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Our nation's asset-building policies have traditionally favored higher-income households through tax incentives and savings accounts such as IRAs and 401(k)s. But policies aimed at helping low-income Americans have solely focused on their income. That has left millions of families without the economic security needed to move into the middle-class and ensure a strong start for future generations.
A growing number of researchers, academics and advocates are charting a new course to ensure Americans of all income levels enjoy the security and benefits that come with owning assets. The materials on this website provide a snapshot of the latest thinking, research and advocacy around the notion of asset-building.
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"The Family Self-Sufficiency Program: A Promising, Low-cost Vehicle to Promote Savings and Asset Building for Recipients of Federal Housing Assistance" (Reid Cramer and Jeff Lubell: February 2005)
Report highlights the value of the Family Self Sufficiency (FSS) Program as an asset building vehicle and identifies ways in which it can be improved. FSS offers a range of workforce and other supports to families receiving Section 8 vouchers. As participants' earnings increase, corresponding increases in Section 8 rents are captured in escrow accounts that can later be used towards the down payment on a home. HUD places no limits on the number of families that can take part in FSS. Because little effort is made to promote the program or facilitate coordination between different levels of government, however, the program is largely under used.
"Section 529 Savings Plans, Access to Post-Secondary Education and Universal Asset Building" (Margaret Clancy, Reid Cramer, and Leslie Parrish: February 2005)
Piece by the New America Foundation and the Center for Social Development highlights the incentives to save for higher education created by Section 529 of the tax code, and who benefits from the code as it is currently written. Points towards the need to modify Section 529 of tax code to expand savings incentives to those at all levels of income.
"Policy Options for Achieving an Owernship Society for All Americans" (Margaret Clancy, Reid Cramer, and Leslie Parrish: February 2005)
The New America Foundation outlines eleven major policy strategies for increasing asset ownership among all Americans.
"Improving the Saver's Credit" (Brookings Institution: July 2004)
Policy brief argues the need for a permanent, refundable saver's credit to offer greater help to America's low- and middle-income working families.
"Federal Assets Policy Report and Outlook 2004" (New America Foundation: February 2004)
An annual report summarizing and assessing federal assets policy efforts from last year, in the President's new budget, and for the coming session of Congress. Identifies almost $320 billion in resources related to asset building related to asset building included in the Bush administration's 2005 budget. The majority of these resources, $302 billion, are tax expenditures, and almost $17 billion of discretionary spending is proposed.
"Federal Policy and Asset Building" (Ray Boshara: January 2004)
A summary of curent federal asset-building policies. Report offers principles and guidelines for designing and advancing more ambitious policies to build assets.
"Spendthrift Nation" (Michael Calabrese and Maya MacGuineas: February 2003)
Atlantic Monthly article warns that an economy based primarily on debt-financed consumer spending cannot survive without a policy investment in savings for all Americans. Proposes Universal Retirement Accounts and federally-matched individual accounts for Social Security.
"Building Assets, Building Credit: A Symposium on Improving Financial Services in Low-Income Communities" (Joint Center for Housing Studies: November 2003)
Building Assets, Building Credit was a symposium sponsored by the Ford Foundation, Freddie Mac and the Neighborhood Reinvestment Corporation, which focused on financial services as a gateway to homeownership and asset building. Web site includes twenty-two papers presented for discussion at the conference in addition to information on participants and conference proceedings.
"Asset Building and the Escape from Poverty: A New Welfare Policy Debate" (Organization for Economic Cooperation and Development: 2003)
Presents the theory behind the strategy of reducing poverty through building assets and details relevant policies and practices from around the world.
"Assets and Neighborhoods: The Role of Individual Assets in Neighborhood Revitalization" (Rachel N. Weber and Janet L. Smith: 2003)
Fannie Mae Foundation paper describes the benefits to low-income communities associated with IDA's and other individual-level asset building strategies, and examines strategies to increase these assets.
"Asset Building Policy as a Response to Wealth Inequality: Drawing Implications from the Homestead Act" (Trina Williams: 2003)
Using the Homestead Act of 1862 as a case study, Williams examines the effect of federal policy to increase asset ownership across the population. Article focuses on the intergenerational impact of this policy, and the relevance of the Homestead Act to today's asset building policy debates.
"State Asset Development Report Card: Benchmarking Asset Development in Fighting Poverty" (CFED: 2002)
Report details the differences in asset ownership among populations of different states. Examines asset disparities for women and people of color and identifies the portion of state residents who are "asset poor."
Assetbuilding.org (New America Foundation)
The New America Foundation's comprehensive resource for ideas, policies and programs to broaden asset ownership. Features information on events, research, policies and data sources that relate to asset building.
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"Individual Development Accounts: Policies to Build Assets and Savings for the Poor" (Ray Boshara: March 2005)
Brookings Institution policy brief summarizes recent findings on the effectiveness of IDA programs in increasing assets among the poor and makes policy recommendations. Suggests that, despite their effectiveness in building assets among the poor, IDAs do not necessarily increase net worth. Many low-income individuals use IDAs as checking and savings accounts, as well as a means to build wealth, suggesting the need for savings products that target this population.
