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AFN is a community of foundations and grantmakers advancing programs, policies, and strategies that help low-wealth individuals accumulate financial assets, build their net worth, and become owners and stakeholders in their communities.
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AFN Welcomes Newest Members
We are pleased to welcome our newest members to the AFN community. Welcome!
Silicon Valley Community Foundation
Y&H Soda Foundation
Z. Smith Reynolds Foundation
AFN Welcomes New Steering Committee Members
AFN welcomes Daniel Delehanty of Capital One and Daria Sheehan of Citi Foundation as its newest members of the steering committee in summer 2012. We are delighted to have Daria and Daniel's experience and expertise guiding AFN - welcome!
Daniel has 20 years of community development experience. He got his start international development, running the Trickle Up Program's microenterprise efforts in Africa before serving as Deputy Executive Director from 1998 - 2000. Daniel then turned his attention to community development in the New York area, where he worked as a consultant before serving as Deputy Executive Director with the Business Outreach Center Network in Brooklyn, where he helped launch innovative microenterprise programs for child care providers, refugees and women entrepreneurs.
Daniel then joined the public sector, serving as the Director of the Community Affairs Unit at the New York State Banking Department. There, he focused on facilitating partnerships between banks and community groups related to affordable housing, financial education, lending and investment opportunities. He also spearheaded the Banking Development District Program, a highly successful program to bring banking services to underserved areas. In September 2006, Daniel returned to the private sector and joined the Community Development Banking team of Capital One. Daniel is now a Senior Vice President and he is responsible for community development activities in the field of economic and small business development nationally and locally in NY/NJ and the Mid-Atlantic.
A resident of Queens, NY, Daniel is a Phi Beta Kappa graduate of SUNY at Stony Brook and attended graduate school at Columbia's School of International and Public Affairs. He serves on the Board of Directors of the Business Center for New Americans, the Association for Enterprise Opportunity, the Business Outreach Center Network, Grameen America (Advisory Board) and NYC's Office of Financial Empowerment (Advisory Board).
Daria Sheehan is a senior program officer at the Citi Founda
tion, which is committed to the economic empowerment and financial inclusion in
dividuals and families so they can improve their standard of living. Ms. Sheehan currently directs the Citi Foundation's Financial Capability and Asset Building portfolio in the U.S., managing over $13 million in philanthropic investments annually. She collaborates with national financial capability and asset building organizations to develop programs that help low-to-moderate individuals, youth and families adopt positive financial behaviors and accumulate and preserve assets over the course of their lives. Previously, Ms. Sheehan directed the Citi Foundation's global Education portfolio, where she led the development of the Citi Foundation's U.S. College Success portfolio and its Youth Education and Livelihoods portfolio outside the U.S.
Asset Building News and Information
Assets For Independence
2013 Application Due Dates
The Office of Community Services is accepting applications for funding new AFI projects now! All applications must be submitted electronically through Grants.gov
. Applicants may submit materials at any time throughout the year. OCS will review and fund new grants in three cycles in calendar year 2013. The application receipt dates are as follows:
Winter Cycle - January 25, 2013
Spring Cycle - March 25, 2013
Summer Cycle - May 24, 2013
The AFI Resource Center has released the schedule for a series of technical assistance webinars to help prospective grantees prepare for the 2013 application cycles. These webinars will cover the basics of planning, applying, and developing resources for an AFI project. Go to the AFI Resource Center calendar here
"The Future of Success" Themed Edition
Themed "The Future of Success," this special issue of The
Washington Monthly takes a hard look at where we went wrong in the run up to the "Great Recession" and how we can build a stronger foundation for long-term financial security and resiliency.
Generous support for the package on asset building was provided by the Ford Foundation
and the Citi Foundation
. Their support has helped produce an extremely timely and important issue.
- Mark Schmitt details the history of the asset building movement and argues that the field has shown enough promise through pilot projects that it is time to build national policies to implement these ideas.
- Phillip Longman argues wealth inequality can be limited by creating American Stakeholder Accounts for children at birth, extending the power of investing to a new generation of savers.
- John Gravois makes the case that the Consumer Financial Protection Bureau is a necessary tool to develop and protect a robust financial future for ordinary Americans.
