Community Investment News (October 2007)


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IABG Advances Assets & Opportunity Scorecard

The 2007-2008 Assets and Opportunity Scorecard was released by CFED, a national economic policy and research organization, on September 12, 2007. The Scorecard provides a comprehensive comparison of states in the areas of family financial security, wealth and poverty. For more information on how Illinois and other states fared, click here.

As a follow up to the Scorecard Release, the Illinois Asset Building Group(IABG) hosted two events in Illinois to share the Scorecard results and discuss how to advance asset-building policies. For more information on IABG, visit www.illinoisassetbuilding.org/

Hot Legislation

Federal

  • HR 1514/S871- This bill increases savings incentives for low- to modertate-income people to go to college, buy homes or start a business.
  • HR2419- The 2007 Farm Bill will further strengthen food stamp benefit increases, raise food stamp resource limits significantly, and restore food stamp eligibility to more vulnerable groups currently left out.

Illinois

  • SB1167- Awaiting the Governor's signature, this bill establishes a Foreclosure Prevention Loan Fund, protects first-time home buyers, regulates mortgage brokers and creates a predatory lending database for Cook County and other provisions.

Is there hope for HOPE VI?

“In Miami, HOPE VI left over 200 people homeless,” said Yvonne Stratford of Low-Income Families Fighting Together (LIFT). This has been the theme of the series of meetings convened by the National Training and Information Center (NTIC) aiming to develop a resident-centered dialogue around Public Housing reform. To read more click here.

Calendar of Events

Nov. 14: IABG General Membership Meeting (location TBD). For more information, contact Kelly E. Slay at kellyslay@povertylaw.org

Nov.15-16:"Strategies for Improving Economic Mobility of Workers", a conference at the Federal Reserve Bank of Chicago. For more information click here.

Nov. 29: Shriver Center Awards Dinner in Chicago

ASPIRE Act Reintroduced

The American Saving for Personal Investment, Retirement, and Education Act (The ASPIRE Act) would provide a savings account and one-time contribution of $500 to every newborn child born after December 31, 2007. The bill, which is a reintroduction of the Aspire Act of 2005, represents a bipartisan effort to promote financial literacy and encourage savings among America’s children. For more information on the ASPIRE Act click here.

Clinton Offers Retirement Plan for All Americans

Democratic presidential candidate Senator Hillary Rodham Clinton recently announced her plan to offer a 401(k) retirement account up to $1,000 in annual matching funds for every US worker.

Right now, only some employers offer a 401(k) for their employees. Although the benefits of a 401(k) are undisputed, in most cases where employees earn wages, no such program exists. In a time when the future availability of social security benefits is uncertain, Clinton’s program could provide hope to many workers and their families. For more information click here.

The Community Investment Unit develops and promotes policies and programs that move people from poverty to prosperity, including financial education, access to mainstream financial services, asset building, and consumer protection. For more information, contact Dory Rand at 312.368.2007.

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