Dear Friend:
Happy Financial Literacy Month! Our Financial Opportunity Centers (FOCs) are career and financial coaching service centers that help low- to moderate-income people build smart money habits and focus on the financial bottom line.
In that spirit, we’re proud to announce our new partnership with Casa Familiar, a community development agency based in San Ysidro that serves thousands of South County residents.
In coming months, we will partner with Casa Familiar to provide such services as employment and career counseling, one-on-one financial coaching, as well as access to low-cost financial products that help build credit, savings and assets.
Please join us in welcoming Casa Familiar to the LISC San Diego family.
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Ricardo Flores
Executive Director
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April is Financial Literacy Month
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LISC and our partners operating Financial Opportunity Centers celebrate financial literacy year-round. In 2018 LISC FOCs provided one-on-one personalized financial coaching to 275 San Diegans. This year we’re looking to do even more.
The Federal Reserve’s 2018 Survey of Household Economics and Decisionmaking revealed that roughly 4 out of 10 American adults could not have paid for an unexpected $400 expense with their cash savings. Worse, 1 out of 10 could not come up with $400 at all — not from family, credit cards, or even predatory lenders. For context, the average car repair bill is between $500 and $600, and the median cost of a major unexpected medical bill is about $1,200.
That’s why we’re bringing LISC Twin Accounts to San Diego. LISC’s Twin Accounts is an innovative financial product that combines the incentives provided in an Individual Development Account (IDA) with credit building to achieve a high level of impact on an individual’s financial bottom line. By the end of the twelve month program, participants will have saved $300, earned a match on every on time payment to double their savings to $600, and increased their FICO and average of 60 points.
To learn more about LISC Twin Accounts, Financial Opportunity Centers, and our suite of financial capability tools, please contact Bryndan Stueve at bstueve@lisc.org.
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LISC San Diego is providing a $5MM loan for Wakeland Housing and Development Corporation from its Neighborhood Catalyst Affordable Housing Fund. This loan finances the first phase of the acquisition and eventual redevelopment of 4 vacant and underutilized sites as permanent affordable housing in the central San Diego neighborhood of City Heights. LISC and Wakeland's investment in the project was made possible by the support of the Catalyst Fund's investors - chief among them US Bank. Together this partnership will create over 100 low and moderate income families cited along the neighborhood's new repaid transit lines.
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LISC, in partnership with Chase NMTC is financing the creation of a new 28,320 square-feet charter school serving low to moderate income students in Southeastern San Diego. The KIPP Adelante Preparatory Academy ("KAPA") was founded in 2003 and currently serves 315 students in 5th-8th grade, with 95% Free & Reduced Lunch population and a 50% English Language Learners population. This new facility will allow KAPA to serve an additional 150 students.
The $14.5 million loan will fund the creation of the new facility, which will be located closer to the homes of its existing student population and will be an improvement over their current office space configuration. The ground up construction will include 22 classrooms including specialty classrooms for art and music, a cafeteria, teacher collaboration and admin offices, a KIPP through College office and an athletic field.
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Left: Rendering of Project
Right: Recent Progress
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On the evening of April 23rd, 700 partners, colleagues and allies gathered to officially mark LISC's 40th anniversary at a gala celebration in New York City. Special guests and speakers included New Jersey Governor Phil Murphy, St. Paul Mayor Melvin Carter, former Vice President Walter Mondale, former HUD Secretary Henry Cisneros, and former Secretary of Health and Human Services Sylvia Mathews Burwell. And of course, our 20-year board chair, former US Treasury Secretary Robert E. Rubin, the evening's distinguished honoree.
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Read on for a recap of the event and to watch our 40th anniversary videos.
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The Power of Partnerships: 2018 Annual Report
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From the unprecedented $1.5 billion we invested last year, to our burgeoning collaborations with sectors ranging from tech and healthcare to sports and local government, the LISC 2018 Annual report is chock full of good news, good numbers and good ideas.
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National Service Recognition Day
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On National Service Recognition Day, thousands of local leaders take time to honor AmeriCorps members by participating in recognition events, issuing official proclamations, and taking to social media in a nationwide show of appreciation.
Thank you to County Supervisor Nathan Fletcher for proclaiming April 2, 2019 as National Service Recognition Day in the County of San Diego.
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LISC AmeriCorps Leadership Program
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Local Advisory Committee member, Gordon Boerner from U.S. Bank joined us at our April monthly meeting hosted by Outside the Lens to give members a training on civic engagement to help improve their leadership development skills.
Thank you Gordon!
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Heather Garcia
Supervisor
Casa Familiar
The way Heather Garcia views her life’s work, there are two constants: Helping those who need her guidance and expertise in basic financial matters, and rooting for the Padres.
A self-described “preacher’s kid” who has been with Casa Familiar for about 18 months, Garcia has so far helped some 500 clients improve their financial standing, with the goals of increased savings, lower debt and higher credit scores.
LISC San Diego recently designated Casa Familiar, based in San Ysidro, as one of its Financial Opportunity Centers, part of LISC National’s FOC network. Soft-launching in May, Casa Familiar’s FOC will provide employment and career services, financial coaching and education, and low-cost financial products that build credit, savings and assets.
Fluent in English, Spanish and Italian (thanks to a college year she spent in Florence), Garcia earned a BA degree in history from Pacific Union College in Napa Valley. Prior to joining Casa Familiar, she worked as a staffer for several elected officials, in the Coachella Valley and San Diego County.
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