- Dana Goldstein shows how a small amount of personal savings can make a world of difference for children, who are more likely to attend college and succeed in life if they hold some savings.
- Anya Schoolman calls for allowing homeowners to earn extra income by installing solar panels on their homes and selling green electricity back to the power companies.
- Barry Lynn and Lina Khan describe the declining rates of entrepreneurship.
- Reid Cramer outlines a series of systemic reforms to the tax code, retirement accounts, and public-assistance programs to help build the wealth of Americans.
Dreams Deferred: Opportunities, Challenges and Solutions for California's Low-Income Families to Build Financial Security
EARN and Howard University
This report shines a light on insights from meetings with nearly 1,000 low-wage constituents across California. Our hope is that this report will give stakeholders from the public, private, and nonprofit sectors the opportunity to learn from California constituents and our allied organizations about what issues are most important to low-wage constituents, and their ideas for bringing financial security and prosperity within reach for themselves and their families.
Bipartisan Economic Mobility Caucus Launched by U.S. Senators Wyden (D-OR) and Moran (R-KS)
The Pew Charitable Trusts
The Economic Mobility Project was joined by Senators Ron Wyden and Jerry Moran to kick off their new Senate caucus on economic mobility on July 25. This bipartisan caucus will explore policies designed to increase opportunity and strengthen the American Dream.
The kick-off event came on the heels of the release of the Economic Mobility Project's latest report, Pursuing the American Dream,
which finds that while most Americans exceed their parents' family incomes, many remain "stuck" in a similar place on the income ladder.
Robin Hood Raises $57 Million to Fight Poverty in New York City: Announces Partnership with X PRIZE Foundation to Fund Global Poverty Solutions
Robin Hood Foundation and X PRIZE Foundation
New York, NY (May 15, 2012) - Last night in New York City, Robin Hood announced a partnership with the X PRIZE Foundation to launch a series of incentivized prize competitions designed to engage people from around the world to find solutions to the problems of poverty in New York City and beyond. By offering a substantial prize of at least $1 million and soliciting crowd-sourced solutions from teams and individuals around the globe, Robin Hood and the X PRIZE Foundation hope to identify effective new approaches to fighting poverty that can be put to the test via X PRIZEs in New York City with clear, measurable goals.
Why is a Credit History so Important?
PERC Alternative Data Video
Policy and Economic Research Council (PERC)
In an effort to carry the message of the promise alternative data to a broader audience, PERC has generated a short video. The piece describes how including both timely and late non-financial payment data (so-called "alternative data" including gas, electric, water, telecoms, rental, and cable) in consumer credit reports drives financial inclusion, fairer lending and asset building.
The video can be accessed on PERC's website.
PERC will also provide free copies of the video to interested parties.
A New Pathway to Financial Inclusion:
Alternative Data, Credit Building and Responsible Lending in the Wake of the Great Recession
Washington, D.C.-- At a briefing on Capitol Hill, the Policy and Economic Research Council (PERC) released a report on the consumer credit impacts of including fully reported (timely and late payment data) non-financial payment data (so-called "alternative data") in consumer credit reports. The study, A New Pathway to Financial Inclusion, suggests that despite economic changes, alternative data provides enormous lift to lenders when assessing credit risk.
Now's The Time: How the Housing Crisis Has Created An Unprecedented Opportunity for Working Families to Achieve Financial Security
Homewise White Paper
Volatile. Tumultuous. Unpredictable. Turbulent. There is no shortage of dark adjectives to describe the economic conditions of the past several years. Fueled by a greatly expanded use of sub-prime loans,housing prices experienced an extraordinary boom only to be followed by a historic and painful bust. Graphs showing this trend read more like schematics for a hair-raising roller coaster than an economic
analysis. That economic roller coaster has caused many, even longstanding advocates of homeownership, to ask some basic questions: Is homeownership a smart financial choice? Are people able to buy? And even if people can buy, do they want to buy? Such questions are the natural result of a financial collapse that caused economic panic and unprecedented changes in financial and home purchase markets. As we emerge from the crash, the panic has given way to lingering confusion about the appropriateness of homeownership for the average American family. The instinct to pull away from
homeownership after a bust in the market is not a surprising one. Considering the current market conditions, it is the wrong instinct. A historic combination of low prices and interest rates, combined with the enduring benefits of homeownership, has created an unprecedented opportunity for families to obtain long term financial security through smart homeownership. With that opportunity at hand, now is the time to recommit to homeownership.