"Individual Development Accounts: An Endangered Wealth Building Strategy" (Federal Reserve Bank of Cleveland: January 2005)
Reports on the successes of local IDA programs, and highlights insufficient public funding and unmet demand as indications of the model's limitations. Points towards federal proposals such as the ASPIRE Act as long term strategies for widespread wealth creation.
"Integrating Savings into Microenterprise Programs for the Poor: Do Institutions Matter?" (Fred M. Ssewamala and Micheale Shereraden: 2004)
Working paper examines the effectiveness of microenterprise models that feature IDA accounts in stimulating savings among the poor, and suggests policy implications.
"Savings Outcomes of Older Adults Participating in IDAs: Findings from the American Dream Demonstration" (CSD: October 2004)
CSD finds that though older IDA participants had better savings outcomes than their younger counterparts, other factors also helped to shape program outcomes.
"IDA Field Strategy Options Paper" (CFED: September 2004)
This CFED working paper outlines many of the needs of the IDA field, emphasizes some key components of current services, draws attention to known gaps and looks at two options for creating a long-term support strategy for the field of IDA practitioners.
"IDAs and Public Assistance Asset Limits: What States Can Do to Remove Penalties for Saving" (CFED & CSD: September 2004)
Policy brief illustrates ways states can facilitate savings among IDA-program participants and other low-income households without jeopardizing their eligibility for public benefits.
"Evaluation of the American Dream Demonstration: Final Evaluation Report" (Abt Associates: August 2004)
Final program evaluation for the American Dream Demonstration, which has been described as the first systematic effort to measure the effect of IDAs on patterns of savings and asset ownership.
"IDA State Policy Brief: Promoting Asset Building through The Earned Income Tax Credit" (CFED: June 2004)
Policy brief provides an overview of the Earned Income Tax Credit (EITC) and describes ways states can use this credit to increase participation in asset building initiatives.
State IDA Policy Profiles (Center for Social Development: updating)
A page for each of the fifty states, which includes online links to IDA legislation and program rules, contacts, state-level program information, and state IDA legislative history.
"Recommendations from the Field: Individual Development Accounts as Part of a Universal Asset-Building System" (Robert Zdenek and Beverly Stein: 2003)
Argument and five key recommendations for taking IDAs to scale, based on interviews with state-level program practitioners and policy advocates.
"Savings Outcomes of Single Mothers in Individual Development Accounts" (Min Zhan: 2003)
Given the growing number of woman-led families and the number that live in poverty, Zhan investigates the efficacy of Individual Development Accounts (IDAs) in encouraging savings among this population and makes policy recommendations.
"Savings Performance in the American Dream Demonstration" (Center for Social Development: October 2002) Findings from the first systematic study of IDA programs. The study finds that IDAs can be successful in helping the poor save and accumulate assets adn outlines participant data such as average monthly deposits and savings outcomes.
"Building Assets: A Report on the Asset-Development and IDA Field"
(Ray Boshara, CFED: 2001)
A compilation of the theory, rationale, research, policy, and practice that makes up the asset-development and IDA field.
"IDA State Policy Guide: Advancing Public Policies in Support of Individual Development Accounts"
(CFED: 2001)
A "how-to" guide for developing IDA policies at the state level. Includes successful legislative strategies at the state level, IDA bill language, state and federal policy trends, and other resources.
"From Research to Policy: Lessons from Individual Development Accounts" (Michael Sherraden, CSD: 2000) Narrative of how the idea of low-income asset-building came into being, into the public debate, and finally, into policy.
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"KIDS Accounts: A Platform for Financial Security"
(The Aspen Institute: February 2005)
Summarizes roundtable discussion on proposed legislation that would provide universal children's accounts, which featured Representative Tom Petri (R-WI) and Senator Jon Corzine (D-NJ) in conjunction with business leaders.
"Providing Genuine Equality of Opportunity: The Case for Puerto Rican Stakeholder Accounts"
(Center for the New Economy/Centro Para La Neuva Economia: August 2004)
Policy brief outlining the rationale and proposing details for universal accounts at birth for Puerto Ricans. Also compares the key elements of the UK Child Trust Fund, the New America Foundation's accounts proposal, the proposals of Yale Law professors Ackerman and Alstott, and the U.S. Senate bill for KIDS accounts, S.2751.
"The Child Trust Fund: A Universal Long-Term Savings Policy"
(The Aspen Institute Initiative on Financial Security: June 2004)
Issue brief describing the United Kingdom's Child Trust Funds -- a bold universal savings plan offered to every child born after September 2002. Reports on the policy and politics of the policy development and implementation, and offers recommendations for similar policies in the U.S.
"American Stakeholder Accounts" (Ray Boshara, New America Foundation: 2003)
Issue brief outlining proposal for American Stakeholder Accounts to be established for every child born in America. Such a plan would be a "Homestead Act for the 21st Century," helping all Americans build assets for post-secondary education, homeownership, retirement, and other investments.
