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Author: Mallory
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MEMPHIS, TN — Today, the Black Clergy Collaborative of Memphis (BCCM) and Hope Credit Union (HOPE) announced the launch of a partnership to provide alternatives to high cost, predatory loans and access to a full range of financial products and services to advance economic mobility among Memphis residents. Through the partnership, the two organizations will increase opportunities to build credit and wealth and access to financial resources in case of emergencies.
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Dear Friends:
As the pandemic rages on, states in the Deep South languish near the bottom of the nation with the highest rates of COVID cases per capita. As with so many indicators of distress in this region, these statistics represent a convergence of politics and race. Households of color, particularly Black households, remain disproportionately affected by the health and economic effects of the virus, exacerbated by the slow and uneven implementation of government recovery programs, as federal protections to buttress families against the shocks of the crisis expire.
Against this familiar backdrop, our work continues.
During the second quarter, HOPE made more than 2,000 loans to help stabilize and strengthen struggling families, small businesses and homeowners, and otherwise support people and communities facing unprecedented levels of economic distress. We then took the stories and data from this work to engage policymakers, banks and others to advocate for a more urgent and equitable recovery, anchored in closing longstanding racial, gender and geographic opportunity gaps.
This impactful work is fueled by the steadfast commitment of longtime supporters who continue to invest time, treasure and commitment in collaboration with HOPE to forge a more inclusive economy, and by an inspiring growth in the number and diversity of individual, corporate, foundation and community allies.
Thanks to all who make our efforts possible. Join us by visiting https://hopecu.org/support-our-work/, or by emailing me at transform@hopecu.org.
In partnership,
Bill Bynum, CEO, HOPE
Going Farther with HOPE
HOPE member Mr. Antoine Anderson reached out to HOPE in New Orleans shortly after his part-time job was eliminated due to the economic effects of COVID-19. As a person with a disability and working part-time, the loss of income could not have occurred at a worse time. Both his refrigerator and stove broke down and needed to be replaced. Initially, he approached a high cost lender and was approved for a predatory loan; however, HOPE offered a much more attractive alternative. Members affected by the pandemic could borrow $1,000 with a 2% interest rate to navigate the associated challenges. After receiving the funds for the new refrigerator and stove, Mr. Anderson shared “HOPE got me back up and running.”
Creating New Memories
Brittany Thomas, a Unit Program Coordinator for the U.S. National Guard in Montgomery, Alabama, was actively looking for a home for herself and her 4 year old son. At the time, Ms. Thomas was living with her parents to save money for a down payment. When out looking for a home, her realtor referred her to HOPE. While the friendliness of the HOPE staff motivated her to join the credit union, it was the assistance HOPE provided along the way that helped her achieve her goal of becoming a homeowner before her son’s next birthday. Now with a bedroom for her son, a kitchen to bake in and a yard to play games, Ms. Thomas reflected “Anything that is worth having is worth fighting for… and my home is definitely worth it.”
Pettagrue Joins HOPE’s Alabama Team
Brandon Pettagrue has joined HOPE as Senior Vice President of Community and Economic Development in Alabama. In this role, he will oversee efforts to support community facility, commercial real estate and other high impact projects, in collaboration with municipal governments, HBCUs, CDFIs and other anchor partners. Brandon will lead HOPE’s effort to leverage resources such as New Markets Tax Credits, Opportunity Zones, and other programs that bolster jobs and infrastructure in underserved communities. Brandon formerly served as Director of Capital Access for the Birmingham Business Resource Center, and brings nearly two decades of domestic and international banking experience to HOPE, including work with private equity in the Americas and in microfinance in Kenya.
HOPE Featured on Goldman Sachs Talks
In July, Asahi Pompey, Global Head of Corporate Engagement and President of the Goldman Sachs Foundation, interviewed HOPE CEO Bill Bynum on Talks at GS about HOPE’s work to promote economic opportunity in the Deep South. Through Talks at GS, Goldman Sachs convenes leading thinkers to share insights and ideas shaping the world. Past speakers include Antonio Guterres, United Nations Secretary General, Mary Barra, CEO, General Motors and the late Congressman John Lewis.