Upcoming Events - AFN Members Only
AFN Member Dialogue Featuring the Consumer Financial Protection Bureau
October 2nd, 2012
10:30am-11:30am PST/1:30pm - 2:30pm EST
We are looking forward to AFN's second quarterly member dialogue featuring the Consumer Financial Protection Bureau (CFPB) on Tuesday, October 2nd and hope you will be able to join us. Rick Williams, AFN Director, will facilitate a dialogue between CFPB and AFN members.
Please watch for official invitation with more details and agenda to follow in September.
AFN Members Register Here.
*Registration is open to sponsoring, institutional and individual members of AFN.
Not sure if you're a member of AFN? Interested in learning about how your grantmaking institution can become a member of AFN? Contact Siobhan Mulvey, firstname.lastname@example.org.
Upcoming Events - Funders Only
Bay Area AFN Member Meeting
Higher Education - An Asset Building Strategy in Peril?
Given the impact of higher education on household wealth, asset-building leaders have long considered it to be a critical asset-building strategy. But rising costs and diminishing public support are making higher education increasingly inaccessible to low-, moderate-, and even middle-income students.
Join us for the September meeting of the Bay Area Asset Funders Network where an interview panel with asset-building and higher education leaders will discuss the future of higher education as an asset-building strategy. Specific topics to be covered include student debt, college access and attainment, and public investment in higher education.
Registration open to all interested grantmakers.
Find out more about the Bay Area AFN.
Pathways to Economic Mobility: How Can Philanthropists Help the Poor Build Wealth?
Conference Hosted by The Philanthropy Roundtable
Co-hosted by Legacy Venture and Philanthropy New York
The Roosevelt Hotel
New York City
How can philanthropists help people of limited financial means become a vital part of our nations free enterprise economy? This conference explores strategies to help low-income workers pursue economic independence through financial development and wealth building. Join leaders from the philanthropic, nonprofit, and financial services industry to discuss the importance of assets in low-income financial portfolios and share opportunities for expanding access to financial goods and services to bolster asset development.
- Ray Boshara, senior fellow, Federal Reserve Bank of St. Louis
- Stuart Butler, director, Center for Policy Innovation, Heritage Foundation
- Diana Elliott, research manager, Economic Mobility Project, Pew Center for the States
- Alex Forrester, chief operating officer, Rising Tide Capital
- Diana Furchtgott-Roth, senior fellow, Manhattan Institute
- Annika Little, strategic program manager, Asset Funders Network
- Ben Mangan, president and CEO, EARN
- Brandee McHale, director of programs, Citi Foundation
- Janet Riordan, director of community programs, Lynde and Harry Bradley Foundation
- Sherry Riva, executive director, Compass Working Capital
- Rachel Schneider, vice president of innovation, research, and policy, Center for Financial Services Innovation
- Justine Zinkin, executive director, Neighborhood Trust
Find out more about the conference and register.
Learn more about Philanthropy Roundtable, Legacy Venture and Philanthropy New York.
The Association of Baltimore Area Grantmakers (ABAG)
Financial Literacy and Asset Building Affinity Group: The Asset Funders Network and a Vision for Building Financial Security in America
- Participants will understand the work and services of the Asset Funders Network (AFN) including the Microenterprise Funders Group;
- Participants will have a greater understanding of a national vision for the asset-building field pulling from content and ideas shared at the AFN 2012 conference;
- Participants know how to connect to AFN and how to learn more about the topics discussed.
Rick Williams, AFN Director, will be speaking along with Elaine Edgcomb, Microenterprise Funders Group.
This meeting is for members of The Association of Baltimore Area Grantmakers only - thank you!
