Mission Asset Fund:

1

• Mission Asset Fund
• A comprehensive approach to asset building in an
  immigrant community
• NALCAB National Conference, San Francisco,
  California
• September 4, 2008

2
About MAF

• The Mission Asset Fund is the first
  neighborhood-based, community-led, asset-building
  organization in the country
• Our mission is to expand access to financial
  services, savings and investment opportunities
  for residents of the Mission District to build a
  more secure economic future for themselves, their
  families and their community

3
The Mission District

• The Mission is a vibrant working-class community
  with a long history as a gateway for new
  immigrants rich in social networks, active civic
  engagement, and strong nonprofit leadership.
• The 1.5 square mile neighborhood is densely
  populated with over 60,000 residents, including
  50 percent Latino and 11 percent Asian/Pacific
  Islander households.
• Nearly one-half of Mission residents are Spanish
  speakers and more than one-in-three speak only
  Spanish.
• Forty-five percent of Mission residents are
  foreign-born.

4
Forging a Community Partnership

• Levi Strauss Co. sold their factory on Valencia
  St.
• 1 million commitment to Levi Strauss Foundation
  for Mission community development project
• MAF committee formed community leaders and LSF
  senior staff
• Committee held community forums to explore how
  funds could be used to support residents

5
Community Engagement
6
MAF Framework
Continuum of Asset-Building Opportunities
Economic Security
Residents
Access to Financial Services
Savings Opportunities
Investment Opportunities
Asset Preservation
7
Key Strategies
Mission District Community
MAF Board
Mission Asset Fund
Convener MAF will convene diverse groups of
Mission stakeholders in an ongoing dialogue about
asset-building gaps and opportunities
Connector MAF will connect residents to existing
and emerging asset-building opportunities and
knowledge
Catalyst MAF will catalyze new and innovative
asset-building products, services, programs,
policies and resources to expand asset-building
opportunities.

• Community Engagement
• Mission Asset Alliance

• Financial Coaching
• Promotoras

• IDAs
• Community Investment
• Technical Assistance
• Policy Analysis

8
Resource Partnerships
Banks Bank of the West Citibank United Commercial
Bank Washington Mutual
Public Sector Mayor County Supervisors City
Treasurer Mayors Office of Community Development
9
Mission Asset Fund Governance
July 2007
September 2009
Cross-Organizational Collaboration
Community Control Accountability
Establish and grow MAF membership
Elected by Members Majority Residents Appointed
Experts
10
in video
11
Why dont we own our community?

• Nationally, for every 1 dollar in assets held by
  a white household, a Latino household only has
  13.2 cents
• 45 percent of all Latinos are under-banked,
  meaning they do not have a savings or checking
  account same is true for half of all Latino
  adults in the Mission
• 22 percent of all Latinos dont have a credit
  history same is true for 44 percent of all
  households in the Mission
• The number of pawnshops, check-cashers and payday
  lenders (22) is almost twice the number of bank
  branches (12) in the neighborhood

12
Asset-building programs that fit the realities of
Mission residents

• Matched Savings Accounts (IDAs)
• Accessible to individuals in low-income
  households earning up to 80 of AMI
• 12 match towards the following goals
• Homeownership
• Small business
• Education/training
• 11 match to help remove barriers to
  asset-building, particularly towards the
  following goals
• Citizenship fees
• Penalties associated with adjusting immigration
  status
• Retirement savings

13
Creating culturally-relevant financial products

• Cestas Populares
• Cestas or Tandas traditionally function as
  rotating, interest free, credit associations
  they are voluntarily formed by a group of
  participants who agree to make regular
  contributions to a fund, which is distributed in
  whole or in part to each contributor in rotation
• Cestas Populares will recognize this informal
  financial activity and report it to credit
  agencies to help participants create and build
  mainstream credit scores
• Provide wrap-around financial education services
  and information to help cesta members transition
  to the financial mainstream

14
Creating culturally-relevant financial services

• Financial Coaching
• Help clients understand and access financial
  products and services and to develop long-term
  financial plans
• Promotoras
• Train and support peer organizers to connect
  residents to asset-building opportunities
• Cooperativas
• Provide technical assistance, education and
  support to worker-owned business and housing
  co-ops

15
Take Away Messages

• Asset-building programs and policies work for
  Latino, immigrant communities
• MAF is creating culturally-relevant financial
  products to help bridge the path into the
  financial mainstream
• MAFs culturally-relevant products are viable
  alternatives to predatory lenders

16

Contact Information

• José Quiñonez, Executive Director Merle
  Lawrence, Senior Manager
• Mission Asset Fund Worldwide Community
  Corporate Citizenship Dept.
• 1500 South Van Ness Ave 200 Levi Strauss
  Co./Levi Strauss Foundation
• San Francisco, CA 94110 1155 Battery Street
  LS/5
• www.missionassetfund.org San Francisco, CA
  94111
• www.fondopopular.org www.levistrauss.com