The Bank of Itta Bena
Published in the July / August edition of the Carolina Alumni Review, the Bank of Itta Bena chronicles the career of HOPE CEO, Bill Bynum, the evolution of HOPE and the guiding principles shaping its work in a comprehensive and compelling way.
HOPE continues to draw on the experiences of our members to inform policies and practices that affect the people and places we serve. Highlights from this work are summarized below.
Keeping People Housed
Thousands of people across the Deep South face displacement from their homes, under either the threat of eviction or foreclosure. The consequences of this looming crisis will have far reaching effects on the racial wealth gap for years to come. Importantly, solutions exist – including nearly $2 billion in rental and mortgage relief, as well as federal legal protections. However, these solutions are not yet reaching everyone. In response, HOPE has been working to increase awareness among policy makers of inequities within the program and furthering outreach to people in the most economically distressed areas of Mississippi. HOPE partnered with the MS NAACP to host two outreach events in the MS Delta to share information about the availability of rental and mortgage assistance. HOPE also leveraged its lending expertise to weigh in with the Consumer Financial Protection Bureau and state housing finance agencies to ensure protections for homeowners reach the people and communities most in need.
A Win for Local Government Relief
During the initial round of federal COVID-recovery funding for local governments, many of the hardest hit areas, particularly rural communities of color, were unable to access funds to pay essential workers, purchase protective equipment, and otherwise respond to the pandemic because of state-mandated procedures that disadvantaged low-income municipalities. To address this, HOPE, the Black Belt Community Foundation and other allies developed a bridge-fund that enabled local governments to access life-saving resources until they could be reimbursed. The Hope Policy Institute documented similar disparities in Louisiana in a report released jointly with the Power Coalition for Equity & Justice. Following advocacy regarding both efforts, the U.S. Treasury issued proposed guidance that prohibits states from using a reimbursement structure in local government relief programs – representing a huge win for under-resourced towns and their residents.
State Small Business Credit Initiative
The State Small Business Credit Initiative (SSBCI) was created during the Great Recession to provide financing for struggling businesses. In response to the pandemic, the program was reauthorized and funded with a $10 billion appropriation. Drawing on lessons from the previous implementation, the Hope Policy Institute has advocated that states prioritize working with Community Development Financial Institutions, and that data be collected and published to ensure transparency and accountability in the use of funds, to ensure equitable access for businesses in distressed communities and those owned by people of color. HOPE also worked closely with the Partners for Rural Transformation (PRT) at the federal level and in the states to ensure these resources reach small businesses in persistent poverty areas.
Thought Leadership
HOPE places a priority on informing and influencing local, regional and national discussions regarding racial equity and financial inclusion. From April through July, media outlets across the country cited HOPE nearly 600 times. Highlights from HOPE’s thought leadership are included below. Additionally, in May, HOPE released its 2020 Impact Report, From Moments to a Movement: Advancing Civil Rights through Economic Opportunity. The report features HOPE’s response to the pandemic and underscores the organization’s important role as a continuation of the Civil Rights Movement.
National Coverage
An economic lifeline for woman-owned businesses during the pandemic – Emerson Collective
An inside look at how Kamala Harris is engaging with community lenders to support small businesses – CBS News
PayPal Deposits $135 million in Financial Institutions Serving Black and Underserved Communities as Part of $535 Million Commitment to Advance Racial Equity – Yahoo Finance
Ensuring equitable access to relief funds – Impact Alpha
A watershed moment’: CDFIs hope to capitalize on federal funding boost – American Banker
Local Coverage
As pandemic stretches on, organizations offer alternatives to payday loan cycle – FOX13 News Memphis – Fox 13 Memphis
CARES Act money was supposed to help Mississippi businesses. Did it? – Mississippi Today
Partner Forum
Connecting Credit Unions and Communities: Closing Opportunity Gaps by Investing in Black Financial Institutions – Filene Research Institute
Redirecting Capital to Accelerate Racial Equity: Leveraging Cash Allocation – Croatan Institute
SAN JOSE, Calif., June 2, 2021 – PayPal Holdings, Inc. (NASDAQ: PYPL) today announced it will deposit $135 million of its capital into mission-driven financial institutions and management funds that help underserved communities of color fight barriers to economic equity. Hope Credit Union received $10 million and will use these funds to advance business and homeownership among diverse entrepreneurs and homeowners.
