This grant provides partial support to Philanthropy New York to manage the Asset Funders Network. The network was created in 2005 to build a community of grantmakers committed to asset-building issues. Its ultimate goal is to increase both the amount and the impact of philanthropic funding on asset-building activities. Activities planned for the two-year renewal grant period include organizing in-person meetings and conferences, hosting a monthly webinar series, and supporting the development of regional networks. Since its inception in 2005, the network has established a stable steering committee structure and grown a base of eight contributing members and nearly one hundred active participants.

The New America Foundation's Asset Building Program seeks to broaden the ownership of assets in America, especially among low- and moderate-income households, thereby providing all Americans with increased financial security as well as a direct stake in the success of our economy. To achieve this goal, the program works in four areas: policy research, policymaker education, communications, and policy development. With support from the Mott Foundation, the New America Foundation will continue to: 1) develop and articulate a policy agenda focused on enabling more people to save, accumulate resources, and protect their assets throughout the life course; 2) elevate a public discourse around the wide array of ideas, policies, and programs, which promote asset building, savings, and the wealth creation process; and 3) advance policymakers understanding and leadership of asset-building policies.

This grant will support the efforts of the Community Economic Development Association of Michigan to promote the development and sustainability of state and federal programs and policies that expand asset-building incentives and opportunities for low- and moderate-income families. Objectives for the two-year grant period include: 1) engaging new stakeholders to further asset-building goals; 2) educating policymakers about asset-building strategies and goals; and 3) working in each department within state government as it considers the programming implications that asset-building policy has for its investments and outcomes. The grantee is a Lansing-based nonprofit member organization dedicated to rebuilding neighborhoods and revitalizing communities throughout Michigan. This is one of nine grants aimed at building the capacity of state asset-building coalitions to effectively promote the development of state asset policies.

This grant enables the Corporation for Enterprise Development to develop and promote state and federal asset-building policies for lower-income Americans. Given the tremendous bi-partisan support for Individual Development Accounts, primary importance will be placed on translating that support into a federal policy capable of financing and delivering these accounts at scale over the long-term. To realize this goal, the corporation will engage in a series of complementary activities, including policy development, policymaker education, coalition building, strategic communications, research, and technical assistance and training. An Individual Development Account is a matched savings account for lower-income Americans that can be used for high return investments such as buying a first home, attending college, or starting a small business. The Corporation for Enterprise Development, an economic development intermediary, is a key national leader in the asset-building movement.