Our objectives are:

To support a state-wide asset development system that allows the working poor and low-wealth people access to asset building programs

To work together to develop performance standards that result in strong and effective programs across the state

To connect with community development practitioners, and state and national leaders to share best practices in asset development
 

Our work includes:

Asset Development education and coordination. MIDAS led a group of non-profit organizations and institutions in promoting the formation of an Asset Development Commission. The Commission, made up of public and private stakeholders in community development, will coordinate asset development efforts and make recommendations to establish a comprehensive asset development system in Massachusetts.  Click the links to see a summary of the Commission and the full language of the law. A link to the Massachusetts Asset Development Commission's website is here.

Promoting financial security statewide through the 2007-2008 Assets and Opportunity Scorecard. Midas is partnering with CFED to champion asset-building policy in Massachusetts through the 2007-2008 Assets and Opportunity Scorecard released by CFED on 9/12/07.  The Scorecard contains evidence that even profound and enduring ownership patterns can change and change fast.  Yet, the most important message of the 2007-2008 Scorecard, like its two predecessors, is the disparity in asset ownership – and, consequently, economic opportunity—among states, and by race, gender and income. Massachusetts findings show that we rank highest in the nation in asset wealth, yet second worst in asset equality by race. This knowledge guides us as we work to expand opportunities in Massachusetts to build and retain assets that increase long-term financial security.

Technical assistance and mentoring in asset development programs

Research, coordination, and training in financial education for members and partners in community development. Our most recent report, published by the Massachusetts Community and Banking Council, provides a framework for building an effective financial education program. Our financial education website, MassSaves.org  provides training coordination and resources for trainers and consumers throughout the state.

Expanded access to IDAs. We are expanding to provide back-office fiscal services to community-based IDA programs in Massachusetts. The following programs are underway with MIDAS providing these services:

• Funding Futures, the largest IDA program in Massachusetts, was launched in Greater Boston in 2006 by Midas, in partnership with The United Way of Massachusetts Bay, the US Dept of Health and Human Services, Assets for Independence Program (AFI), Massachusetts Department of Transitional Assistance, Massachusetts Department of Housing and Community Development (DHCD), and Citizens Bank. Community Partner Organizations in this program are: Action for Boston Community Development, Allston Brighton CDC, Chelsea Neighborhood Developers, DotWell Civic Institute, Dorchester Bay EDC, Jewish Vocational Services, Madison Park Development Corporation, and One Family Scholars.
• The Small Cities IDA Program, was launched in 2007 in Holyoke, Lawrence, and Beverly in the same configuration, with funding from the US Dept of HHS/AFIA, the Massachusetts Department of Housing and Community Development (DHCD), and private contributors.  The Community Partner Organizations are Beverly Bootstraps, Lawrence Community Works, and Solutions CDC in Holyoke.
• The IDA Innovations Program is starting in 2008, with funding from US Dept HHS, Massachusetts DHCD, Consumer Value Stores (CVS), the Massachusetts Cultural Council, and other contributors.  There are five Community Partner Organizations in this innovative IDA program which includes a) moving investors directly from Boston Public Housing into CDC-developed homeownership units through Madison Park Development Corp, b) an artist-IDA program in partnership with Massachusetts Museum of Contemporary Art, c) and an employee based IDA in partnership with Jewish Vocational Services and CVS Stores. Additional community partners in this project are Action for Boston Community Development and Chelsea Neighborhood Developers.