National Stabilization Program Meets Matched Savings for Artists (no, this is not my elevator pitch for a bizarre low-budget horror flick)

My little artist IDA program that could is still huffing and puffing up the mountain toward sustainability: I think I can. I think I can. (If you don’t have young kids, this classic children’s book reference is probably lost on you and I just sound weird.)

State funding for IDAs is looking precarious for next year (this has been my program’s main funding source so far), but even with that door closing another may be opening. A municipality in my region is kind of enamored with this concept of serving low-income artists through matched savings accounts. They’re also working aggressively on a consortium proposal for a massive grant (by the standards of our region) from the National Stabilization Program, a HUD initiative responding to the foreclosure crisis.

Putting two and two together, they reached out to me to discuss how my matched savings program for artists could somehow be simultaneously scaled up and geographically targeted to support artists in the re-use of land-banked property. My head is spinning with the possibilities and complications, but I’m intrigued and I do think there would be a way to make it work. Such a tight geographic focus on a specific set of properties would probably require sweetening the match, loosening the financial eligibility criteria somewhat, and implementing a distance-learning curriculum for the financial education so as to be able to cast a wide net for low- to moderate-income artists who may be living outside of our region but would be interested in this opportunity to move here (with appropriate preparation beforehand) thanks to the combination of a generous savings match, financial education, and related assistance. Ideally, it would not just target first-time homebuyers, but could also be open to renters who will make business-related investments that benefit the productive re-use of the land-banked properties.

I’d love to find out if others are contemplating how to incorporate matched savings and other asset-building tools into National Stabilization Program funding streams.

Blogging the National Youth Savings Conference

CFED has done me the honor of naming me a “Scholar” for the 2009 National Conference on Children and Youth Savings, June 14-16, in Brooklyn. That means I get in for free and CFED pays my lodging and travel. Rock on, CFED! This redeems me just a little for all those college scholarships I didn’t get while slacking off back in the day.

But like many a budding scholar seeking financial aid, I have to put in some work-study. This scholar will be blogging like mad to earn his meals and a seat during the plenary sessions. If you see a guy feverishly typing away on a laptop while everyone else is refilling their coffee between sessions, that will be me.

And you’ll notice some shameless pre-conference plugs from me during the coming weeks, like this reminder about the clock running out on discounted lodging (for all you non-Scholars out there):

Less than one week remains for the room block at the Marriott New York at the Brooklyn Bridge. Register and make your room reservation before Monday, May 18 in order to secure the great rate of $229/night. You won’t get a better rate at this beautiful, state-of-the-art hotel! Please note that all participants must register for the conference before making hotel reservations. Lodging information will be provided to all registrants as part of their confirmation materials.

Don’t wait to make those room reservations. This is going to be a great conference, for scholars and slackers alike.

2.7 Million Matched Savings Accounts

I like CFED’s moxie. During quite a few sessions of Congress, CFED has pushed for the Savings for Working Families Act, which would provide a funding vehicle to greatly expand and transform the matched savings field. Every time, the legislation has failed to be enacted. I believe it did come up for a vote in the Senate twice and actually passed there, but has never been voted on in the House.

Not to be deterred, CFED is pushing it again in the 111th congress, and now it has ballooned from a 900,000 account program to a 2.7 million account program (with $120 million for financial education). Perhaps it needed to be a bit more ambitious to get the attention of congressmembers.

I received an email from CFED today urging supporters to take action:

Request Cosponsors!

Click on TAKE ACTION to send an email to your legislators requesting they cosponsor the bill.

The effort to enact The Savings for Working Families Act (SWFA) in the Senate is being led by Senators Lincoln (D-AR), Lieberman (I-CT), Kerry (D-MA), Bunning (R-KY), Snowe (R-ME) and Collins (R-ME).

In the House, the original cosponsors are Representatives Pomeroy (D-ND), Schwartz (D-PA), Pitts (R-PA) and Brady (R-TX).

Last Congress, SWFA garnered a record level of bipartisan support with 127 cosponsors in both chambers, including 27 Senators and 51 Republicans! The Senate passed the IDA Tax Credit bill twice. Many national organizations, financial institutions and businesses support the IDA Tax Credit.

CFED has put together a helpful overview of the program to describe the benefits from the point of view of nonprofit organizations with existing asset-building programs. This version of the bill provides enhanced opportunities for nonprofits in the asset-building field to benefit, which I hope will increase the number of citizens advocating on its behalf. CFED claims that the bill has an excellent chance of passing in this session of congress.

I hope my Vermont congressmen will get on board as co-sponsors. In the 110th congress, Rep. Peter Welch was a co-sponsor, but I’d like to see Vermont’s Senators, Bernie Sanders and Patrick Leahy, support this effort as well.

It will be interesting to see whether the current economy helps increase the appreciation of congressmembers for the importance of savings incentives, financial education, and restoring the practice of thrift.