assets Consortium (NMAC) comprises several nonprofits that help low-income New Mexicans acquire assets. NMAC’s strategies to promote asset building include expanding IDAs, increasing financial literacy, and offering free tax preparation and access to the Earned Income Tax Credit (EITC). The Consortium includes 3 main organizations: Community Action New Mexico offers management and development to nonprofits, The New Mexico Project for Financial Literacy provides courses in financial management and planning, and TAX HELP New Mexico that trains volunteer tax preparers.

Pennsylvania – Governor's Task Force for Working Families
www.banking.state.pa.us/banking/cwp/
view.asp?a=1354&q=547319&bankingNav=|32150|32185
In April 2004, Pennsylvania Governor Edward G. Rendell established a statewide Task Force for Working Families. In January 2005, the Task Force issued its report and a new state Office of Financial Education. Follow up on the report in 2005-2006 include K-12 financial education programs, Earned Income Tax Credit outreach efforts, small business development centers, and support for local community development financial institutions.

RAISE (Resources, Assets, Investments, Savings, Education) Texas
www.raisetexas.org
This statewide network includes nonprofit, for-profit, and public organizations that collaborate to support assert-building among low- and moderate-income families. Using financial education, IDAs, children’s savings accounts, and community tax centers, RAISE Texas works to increase economic security. Their four main activities include policy advocacy, furthering progress on several action campaigns such as small dollar consumer loans and matched savings accounts, providing technical assistance, and an interactive online database that connects residents to local asset-building programs.

Washington Asset Building Coalition
www.washingtonabc.org
Formed in 2006, the Washington Asset Building Coalition (WABC) is composed of 70 private, public, and nonprofit members including financial institutions, social service providers, and housing and micro-enterprise groups. The WABC policy agenda consists of expanding financial fitness, supporting saving and investment, and removing barriers to asset-building. Policy initiatives include Earned Income Tax Credit (EITC) outreach, state funds dedicated to IDAs, modifying asset limits, and a state Working Families Rebate.