ASSET BUILDING PROGRAMS
Communities need stable and affordable homes for rent and they also need financial skills and resources to make long-term economic progress. CCRH has made it an organizational commitment to provide support in this field to our non-profit affordable housing developer members and their residents.
OUR IDA PROGRAM IS CURRENTLY CLOSED TO THE PUBLIC AND NO LONGER ACCEPTING APPLICANTS.
NNS (National Neighbors Silver) Program & Age-Friendly Banking:
Increasingly, elderly residents of CCRH-member organization rental properties have experienced financial problems and exploitation, leading to CCRH’s involvement in National Neighbors Silver (NNS).
CCRH’s NNS program has three main goals:
1. Education of older adults on financial literacy, predatory lending, and elder abuse.
2. Training of older-adult ambassadors to educate other older adults.
3. Creation of an organizing network of older adults.
The program promotes the financial empowerment of older adults living in affordable rental housing through financial education and a deeper understanding of programs, policies, and practices concerning their financial security.
In partnership with the Elder Financial Protection Network, CCRH offers nonprofit affordable housing developer properties specialized Financial Literacy workshops. See sample flyer here: Sample Elder Financial Abuse Prevention Workshop Flyer
By 2030, one in five U.S. residents will be over the age of 65. In anticipation of this “silver tsunami”, financial institutions and community organizations across the country are partnering to develop age-friendly banking products and services that better protect and preserve the assets of an aging population.
This study, published by the Federal Reserve Bank of San Francisco (FRBSF) in early 2015, examines the unique financial needs of low-income older adults. Entitled What Can We Do To Help? Adopting Age-Friendly Banking to Improve Financial Well-Being for Older Adults, CCRH partnered with the National Community Reinvestment Coalition (NCRC) to conduct this intensive study of over 400 low-income tenants living in subsidized senior housing.
The study concluded that lower-income older adults desire the following six services from their financial intuitions:
1.Low-cost, low-fee checking accounts;
2. Low-interest lending and credit products;
3. Assistance accessing public benefits;
4. Help avoiding financial abuse and fraud;
5. In-person customer service;
6. Early-intervention retirement planning.
Based on these findings and examples from the field, CCRH and NCRC recommend that banks develop more affordable banking products for seniors on fixed-incomes, assist customers in applying for public benefits, proactively address financial abuse and fraud, and provide in-person customer service and better early retirement planning.