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Dear Friends:
With the first quarter of 2021 behind us, we look forward with cautious optimism toward better conditions and greater opportunity for Deep South families and communities. Over the past year, HOPE has provided more than 4,000 SBA Paycheck Protection Program loans to employers, mainly the smallest, most vulnerable businesses. Nine of 10 HOPE home mortgages made during the first quarter went to people of color. While our branches remain closed due to COVID precautions, over 400 members received financing to escape predatory auto loans, build credit and otherwise stabilize their lives and climb the economic ladder.
The experiences of those we serve fuel HOPE’s efforts to make the economy more equitable through policy and advocacy. I recently had the opportunity to share their realities with the U.S. Senate Committee on Banking, Housing and Urban Affairs. As with prior Congressional testimony, I encouraged lawmakers to ensure that public resources benefit our nation’s most vulnerable people and places, and to invest in organizations that have a demonstrated record of closing financial service gaps that disproportionately limit opportunity for people of color, women and rural communities. This is why HOPE exists – to change the systems that make HOPE’s work necessary in the first place.
In addition to the strength of our members, our optimism is fueled by your generous and ongoing support. Thank you for being our ally, as we work to seize this unique moment in history to create opportunity where it’s needed most.
With appreciation and in partnership,
Bill Bynum
CEO, HOPE
Finding HOPE in the Pandemic
In Memphis, Tennessee, self-employed insurance consultant Ronda Coleman Blair spent a week making unanswered calls to the large bank where she had accounts in need of a Small Business Administration Pay Check Protection Program (PPP) loan. Desperate for help, Blair finally drove to the nearest branch, where she found the lobby closed due to COVID. Blair begged for PPP assistance at the drive-thru window to no avail.
Blair was far from alone. Many minority business owners, particularly sole-proprietors, were unable to access federal aid, and many lacked established relationships with financial institutions altogether. These challenges contributed to the pandemic’s disproportionate impact on Black-owned businesses, which closed at nearly twice the rate as other U.S. small businesses over the past year.
HOPE, however, had developed a reputation for responding to the PPP needs of all businesses. “I’m sitting in my own bank’s drive-through and the employee working the window told me to go to Hope Credit Union because he’d heard HOPE would make it easy for me to apply,” Blair said. “That referral to HOPE turned out to be the best advice I received from my own bank.” Blair not only received a PPP loan from HOPE, she also helped her husband, an independent trucking contractor, and her father-in-law, the owner of Blair Concrete Construction, apply for PPP loans from HOPE. All three credit HOPE with helping them stay in business during the pandemic. “HOPE understood the plight of small business owners,” Blair said. “They were encouraging, positive, and insightful.”
Trucking Toward Greater Prosperity
Otha Oneal, a Drew, Mississippi resident and long-time HOPE member reached out to HOPE about refinancing his truck loan. Previously, after encountering difficulty obtaining financing from another lender, he agreed to a high-cost loan from the dealer. Since that time, in addition to paying the truck note, he also retired several other outstanding debt obligations, making it easy for HOPE to approve his request. The financial relief for Mr. Oneal was immediate, as the HOPE loan lowered his interest rate from 20% to 4.5%, and put him on track to pay for his truck two years earlier than before.
Deep South Economic Mobility Forecast
In February, as new stimulus legislation, a new administration, and increased vaccinations prompted signs of recovery, HOPE hosted the Deep South Economic Recovery Forecast to focus attention on ensuring equitable participation in the recovery by historically underserved people and places. The forum featured an overview by Hope Policy Institute analysts of economic and labor trends and other factors that influence mobility, with a specific focus on small businesses. The virtual event was highlighted by a conversation between Karen Mills, who served as Administrator of the U.S. Small Business Administration from 2009-13, and HOPE CEO Bill Bynum. Drawing on lessons from past crises, the exchange underscored that intentional focus and collaboration by the public, private and nonprofit sectors are required to address the challenges faced by those hit hardest by the pandemic. Mills noted, “We need this economy to work for small businesses; we need this economy to work for Black Entrepreneurs. If we do, we can do what America promises – to give access and opportunity. The urgency is now.”
Access the forum video and Hope Policy Institute presentation at www.hopecu.org/mobilityforecast.