To find out more about how to become a member and attend this meeting - please contact Elisabeth Hyleck,
GIST, GCYF, GIH Co-Sponsored Briefing
Post-Election Philanthropy: Votes, Values and Vision
December 17-18th, 2012
Assessing the new policy and funding environment that will be created after the 2012 elections will be critical as we build compelling and successful agendas for advancing our work. The Grantmakers Income Security Taskforce (GIST), Grantmakers for Children, Youth & Families (GCYF), and Grantmakers In Health (GIH), invite you to attend Post-Election Philanthropy: Votes, Values, and Vision on December 17-18, 2012 in Washington, DC.
This timely briefing will help inform grantmakers
about the outcomes of the national, state and local elections and what it suggests in terms of
opportunities and challenges for the short-and medium-term, and provide a forum for funders to identify
strategies for individual and collective action.
This meeting is free of charge and open to foundation
Upcoming Events - Open to All
2012 National Community Land Trust Conference
Transforming Communities Though Innovation and Collaboration
Check out the conference website
Find out more about the National Community Land Trust.
CFED 2012 Assets Learning Conference
Ideas into Action
As this year's premier gathering of asset-building practitioners, funders and advocates, the 2012 Assets Learning Conference will feature f our conference institutes, four plena ry sessions and over 40 concurrent sessions covering the most pertinent and cutting-edge topics for the asset-building field. The conference will begin on Wednesday, September 19 with four half-day and full-day conference institutes covering a range of topics including Children's Savings, Entrepreneurship and Policy Advocacy Strategies. Day two of the conference will feature two plenaries and four sets of concurrent sessions followed by an evening reception. The final day of the conference will include two plenaries and two sets of concurrent sessions and conclude with visits to Capitol Hill to meet with legislative staff.
AFN at ALC!
Asset Funders Network Dialogue with Funders: Taking Risks and Advancing Innovation
Day One Session: September 20th; 9:30-10:45am
The Dialogue with Funders session at the Asset Learning
Conference will showcase how leading grant makers are working to advance innovation in the asset-building field. Panelists representing a diverse set of asset-building strategies will share their experiences and perspectives about taking calculated risks to accelerate innovation in the field. Participants will have a candid dialogue about learnings from both successes and failures. Find out more.
2012 Opportunity Finance Network Conference
Let's Create Opportunities for USA
San Antonio, TX
CDFIs have been creating opportunities in underserved markets for decades. Our challenge now is to multiply that work so that all communities that need access to affordable financial products and services have it. The 28th OFN Conference is all about expanding coverage-expanding CDFI markets and products-to create opportunities for all.
At the OFN Conference in San Antonio you'll join more than 1,000 CDFI practitioners, board members, funders, investors and policymakers from around the country who are all eager to learn, share, inspire, and be inspired. You'll have three and a half days to network, learn about successful expansion strategies, innovations, emerging financing sectors like health care and healthy foods, and the latest financial resources for CDFIs.
We know you'll leave San Antonio better equipped to do your part in creating opportunities for all!
Bay Area Asset Funders Network
Building Assets for Very Low-Income Families
November 13th, 2012
Federal Reserve Bank of San Francisco
San Francisco, CA
The second annual regional convening of the Bay Area Asset Funders Network (Bay Area AFN) will be held on November 13th, 2012 at the Federal Reserve Bank of San Francisco. The meeting will explore asset-building strategies - and relevant public policies - targeting very low-income populations. It will explore whether very low-income populations can be served by asset-building policy and practices; and, if so, which approaches are most effective at building their long-term economic security.
The convening will bring together Bay Area funders, practitioners, advocates, public agency staff, elected officials, financial institutions, and academics focusing on working with the region's most disadvantaged populations. It will explore a range of asset-building strategies - such as financial education and services, banking the unbanked, savings and investment opportunities, microenterprise, and asset-preservation strategies like preventing payday lending and expanding access to health insurance - targeted to both general and distinctive, vulnerable populations (e.g. seniors, TANF recipients, homeless, immigrants, foster youth).
Please save the date!
Illinois Asset Building Group
Assets Matter: A Bridge to Economic Security
November 15th -16th, 2012
I Hotel and Conference Center
Registration is now open for our 2nd Biannual Statewide Conference! This two-day conference will bring together community-based practitioners, researchers, advocates, decision makers, and financial institutions to lift up promising practices and move a comprehensive asset agenda forward in Illinois. An agenda for the conference will be posted in September. However, as we begin
to confirm speakers, we will post a working agenda.