State Asset Building Initiatives

MODELS & BEST PRACTICES

Asset Building Policy Project-Community Economic Development Association of Michigan
www.cedam.info/ABC.htm
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.

Asset Policy Initiative of California
www.assetpolicy-ca.org/index.php
Founded in 2003 and funded by the Ford Foundation, APIC is a statewide network of stakeholders from the public, private, and nonprofit sectors who are committed to increasing asset-building opportunities for working families. APIC serves as a clearinghouse and policy voice for community wealth builders throughout California.

Cradle to College (Kentucky)
www.cradletocollege.ky.gov
This Kentucky initiative, a joint effort begun in 2004 by the state's Democratic state treasurer and Republican secretary of state, aims to work with banks, colleges, businesses, and foundations to design a test program to provide children with state supported savings accounts from birth. Advocates hope eventually to propose legislation to expand the pilot statewide.

Delaware — Governor's Task Force for Financial Independence
www.state.de.us/governor/news/2002/09september/
In September 2002 a governor-commissioned task force in Delaware endorsed a state asset policy initiative, including support for financial literacy training and education and a broad range of other asset building efforts.

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.

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.

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.