In 2014, a long overdue alarm bell went off in the Charlotte community. That year, a study published by the National Bureau of Economic Research ranked our city last among the country's 50 largest metro areas for economic mobility. The bottom line, according to the study's researchers: The vast majority of those who are born poor in Charlotte will remain poor.
Enter Common Wealth Charlotte, a nonprofit organization that had been formed prior to the study's release. Economic mobility is a complex, multifaceted issue, and Common Wealth Charlotte focuses on an important piece, providing financial literacy education to Charlotte's roughly 150,000 low-income wage earners who work full time yet take home only $1,500 per month, or 30-35% of the area median income.
I joined Common Wealth Charlotte in 2017, and a key component of our success has been understanding the psychological and emotional trauma experienced by the working poor and incorporating that into our [..] read more
Full Article: https://www.wbtv.com/video/2019/12/04/common-wealth-charlotte-launching-program-help-residents-deals-with-housing-costs/ [..] read more
Assisted by CBA, Housing Opportunity Loans to help renters with up-front fees
Charlotte, N.C., Nov. 25, 2019 -- Common Wealth Charlotte (CWC) has launched a new loan program designed to help low-income wage earners in Charlotte secure affordable housing by assisting them with up-front rental fees.
Through a $28,000 investment from Credit Builders Alliance, Common Wealth Charlotte will begin providing qualified clients $1,000 or $2,000 Housing Opportunity Loans to be applied toward the standard first month's rent and security deposit required by many apartment landlords. The loans will feature a 12-month or 24-month term, respectively, and a below-market annual percentage rate (APR) of 6%.
"For low-income wage earners in our community, the up-front fees required by rental property owners often puts affordable housing out of reach," said Chuck Jones, Executive Director of Common Wealth [..] read more
Grant will fund financial advisor serving women in crisis situations
Charlotte, N.C., April 22, 2019 -- Common Wealth Charlotte (CWC), a nonprofit organization that serves Charlotte's low-income wage earners through financial literacy education and access to non-predatory financial services, has been awarded a $20,000 grant by the J. Jill Compassion Fund. The grant will be used to fund a financial advisor at CWC who works with women in crisis situations.
Founded by women's clothing retailer J. Jill in 2002, the J.Jill Compassion Fund provides support to community-based organizations that help disadvantaged and homeless women become self-sufficient. With a desire to deepen its impact and relationships with a focused group of organizations, the fund makes its grants through an invitation-only request for proposal (RFP) process. The J. Jill Compassion Fund invited Common Wealth Charlotte to submit a proposal late [..] read more