Session by the Assets Alliance www.AssetsAlliance.org “Strengthening the economy and building tomorrow’s workforce by developing the social, personal, and financial assets of New Mexico’s children, families and communities.” New Mexico Assets Consortium Sharon Henderson, presenter Session by the Assets Alliance www.AssetsAlliance.org

New Mexico Assets Consortium 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona New Mexico Assets Consortium Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona  Community-Based Organization – Point of Contact (IDA Applications) Tax Help New Mexico Site Location (additional remote services are available through several locations) Financial Institution Partners   Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona Why? What? Why That? (Part 1 – External Influencing Goals) Build Network; Secure Funding Educate community-based leaders, Educate policy makers, Educate private enterprise. Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona Late 2004  Set out to measure the economic impact of IDA asset purchases on the community at large. Created partnership with a local university research institute. Reached philosophical stalemate. Developed our own community economic impact projections. Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona $2 million request 723 Accounts (30% saving a smaller amount) Business (35%) 253 accounts Homeownership (40%) 289 accounts Education (25%) 181 accounts Personal savings $779,683 NM State match $1,394,517 New Deposits: Non-State match $3,568,718 Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona Return on Investment (ROI) Assumptions of State-funded IDA Initiative 0f the 253 businesses… 51 (20%)… Will hire 2 new employees (=152) Total new Jobs 405 (253 + 152) The average mortgage of the 289 new homeowners… Will be financed at $75,000. Total new mortgage financing: $21,690,000 The 181 Savings Partners who move through post-grad education… Will increase their earning potential by an average of 41%... Or from ~$7.00 per hour to ~$12.00 per hour (increase of $10,600/year) Total new earnings potential: $1,915,950 Session by the Assets Alliance www.AssetsAlliance.org

Communications Piece to New Mexico Legislature 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona Communications Piece to New Mexico Legislature Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona Why? What? Why That? (Part 2 – Internal Learning Goals) Examine the personal, social, and economic outcomes of asset building for low- and moderate-income individuals. One Objective: to increase the opportunity for broad partner participation – private, community based, governmental. “Room under the tent” Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona WHAT IS IT? Comparative Study of Outcomes for IDA Participants in Arkansas and New Mexico Researchers: *Dr. Kameri Christy-McMullin is the lead researcher at the University of Arkansas. *Dr. Yvette Murphy is the Co-Investigator, also from the University of Arkansas. *Dr. Marcia Shobe, from UNC Charlotte in North Carolina, serves as a consultant on the research team. Financial backing: The Ford Foundation Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona WHY IS IT? Goal: to examine the relationships between various indicators of well-being, with human and financial capital. Evaluate differences between… Those who complete an IDA savings plan Those who do not complete an IDA savings plan Those who have never participated in an IDA saving plan Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona How do we measure “well-being”? General demographic information Questions re: current health (physical & mental) Questions re: self-beliefs Questions re: economic strains on the family Questions re: social network and support Questions re: interpersonal family relationships Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona Why is this important to us? Personal assets: how does provision of knowledge (e.g. financial management training, credit counseling, etc.) impact a person’s ability to leverage a higher quality of life? Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona Why is this important to us? Social assets: how does increasing personal networks (e.g. removing elements of isolation) impact a person’s ability to leverage a higher quality of life? Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona Why is this important to us? Financial assets: how does provision of access to wealth building tools (e.g. IDAs, business training, etc.) impact a person’s ability to leverage a higher quality of life? Session by the Assets Alliance www.AssetsAlliance.org

Session by the Assets Alliance www.AssetsAlliance.org 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona What do we do with the information? We match practice with evaluation findings. Currently: we look for every opportunity to eliminate the class lines between our Savings Partners and the community at large. Integrated financial management education Local trainers = increased networks. Community wide classes = increased networks. Inclusion of community-partners = increased networks. Session by the Assets Alliance www.AssetsAlliance.org

Thank you for your participation in this presentation. 2006 Assets Learning Conference A Lifetime of Assets: Building Families, Communities & Economies September 19-21, 2660, Phoenix, Arizona Thank you for your participation in this presentation. Contact: Sharon Henderson New Mexico Assets Consortium PO Box 7596, Albuquerque NM 87194 P. 505-349-4308 / F. 505-349-4307 sharon@communityactionnewmexico.org Session by the Assets Alliance www.AssetsAlliance.org