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NEW ECONOMICS FOR WOMEN Community Economic Development Organization Los Angeles, California. MISSION: We enhance the quality of all of our lives by leading poor, single parents and low income families to permanent personal & economic success Guiding Initiatives:

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new economics for women community economic development organization los angeles california

NEW ECONOMICS FOR WOMENCommunity Economic Development OrganizationLos Angeles, California


We enhance the quality of all of our lives by leading poor, single parents and low income families to permanent personal & economic success

Guiding Initiatives:

Build quality housing designed by single parents

Help single parents develop strategies and resources for success – building assets

Help communities transform by developing strategies and resources to eliminate poverty




prosperity center business assistance asset development center community clinic wellness center
PROSPERITY CENTERBusiness AssistanceAsset Development CenterCommunity ClinicWellness Center
tierra del sol
Tierra del Sol


Affordable Apartments, Charter School and Community Center

  • Tierra del Sol, 119, 1 to 5 bedroom units for families earning 30 to 60 percent of the area median income with rents ranging from $350 to $1,100 a month.
  • On-site Family Service Center providing an array of resident services: case management, financial literacy, educational and employment enhancement, after school activities for children and youth, evening programs for adult learning and parenting classes.
new academy canoga park
NEW Academy Canoga Park
  • NEW Academy Elementary Charter School opened in Fall 2005
  • and provides:
  • Emphasis on Science and the Arts
  • 24 classrooms for K-5 grades, a total of 520 students
  • 44,000 square feet of open space, gymnasium, library, lunch shelter,

kitchen and underground parking

canoga park community center
Canoga Park Community Center

2 story 15,000 s.f. building with underground parking. Services will include: preschool program, mental health services, police office, and community conference center

new currently owns and operates
  • 9 multi-family housing developments – 600 units
  • 2 charter schools – 640 students
  • 1 Economic Development Center (Prosperity Center – 25,000 s.f.) - Health Clinic, Wellness Center, and Business Growth Center and 1 Community Service Center (under development)
  • Residential Services- Case Management, Financial Literacy, Afterschool programs, Life Skill classes customized for residents
  • Community Services – Financial Literacy (1st Time Homebuyer Program and IDA Programs), Business Assistance, Car Seat Safety Education, Nutritional Education for the entire family
new s comprehensive approach
NEW’s Comprehensive Approach
  • Affordable housing- 30% to 60% AMI
  • Case Mgt focused on economic outcomes after extensive assessment and goal setting session based on resident dreams and aspirations
  • Family Development Network- linkages/referrals to social services-counseling, legal, health, parenting, classes employment training
  • Requirement of all residents to complete basic financial literacy workshop (complete Smart Consumer class, maintain a budget and savings plan that is reviewed by Case Mgt periodically )
  • Family Self Sufficiency Contract tied to lease
new economics for women

How we work with families:

First question we ask- What are your dreams and aspirations while you live with us?

Develop a family plan based on families goals and aspirations for each family member-includes economic goals

Monitor progress through case management and property management

financial education how we got started
Financial Education-How we got started

1993-1996- Saw a pattern with residents and using credit cards to pay for furniture and material items including new cars. Lower rent meant more disposal income for material possessions

Families from the community came to us regarding fraud such as signing loans without understanding what payments they were making

Developed Smart Consumer curriculum and become a requirement to all residents to attend

asset development for families
Asset Development for Families

Tangible- accumulation and protection of physical assets -What you can grow- bank accounts, investments, own your home/business, legal documents in place

Intangible- extended support system, access to and understanding of social services and government programs

asset development for families1
Asset Development for Families
  • Asset Development includes:
  • Smart Consumer Education- banking basics, credit card usage and budgeting
  • 1st Time homebuyer program with workshop (12 hrs) and 1 on 1 counseling. Access to subsidy programs for down payment assistance from $50k to $150K
  • Individual Development Accounts (IDA’s) on homeownership, micro-enterprise and postsecondary
  • Business Assistance workshops linked with IDA program
asset development for families2
Asset Development for Families
  • Asset Protection includes:
  • Credit counseling referrals
  • Foreclosure Prevention consisting of counseling and clinics
  • Immigrant Asset Initiative-Emergency Family Plan-power of attorney, guardianship, and will/living trust
moving families up the economic ladder
Moving Families Up the Economic Ladder
  • Assess economic levels-definitions
  • Minimum wages= crisis and homelessness
  • Sustainable wages = stability- meet your current family expenses
  • Thriving wages=opportunities for asset and wealth creation leading to freedom of choice – homeownership, savings for retirement, business ownership
moving families up the economic ladder1
Moving Families Up the Economic Ladder

How to get to the next level from Minimum wage to sustainable Wage:

  • Affordable rent (30-60% of income)
  • Subsidized child care, afterschool programs
  • Extensive case management focusing on economic outcomes not just crisis counseling (financial literacy, access to affordable health care (healthy families)
  • Long term transition career path for higher wage job

(goal $20-$30 hr.)

moving up the economic ladder
Moving Up the Economic Ladder
  • How do you get from a Sustainable Wage:
  • $ 40,000 – $60,000 to a Thriving Wage: $ 75,000+:
  • Rent subsidy still provided
  • Child care subsidy - smaller to zero
  • Case Management focused on Asset building opportunities- e.g. link homeownership purchase with 1st time homebuyer subsidy program and IDA savings program
  • access to capital for starting a business
  • Establish a retirement savings program, creating a college fund for children
  • Linking career path is linked to good health benefits
moving up the economic ladder1
Moving Up the Economic Ladder
  • 1. Sustaining: Two parent family with 2 children
    • Moved in 2005 with income of $24,918 and current income is $35,420
    • Completed Smart Consumer Education and created monthly budget and savings program
  • 2. Thriving: Welfare Mother with 4 children
    • Moved in 2001 with $17,232 income and moved out 2005 with $80,000 income $1,436/mo to $6,600/mo
    • Rent at NEW ‘s housing development
    • Obtained Bus Driver training and license
    • Completed Smart Consumer Education, Homeownership Workshop, and participated in IDA Savings Program
    • Purchased a home within four years. Received 1st time homeownership subsidy program
homeownership example
Homeownership Example
  • A family of four making $52,000 purchasing a property with a sales price of $250,000
  • $250,000 purchase price
    • -$80,000 Local government soft second
    • -$15,000 ADDI local government soft second
    • -$10,000 HiCap deferred loan
    • -$7,500 ChDap deferred loan
    • -$2,500 Borrower’s 1% down payment
    • First Trust Deed (first loan) is $135,000
  • Would have a PITI (principal, interest, taxes, and insurance)/ No PMI required for a payment of $1176 a month (as opposed to $1,974 a month)
new economics for women1


95% of NEW’s resident families develop a budget and approximately 50% opened a savings account. Total savings=$500,000

25 of NEW’s resident families purchased homes with an average price of $360,00 with $860,313 in buyer’s assistance

new economics for women2


585 individuals educated on homeownership

10 Community families kept their homes and received loan modifications,38 community families have workout options

NEW housed 10 families who left their homes due to foreclosure

immigrant asset initiative
Immigrant Asset Initiative

Conducting survey on how Latino immigrant families view money by sub groups

Creating an immigrant asset tool kit

new economics for women3

Maggie Cervantes, Executive Director

For more information visit: