Nine Cities Selected For Projects To Help Low- And Moderate-Income Familites Build Economic Stablity
The National League of Cities (NLC) has selected nine cities to receive assistance in developing initiatives to help low- and moderate-moderate income families build greater financial stability. Through a grant from the Annie E. Casey Foundation, the Cities Helping Families Build Assets project will assist municipal leaders in their efforts to enhance the economic viability of some of their most vulnerable citizens.
The selected cities are: Burlington, Vt.; Durham, N.C.; Grayson, Okla.; Itta Bena, Miss.; Louisville, Ky.; Milwaukee, Wis.; Orlando, Fla.; Savannah, Ga.; and Seattle, Wash. The Assets project is being led by NLC’s Institute for Youth, Education and Families, which will work with these selected cities and towns to seek practical and successful programs to enable families to increase their economic stability through asset-building strategies.
Strategies will include financial literacy; homeownership counseling and incentives; asset accumulation strategies such as savings campaigns and Individual Development Account programs; and asset protection to help families avoid predatory lending practices and other consumer traps.
Clifford Johnson, executive director of NLC’s Institute for Youth, Education, and Families, called the project a key element for the long-term economic success of communities.
“Asset building is a key anti-poverty strategy that not only can help families become more financially stable but can also provide important economic activity and benefits to municipalities. Low- and moderate-income families who are struggling to make ends meet rarely have opportunities to save and build wealth. The types of strategies we are discussing are a starting place to help individuals build a better future for themselves and their children.”
NLC is supporting the efforts of participating cities by providing training, technical assistance, and other tools and materials. The centerpiece of the project will be the opportunity for municipal leaders in each of the Asset project cities to attend two of four planned site visits to areas that are already implementing innovative asset-building strategies, including Phoenix, Ariz.; Baltimore, Md.; Indianapolis, Ind.; and Miami, Fla.
These visits will showcase ways in which city leaders can support and/or initiate asset-building initiatives in their own communities. The cities will also receive advice from two cities with well-established asset-building initiatives in place — San Antonio, Tex. and San Francisco, Calif.
