Community Investment News (September 2007)


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CFED Releases the 2007-2008 Assets and Opportunity Scorecard

CFED uses the increasingly popular asset building approach to analyze U.S. census data on wealth and poverty along with other state-by-state data on homeownership, debt, health coverage and education. In the 2007-2008 Assets and Opportunity Scorecard released on September 12th CFED ranks the 50 states and District of Columbia. on 46 performance measures and 38 key policies. Illinois ranks low - 30 out of 51 - in asset-building and asset-protection outcomes.To view the Scorecard click here. To see Illinois's rankings click here.

Hot Legislation

Federal

  • S2036- A bill to temporarily raise conforming loan limits in high cost areas and portfolio caps applicable to Freddie Mac and Fannie Mae. For full text click here.
  • HR2419- The 2007 Farm Bill will increase resource limits in the Food Stamp program. For more information visit FRAC.

Illinois

  • SB1167- This bill would authorize a commission to establish a Foreclosure Protection Loan Fund, protect first time homebuyers and create a predatory lending database for Cook County. It was sent to the Governor September 5. For full text click here.

"To Save or Not to Save?"

Congressional leaders, Capitol Hill staffers, and advocates participated last month in a briefing on federal and state policies and proposals to help low-income people who receive public assistance save and build wealth called "To Save, or Not to Save? Encouraging Saving Through Asset Limit Reform." To read more and view a video of the event click here.

Calendar of Events

Sept.12-27: Statewide budget hearings, for more information click here.

Oct.4: "Advancing Asset Policy in Illinois" event at the Federal Reserve Bank of Chicago. For more information click here.

Oct.11: 2007 Assets & Opportunity Scorecard briefing in Springfield, IL. The event will be held at the Capitol in the Rathskellar Legislative Dining Room from 7am to 10am.

Oct.12-13: Fall Management Institute: Building Financially Fit Families and Staff, National-Louis University, Wheeling Campus Annex. For map and directions click here.

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

Senators Clinton (D-NY) and Gordon Smith (R-OR) introduce The New Saver's Act

United Senators Clinton and Smith introduced SB1967, which proposes the creation of Young Savers Accounts that will allow parents to make tax-advantaged, direct contributions to Roth IRA-type accounts for their children. To view the SB1967 click here.

State Asset Limit Reform Toolkit

The State Asset Limit Reform Toolkit for advocates and policymakers who seek to reform or eliminate asset limits in state-administered public benefit programs.Use the following link to access SALT.

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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