Advocates Call for Solutions for Criminal Justice Debt
Debt associated with the criminal justice system in the Deep South topped $4 billion dollars in 2019 – twice the amount held by people who were formerly incarcerated just ten years earlier. In April, Hope Policy Institute and the Southern Economic Advancement Project (SEAP) hosted a virtual forum to shine a light on the financial burdens faced by those saddled with criminal justice-related debt. During the forum, subject matter experts and policy advocates examined policy reforms needed to mitigate structural issues that limit economic opportunity and undermine successful re-entry. During opening remarks, SEAP Executive Director, Stacey Abrams stated “Rehabilitation and re-entry must include laws and programs to assist returning citizens in sustaining and building a life after prison. And critically, financial inclusion is a vital part of that rebuilding.”
Visit www.hopepolicy.org/blog/justicedebt to read a summary of the panel proceedings or to link to the recording.
New Report Highlights Racial Inequalities in Louisiana’s COVID Relief Funding
In Louisiana, majority people of color parishes received just over half the amount of funding compared to majority white parishes, a new report from the Hope Policy Institute and Louisiana Power Coalition finds. In “Racial Inequities in the Distribution of Louisiana’s Coronavirus Relief Funds: A Report for Community Leaders,” the authors investigate the dissemination of COVID-19 relief funding for Louisiana. They found that the parishes already struggling to access resources before the pandemic, particularly majority people of color, rural and persistent poverty parishes, had trouble accessing their allocated portion of the $511 million made available through the Coronavirus Relief Fund.
Visit www.hopepolicy.org/briefs/LACOVIDFunds to access a summary and copy of the report.
HOPE Urges U.S. Senate Banking Committee to Prioritize Impact and Accountability
During an April hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs titled, “An Economy that Works for Everyone: Investing in Rural Communities,” HOPE CEO Bill Bynum urged lawmakers to make transformational investments that increase economic opportunity for persistent poverty areas and people of color.
Drawing largely from HOPE’s work in the Delta and Black Belt, Bynum called on lawmakers to:
- Close bank lending, service, and investment gaps in underserved communities
- Prioritize building and preserving wealth in rural communities, particularly communities of color, through homeownership and small business ownership
- Strengthen consumer protections that prevent wealth stripping and build assets
- Deploy federal funds in ways that ensure accountability for addressing racial and economic disparities
- Target federal support to CDFIs and other organizations with a demonstrated track record of reaching underserved communities and those hit hardest by COVID-19.
Click here for a summary of the Congressional Testimony. or visit www.hopepolicy.org/blog/testimony2021
Click here for a recording of the Congressional Hearing.
HBCUs, Cities Anchor Groundbreaking Partnership
The Deep South Economic Mobility Collaborative is a joint effort between nine Historically Black Colleges and Universities, seven cities, Goldman Sachs 10,000 Small Businesses and HOPE to build opportunity ladders for vulnerable people and places in Alabama, Arkansas, Louisiana, Mississippi and Tennessee. With additional support from Charles and Lynn Schusterman Family Philanthropies, the Ford Foundation, and MacKenzie Scott, Collaborative has initially focused on stabilizing and strengthening businesses devastated by the economic crisis through access to capital, technical assistance and facilitating market opportunities for entrepreneurs of color. Going forward, the Collaborative will broaden its scope through projects that improve housing, health, education, access to responsible financial services and otherwise increase economic mobility for the region’s historically underserved people and places.
Read more about the Deep South Economic Mobility Collaborative at www.hopecu.org/mobility.
New Leaders Add Depth and Experience
HOPE recently announced the addition of two directors that add substantial community development and business experience to the organization’s governance, and important perspective to help guide our work in the state of Alabama.
Herschell Hamilton is co-founder and Chief Executive Officer of BLOC Global Group, a commercial real estate services firm. Currently overseeing client engagements, business development, and the strategic direction of the company, the firm has offices in Birmingham, AL, and Washington, D.C. Prior to starting BLOC, he was Vice President of New Market Ventures for the private equity firm, MRG, and co-founded and served as Chief Operating Officer of a web-based new media/technology company. He also spent a decade as an investment banker with Raymond James Financial and Porter White and Company.
