Stay Informed!

By Sean Luechtefeld on 07/21/2010 @ 04:30 PM

Tags: Innovation, Innovators, Matched Savings

The innovation blog has been quiet over the past week as I’ve been away on vacation. Today I’m back, which means you don’t have to wait any longer for our latest innovation update. This week’s update comes from Innovator-in-Residence Dennis Campa. Dennis was selected to be part of the innovation@cfed platform in 2009 and is working to develop savings products for low-income individuals in the San Antonio area.

Since his selection in 2009 as CFED’s Friedman Fellow Innovator-in-Residence, Dennis has brokered an agreement with the San Antonio AARP chapter, WellMed Charitable Foundation, the city of San Antonio’s Office of Financial Empowerment, Project QUEST and the Annie E. Casey Foundation’s Making Connections initiative to create a matched savings program for AARP students enrolled in WellMed’s Certified Medical Assistant training program. This agreement will use AARP Foundation funds, federal IDA funds, and Casey funds to provide a $4 to $1 match for the portion of the students’ stipends that will be saved in the account. Their IDA will pay for their training, leaving them debt-free. WellMed has committed to hiring their graduates, paying the city’s $10.75 per hour living wage (for non-durable goods jobs), plus full benefits. Project QUEST, a Harvard Innovations winner, will provide the case management and training supports for the students. In addition to the creation of this matched savings program, Dennis secured the endorsement of the local Citibank Vice President in San Antonio to expand the Cribs to College children’s savings program to a new cohort. It will be financed through the Annie E. Casey Foundation’s Making Connections program, Citibank, and other local donors.

Dennis has also conferred with the Mayor’s Office on using direct deposit as a cost efficiency measure in the upcoming FY 2011 budget process. Given that the city of San Francisco estimates that it costs the city $1.75 for every payroll check that is issued and that the city of Houston has gone to mandatory direct deposit, Dennis will be reviewing Houston’s cost efficiencies created by this measure for the San Antonio Mayor’s office.

Lastly, Dennis has been invited by the Department of Health and Human Services’ (HHS) Administration for Children and Families (ACF) to serve on their committee of experts. This committee will consider the challenges and opportunities for low-income families, especially those involved in Head Start and Child Welfare, in building assets.

Thanks for the update, Dennis! Have a question for Dennis? Use the comments section below to post it!

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