Individual Wealth Preservation

The Professionalizing Field of Financial Counseling and Coaching Journal

Edited by Jonathan Mintz

With nearly ten million households in the U.S. lacking a bank account, many families face challenges building wealth. However, with financial counseling and coaching, families can work towards financial security. This new collection of essays from Cities for Financial Empowerment (CFE Fund) and Citi Community Development highlights this potential and brings together the perspectives of leading experts in the field. The essays share strategies for building cultural competency, accessing public funding opportunities, and scaling and professionalizing efforts. 

The Color of Entrepreneurship: Why the Racial Gap Among Firms Costs the U.S. Billions

Algernon Austin

“America is currently forgoing an estimated 1.1 million businesses owned by people of color because of past and present discrimination,” writes Algernon Austin, author of this new report from the Center for Global Policy Solutions. Using data from the U.S. Census Bureau’s Survey of Business Owners, Austin finds that the country would produce an estimated 9 million more jobs and have $300 billion more in national income if entrepreneurship amongst people of color were proportional to their distribution in the labor force. To address this, Austin recommends creating tax credits to incentivize investments in minority-owned businesses, expanding the number of Minority Business Development Agencies, and utilizing alternative credit data for those with limited credit histories. 

The Color of Wealth in Los Angeles

Melany De La Cruz-Viesca et al.

This new report from the Federal Reserve Bank of San Francisco seeks to better understand the factors that influence and create disparities in wealth accumulation, particularly intergenerational resource transfers, historical context, and local asset markets. Researchers draw on data from the National Asset Scorecard for Communities of Color (NASCC) survey, the first of its kind, to assess wealth disparities among different racial and ethnic groups in Los Angeles and inform multifaceted policy solutions tailored to distinct community needs.

Northgate Apartments

With 336 units, Northgate Apartments is Vermont’s largest single subsidized apartment development.  Concerned that the owners would convert Northgate into market rentals or luxury condos in the late 1980s, the government, under then Mayor Bernie Sander’s leadership, played a major role in helping convert the complex to resident ownership and establishing long-term restrictions to ensure it remained permanently affordable.  As a result of their efforts, the building is now owned by Northgate Residents Ownership Corporation—a resident-controlled, nonprofit organization.

Community Asset Preservation Corporation

Based in Newark, Community Asset Preservation Corporation (CAPC) focuses on stabilizing and revitalizing communities. To do so, CAPC acquires vacant and abandoned properties and partners with local builders and contractors to return properties to productive use as quality, affordable housing.  As a wholly-owned subsidiary of the New Brunswick-based CDFI New Jersey Community Capital, CAPC has the financial capacity, reach, and expertise to make large-scale impacts on neighborhoods affected by foreclosure and abandonment.  Each year, CAPC returns 50-75 housing units to productive use.  Currently, CAPC is also working on a mixed-use project to create space for nonprofit and technology start-ups in Lincoln Park, a neighborhood impacted by significant unemployment.  The project will create space for several businesses, including a recording studio, event space, shared space, and a coffee house, and is expected in generate at least 11 new jobs in its first year.

Cabel Foundation

Founded in 2003, the Cabel Foundation aims to help underserved District youth and families to appreciate and understand the importance of saving and investing in their future. To do so, it conducts workshops, seminars, and classroom instruction in financial literacy education and financial life skills in schools, churches, community housing centers, libraries, recreation centers, senior citizens centers, and other community-based settings.  The nonprofit also has an advocacy campaign to urge policymakers to require financial literacy education as a standard for students and those receiving financial assistance.

The Housing Council

Founded in 1971, The Housing Council aims to maintain and expand the availability of affordable, decent, safe housing for low and moderate income residents of the Rochester and Monroe County area.  To do so, the nonprofit provides landlord education, foreclosure prevention, pre-purchase counseling, emergency housing services, and fair housing education to about 8,000 households a year in the region.  It also conducts housing research and analysis on a variety of issues such as eviction activity and home purchase trends, and monitors the incidence and impact of city and county mortgage foreclosure.

The Housing Council

Founded in 1971, The Housing Council aims to maintain and expand the availability of affordable, decent, safe housing for low and moderate income residents of the Rochester and Monroe County area.  To do so, the nonprofit provides landlord education, foreclosure prevention, pre-purchase counseling, emergency housing services, and fair housing education to about 8,000 households a year in the region.  It also conducts housing research and analysis on a variety of issues such as eviction activity and home purchase trends, and monitors the incidence and impact of city and county mortgage fore Read more about The Housing Council...

California Reinvestment Coalition (CRC)

Established in 1986 and headquartered in San Francisco, the California Reinvestment Coalition (CRC) has been advocating for fair and equal access to credit for all California neighborhoods. As the state's largest community investment coalition, their 300-member organization attempts to create wealth equality through policy advocacy, grassroots alliances, research, and shareholder activism. Read more about California Reinvestment Coalition (CRC)...

Community Check Cashing

Community Check Cashing is a nonprofit organization established to help Oakland residents increase their income and assets, save money, and improve their financial position and knowledge.  To do so, it offers below-market priced financial services and products, financial coaching, and small business assistance.  Opened in Oakland’s Fruitvale neighborhood in 2009, it is the first nonprofit, full-service, stand-alone check cashing store in the country. Read more about Community Check Cashing...