Bernard Mays is Assistant Vice President and Controller for Financial Affairs at the University of Alabama at Birmingham (UAB). A Certified Public Accountant, he previously worked at Ernst & Young and several publicly traded companies in the energy and retail industries. He also brings substantial expertise from his service on several nonprofit and civic boards, including Camp Fire Central Alabama, Children’s Village, and Homewood Commercial Development Authority.
Additionally, HOPE is excited to welcome two veteran business and community development lenders to our leadership team:
Charles Myart recently joined HOPE as Chief Credit Officer. Charles provides strategic direction for HOPE’s commercial credit and loan servicing teams supporting affordable housing, community facilities, and other project financing. Charles brings more than 20 years in the financial services, banking, and economic development sector, and most recently served as Vice President of the Illinois Finance Authority, where he oversaw a range of loan and guaranty programs.
Mel Robertson is HOPE’s Senior Vice President for Small Business and Consumer Lending. In addition to leading the consumer lending team, Mel will shepherd the development of HOPE’s expanding small business lending strategy. An industry leader with nearly 20 years in banking in the Deep South, Mel also brings valuable experience from the CDFI sector having formerly worked at LiftFund, providing leadership to the organization’s SBA lending programs.
Advancing Narrative of Racial Equity and Financial Inclusion
HOPE continues to shape the narrative around racial equity and financial inclusion nationwide. Several media outlets, trade associations and think tanks elevated HOPE’s role as a thought leader over the past quarter and profiled the experiences of its members and partners. Highlights include:
National Media Coverage
State and Regional Media Coverage
Partner Forums
Download 2021 First Quarter Report.
Experienced executive leaders add depth to HOPE governance
May 12, 2021
BIRMINGHAM, AL — Today, HOPE announced the appointment of Herschell Hamilton and Bernard Mays to the boards of the Hope Enterprise Corporation and Hope Credit Union (HOPE), respectively. Both Alabama natives, Hamilton and Mays bring deeply rooted community and business expertise to HOPE’s governance.
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Experienced Lender Deepens HOPE’s Small Business Lending Expertise
March 25, 2021
JACKSON, MS — Hope Enterprise Corporation/Hope Credit Union (HOPE) has announced the hire of Mel Robertson as Senior Vice President, Small Business and Consumer Lending, where he will be responsible for the development and implementation of HOPE’s small business lending strategy. An industry leader with nearly 20 years of experience in banking and economic development, he is also responsible for assessing the risk of loan requests and convening the credit committee to present recommendations from the broader team.
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JACKSON, MISSISSIPPI (February 9, 2021) — Today, Hope Enterprise Corporation, with a commitment from Goldman Sachs 10,000 Small Businesses of up to $130 million, has partnered with seven cities, and nine historically Black colleges and universities (HBCUs) to launch the Deep South Economic Mobility Collaborative (DSEMC). Formed to stabilize and strengthen businesses and communities devastated by the economic crisis, DSEMC is an innovative collaborative that invests in the power of small businesses and entrepreneurs in the Deep South, particularly those from underserved and under-resourced communities.
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HOPE, Southport Development Complete Innovative Opportunity Zone Fund Transaction to Increase Affordable Housing in Distressed Mississippi Community
In one of the first transactions utilizing separate investors to bring Opportunity Zone Fund equity alongside Low-Income Housing Tax Credits, HOPE has closed a deal to create high-quality, affordable housing in a distressed community in Mississippi. The innovative financing structure addresses the issue of long-term viability of affordable housing developments by leveraging transactions on the front-end. The transaction completed for Millcreek Development in Brookhaven, Miss., is the first pairing of social investor OZF equity with LIHTC credits in the state, and is believed to be among the first in the nation. A market study found a strong demand for sustained affordable housing in Brookhaven, a southwest Mississippi town with a population of 12,000. The new units will be constructed in a neighborhood, featuring sidewalks, lighting, and landscaping found in any market rate development. Construction will be completed in June 2021.
HBCU and Municipal Leaders Expand Development Toolkits during Annual HOPE Community Leadership Institute
Some 90 representatives from towns, cities and historically black colleges and universities now have more resources in their community development toolkits after attending the 2020 Community Leadership Institute. The two-day virtual event was sponsored by NeighborWorks America and HOPE. The interactive webinar training sessions covered a range of topics, including “Power of Neighbors” in regard to community development and “How to Build Strong Coalitions.” Two Mississippi Delta towns — Moorhead and Drew — were recipients of catalyst funding to purchase web conferencing equipment, allowing the institute sessions to be streamed in a central location for some participants. HBCUs and other educational institutions participating in the institute included Alabama State University, Alcorn State University, Dillard University, Hinds Community College-Utica, Jackson State University, Southern University-Baton Rouge and Southern University-New Orleans.