"Detailed Proposals for the Child Trust Fund" (HM Treasury, United Kingdom: 2003)
A detailed plan for the implementation and operation of the United Kingdom's new Child Trust Fund program, which will provide an account for every child at birth. The document includes information on who will qualify for different amounts, account features, and the role of financial institutions, financial education, and consumer protections.
"Children's Development Accounts: the Oregon Story" (Beverly Stein, Robert Freedman, CSD: 2003)
Describes Oregon's Children's Development Accounts legislation, which passed in 1991 and 1993 but was never implemented. The authors describe the circumstances and events that led up to the passage, the results in Oregon from the legislation being passed, and some lessons learned that could be applied to future attempts to pass and implement Children's Development Accounts at the state level.
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"Washington, D.C.'s First-Time Home-Buyer Tax Credit: An Assessment of the Program"
(Zhong Yi Tong: March 2005)
The Fannie Mae Foundation presents an analysis of this unique federal policy intervention, which offers income tax credits of up to $5,000 for low- to middle-income families and individuals purchasing their first homes in Washington, D.C. From 1997 to 2001, over 21,000 households filed for claims totaling roughly $76 million. Program participants made up 77% of all D.C. homebuyers during this period.
"Credit, Capital and Communities: The Implications of the Changing Mortgage Banking Industry for Community-Based Organizations" (Joint Center for Housing Studies at Harvard University: 2004)
Despite the expansion of lending to previously underserved communities, the changing structure of the mortgage industry poses a set of challenging public policy problems. Addresses what community-based organizations can, have, and should do to keep their advocacy and services in line with the rapidly changing industry and lending practices.
"Whose 'Ownership Society'?" (Martha Paskoff Welsh: November 2004)
The Century Foundation's Paskoff Welsh comments on proposed changes by the Federal Deposit Insurance Corporation (FDIC) that would increase the minimum asset level of banks regulated by the Community Reinvestment Act (CRA), and the impact such changes would have on Hispanics and African Americans.
"Housing and Wealth Accumulation: Intergenerational Impacts" (Thomas P. Boehm and Alan M. Schlottmann: October 2001)
Report by the Joint Center for Housing Studies describes the impact of housing wealth across generations. Finds that children of homeowners are more likely to achieve high levels of education and income, and that these results lead to greater levels of housing and nonhousing wealth among children of homeowners over time.
"Examining Supply-Side Constraints on Low-Income Home Ownership"
(Joint Center for Housing Studies at Harvard University: August 2001)
While many point towards financial or information barriers that can limit homeownership among low-income individuals, this study focuses on the limitations of supply-side factors such as increasing home prices and housing tenure on low-income homeownership.
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"Financial Education in Latino Communities: An Analysis of Programs, Products and Results/Effects" (National Council of La Raza: December 2004)
Report assesses the most effective financial education programs and products for engaging Latinos in the financial services sector as part of a larger strategy for building economic security within this population. Offers recommendations for improving financial education opportunities for Latinos, using community-based approaches.
"Financial Education in Native Communities: A Briefing Paper" (CFED and the First Nations Development Institute: June 2003)
Paper outlines the unique financial education and resource needs of today's Native American communities. Examines strategies currently used by tribes and other organizations to promote financial literacy and describes goals and objectives for future work.
"Annotated Bibliography for Financial Fitness Education"
(NeighborWorks: 2002)
This guide to financial education resources was created as part of the NeighborWorks Campaign for Homeownership. Includes general financial education curricula in addition to those developed specifically for homeownership and entrepreneurship programs. Guide also features program start up guides, information on useful web sites, and other resources.
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"Growing the Middle Class: Connecting All Miami-Dade Residents to Economic Opportunity"
(Brookings Institution Center on Urban and Metropolitan Policy: 2005)
Paper describes the challenges posed to growing Miami's middle class by low levels of educational attainment and a low-wage regional economy. Together these factors lead Miami to export middle-class residents. The authors suggest that attracting, retaining and building a more skilled and educated workforce Miami-Dade will be able to realize shared prosperity and new levels of regional competitiveness.
"Millions to the Middle" (Demos: 2004)
An in-depth report (44 pages) on the economic opportunity and mobility challenges apparent in America's New Economy. It includes historical background, public opinion analysis, and detailed treatments of our major policy proposals around education, income, debt and assets.
"Opportunity 2004" (Demos: 2004)
A short briefing memo for candidates, pollsters, advocates and opinion leaders, which includes an overview memo with messaging and framing, as well as four stand-alone policy briefs summarizing our major policy proposals around education, income, debt and assets.
TheMiddleClass.org (Drum Major Institute)
A project of the Drum Major Institute, TheMiddleClass.org is a clearinghouse for information about the issues and concerns facing today's middle class. The site contains tools for those who make, influence and monitor public policy.
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Organizational Links
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