Publication Date
January 2018Author(s)
Sonia Garrison and Lucy GorhamClient/Funder
JPMorgan Chase & Co.This report highlights innovative and unique examples of how housing and financial capability services can be integrated with each other, the range of financial capability services being provided, and how outcomes are being measured and evaluated.
Financial instability limits opportunity for individuals and has negative consequences for the financial health of neighborhoods and communities. Efforts to mitigate this instability by building households’ financial capability holds significant potential for improving overall financial security and increasing economic mobility. The integration of financial capability strategies is especially well-suited for organizations providing affordable housing services for three main reasons. First, stable and affordable housing is essential for financial security. Second, homeownership is often the largest asset that many individuals have in their lifetimes and can be a significant way to build wealth. Third, the path to stable housing and/or homeownership often requires many steps that overlap and interact with other aspects of a household’s finances.
This report provides an overview of the ways in which seven diverse and innovative organizations have begun to integrate financial capability services into their affordable housing programs. It highlights commonalities and unique differences among organizations, and documents how their approach is influenced by the needs in their communities and by their mission. With a focus on the types of services that are provided and the strategies for implementation, this report is meant to inform practitioners that are engaging in the integration of these services.