Construction Underway on Project to Address Affordable Housing Shortage in Alabama Community
The Alabama Housing Authority and developers recently broke ground on a new affordable housing project in Opelika, Ala. HOPE is a financing partner on the construction of Providence Park, a 56-unit affordable housing rental community. HOPE also has provided $274,000 in Capital Magnet Funds toward construction. The project will be a high-quality development in the area, and will benefit from strong demand for affordable housing and a lack of new product. It is one of several Low-Income Housing Tax Credit (LIHTC) projects HOPE is financing in the state. Providence Park is a project of The Bennett Group, LLC, one of the oldest and most capable developers of LIHTC in Alabama.
Katrina Malone Joins HOPE’s Executive Team as Chief Program Officer
On Nov. 30, Katrina Malone joined HOPE’s executive team as the organization’s Chief Program Officer. A leader with more than 20 years in the finance and technology sectors, Malone provides strategic direction for HOPE’s teams that finance affordable housing and community facilities, and advance other projects that increase economic mobility. Prior to joining HOPE, Malone served as Senior Vice President for Lending at Inclusiv, where she oversaw secondary market mortgage programs, developed investment strategies, and spearheaded the $45 million Southern Equity Fund to help credit unions advance financial inclusion. As Founder and CEO of Community Finance Advisors, she structured project financing in distressed Chicago neighborhoods. Malone’s experience includes posts with Fifth Third Bank, Citibank and Lucent Technologies and volunteer board leadership with a supportive housing provider, and a housing development corporation. She is an Executive Masters of Business Administration Candidate from Northwestern University Kellogg School of Management. Malone holds a Bachelor of Arts in Liberal Arts & Economics from Xavier University and completed a certificate in financial management from the University of Chicago. Malone is a recipient of the Selected Professions Fellowship with the American Association of University Women, the Pension Real Estate Association Scholarship, and the Goldie B. Wolfe Women Leaders in Real Estate Scholarship.
Latest Quarterly Report Highlights HOPE Members, Projects across the Deep South
HOPE recently released its Third Quarter Report. The stories in the report illustrate the transformative power of a person’s relationship with a financial institution. Whether it’s helping a business keep its doors open, opening the door for a first-time homebuyer, or helping someone escape a predatory debt trap, HOPE focuses on ensuring that everyone – regardless of their station in life – has access to the tools needed to prosper. Read the report here.
Door to Homeownership Remains Open
A HOPE partnership opened the door to homeownership for Camesha, a single mother who was not only a first-time homebuyer, but the first person in her family to own a home. Camesha moved in her home in 2019. Less than a year later, she feared she would lose it in the wake of the economic crisis brought by COVID-19. With her monthly mortgage looming and her bank account shrinking, Camesha contacted her financial navigator at HOPE to seek a payment deferral and was approved.
Read her story.
Over the last month, a number of media outlets published features on HOPE’s impact, its team and its viewpoints. Several highlights of the organization’s work in the Deep South are in the list below:
HOPE Transformational Deposits Highlighted in ‘Racial Justice Sourcing Report’
HOPE’s Transformational Deposits are highlighted in the “Racial Justice Sourcing Report” that accompanies the “Racial Justice Framework” developed by CapShift and TheCaseMade. CapShift is an organization that connects capital with mission. TheCaseMade collaborates with leaders and the public on equitable and inclusive systems change. The organizations partnered on the framework to help investors understand how to invest in a more equitable future. Transformational Deposits are used by HOPE to import funds into capital-starved communities to make business, mortgage and consumer loans and provide other financial services that build wealth and foster economic mobility. On Dec. 3 at noon central, CapShift and TheCaseMade will host a webinar to discuss the framework and how to effectively mobilize capital along the racial justice continuum.
Register for the Dec. 3 webinar here.
Learn more about Transformational Deposits here.
