January 2021 Newsletter

1/14/2021

Building People Power in 2021
to Shape an Equitable Future

On the heels of a tumultuous 2020—during which we experienced the culmination of systems-level racial, economic, and environmental inequities being laid bare—the nation is entering 2021 with new federal leadership, in both the White House and Congress. Over the past week, we witnessed challenges to the nation’s democratic process. And we at Prosperity Works recognize that it is incumbent on each of us to advocate for equitable, just outcomes at both the systems and community levels.

TOGETHER, we will make concerted headway in 2021 toward closing the health and wealth gaps in New Mexico—gaps that the pandemic and its economic downturn have widened exponentially. But we will bridge those daunting gulfs together—through innovative, asset-focused solutions that help rebuild the identity and cultural anchors communities have lost, and to cultivate contingents of changemakers galvanized to effect meaningful, lasting, equitable change alongside their neighbors.

Prosperity Works remains in solidarity with our neighbors who are put most at risk by these violent acts and proclamations—specifically limited-income (LI) and Black, Indigenous, People of Color households.

Our fight for equity and justice continues.

Our 2021 Legislative Agenda
& Recent Media

Acknowledging that COVID’s devastating effects will likely impede significant legislative action during New Mexico’s 2021 legislative session, Prosperity Works has an annotated 2021 legislative agenda, with a top-line effort: to reduce the interest rate cap on small loans.

As a collaborative partner within the New Mexicans for Fair Lending Coalition, Prosperity Works will advocate for the New Mexico legislature and governor to bring our state in line with many others by reducing the state’s maximum annual interest rate on small loans from 175% to 36%.

We are currently working with legislative champions to ensure that this rate reduction is brought to the forefront during the 2021 legislative session.

We also are identifying articulation points with aligned advocacy efforts specific to increasing access to resources that help New Mexico households and workforce segments build assets and connect to supportive services (e.g., equitable broadband access and banking opportunities for currently unbanked households).

Our 2021 Legislative Agenda

A recent article in the Silver City Daily Press provides a rundown of the context for this proposed interest rate reduction, what it could mean for LI New Mexico households, and why it's timelier than ever for New Mexico to embrace more equitable lending alternatives—like TrueConnect.

Read the full article here

Increasing Access to Assets for Our
Undocumented Neighbors

In advocating for asset-building solutions that improve the socioeconomic health and wellbeing of LI households across New Mexico, Prosperity Works recognizes that our undocumented neighbors face innumerable barriers to opportunity. That's why we're working to develop factsheets for mixed-status households to help support their savings goals—and how they can leverage an IDA to secure a home, business, or vehicle.

Individual Development Accounts (IDAs)

We created our IDA initiative to help empower hardworking families through financial capability training to save, invest, and accumulate assets—to enhance their household’s long-term socioeconomic health and wellbeing.

Assets like a home, degree, or small business can promote long-term financial solvency and bridge generations.

Prosperity Kids Child Savings Accounts (CSAs)

Prosperity Kids CSAs are matched education savings accounts for LI households. Each CSA is opened with a $100 deposit and is matched 1:1—up to $200 per year until a child graduates high school. Parents also complete 10 weeks of financial capability and parent-child development education.

Depending on the age at which a child enrolls, they could graduate with $5,000 or more in savings!

Support Our Asset-building Work

In partnership with each of you, Prosperity Works is innovating proactive solutions to help LI New Mexicans build power through securing a home, vehicle, business, or degree.

Like Hugo, who leveraged our IDA initiative to pursue a college education:

"Without this program, I may not have gone to college in the first place. Nothing was going right with FAFSA and other ways of paying for school. But now I have learned how to take a step forward and am starting my life off in the right direction."

Donate today to help fellow neighbors like Hugo meet their financial goals through access to our asset-building resources!

Donate Today!

Copyright © 2020, Prosperity Works. All rights reserved.

Our mailing address is:
909 Copper Ave NW, Albuquerque, NM 87102

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

1 Comment

Newsletters &
Blog Posts