Hope Policy Institute Testifies Before Mississippi Senate Housing Committee
Experts from the Hope Policy Institute recently shared invited testimony before the Mississippi Senate Housing Committee as part of a two day hearing on housing issues facing the state. During the hearing, HOPE team members focused on disparities in homeownership among Mississippi’s Black and white households, causes for the gap and policy recommendations to increase homeownership, particularly among borrowers of color.
View the presentation here.
View news coverage of the event here.
HOPE Brings Deep South Perspective to National CDFI Conference
Several HOPE team members participated in panels at this year’s Opportunity Finance Network conference. The virtual conference drew some 2,500 CDFI practitioners, partners, and other advocates.
With a theme of “Finance Justice,” the four-day conference focused on how “CDFIs combat economic inequality by matching capital to communities in deep need.” In one of his panels, HOPE CEO reminded fellow practitioners about the criticality of their role, particularly in the wake of the pandemic. “The Deep South has a long history of persistent poverty and a lack of financial mobility,” he said. “If we are not on the front line during the crises facing these communities, we are not relevant.” HOPE leaders served as panelists in the following sessions: “Advancing Prosperity & Economic Justice in Persistent Poverty Areas,” “Looking in the Mirror: Racial Disparities and CDFIs,” “The Journey is the Destination: How CDFIs can move from Colorblind to Anti-Racist,” and “Towards and Equitable Recovery: CDFIs Role in Shaping State-Level Cares Act Money.”
See a recap of the event here.
Medical Debt in the Mississippi Delta
Though it is not visible in a drive through the backroads of the Mississippi Delta, medical debt is casting an oppressive shadow over the people and communities there. Nationally, medical debt and related collection abuses disproportionately impact Black communities, and stifle economic opportunity. This is of particular concern for Delta towns, where a history of discrimination and exclusionary policies, have led to high levels of economic distress, thus exacerbating both the burden and consequences of unaffordable debt. These conditions underscore the importance of policy solutions that provide debt relief, and increase concern about a looming proposal by the Consumer Financial Protection Bureau (CFPB) that will codify harmful debt collection protections.
Read the blog.
HOPE Submits Comments and New Analysis to Inform CDFI Certification Process
The CDFI Fund is currently reviewing its certification and annual reporting requirements. In its comments submitted to the Fund regarding its proposed changes, HOPE urges the Fund to use the opportunity to assess how well CDFIs and the CDFI Fund are serving communities of color, including CDFIs owned/controlled by people of color. HOPE brings the unique perspective of serving communities of color, particularly in rural communities and others in the Deep South.
Read the blog.
Small Local Governments in Mississippi Face Challenges in Accessing State and Federal Relief Funds for their Communities
Our last blog highlighted failures in the distribution of Coronavirus Relief Funds for local governments in Louisiana for rural communities, communities of color, and areas of persistent poverty. The State of Mississippi has enacted a similar program and small, rural counties and municipalities are also facing challenges in accessing these funds to meet their communities’ needs in the wake of the COVID-19 pandemic.[1] Mississippi, like Louisiana, Alabama, and many others states, created a program to provide local governments with a portion of the Coronavirus Relief Funds provided to the State via the Federal government in the Coronavirus Aid, Relief and Economic Security (CARES) Act. The challenge explored here is the fact that these funds are distributed to local governments on a reimbursement basis only.
Read the blog.
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SAN FRANCISCO—Hope Enterprise Corporation (HOPE) is proud to announce that it has been awarded a Novogradac Journal of Tax Credits 2020 QLICIs of the Year Award for its investment in Tippah County Hospital in Ripley Miss., using new markets tax credits (NMTCs). HOPE and Tippah County Hospital will receive recognition in the non-metro category at the Novogradac 2020 New Markets Tax Credit Fall Virtual Conference, Oct. 29-30.
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Local non-profit secures competitive New Markets Tax Credit for flagship community learning center
(Birmingham, AL) September 22, 2020 – Jones Valley Teaching Farm (JVTF) is pleased to announce the groundbreaking of the Center for Food Education, a community hub to be built on JVTF’s Downtown Teaching Farm located at 701 25th Street North in Birmingham. The multi-use facility will anchor the non-profit’s work and create an inviting permanent infrastructure that will reach more students, teachers, and surrounding community members—locally, regionally, and nationally.
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