PROJECT APPROACH and FRAMEWORK

 

The Hispanic Wealth Project will begin a national dialogue around issues affecting the creation and retention of wealth for Hispanic households, the Project itself is intended to drive—and not merely observe—outcomes. Therefore, the Project will be built around multiple initiatives, each of which expresses an actionable plan to address one or more of the requirements we set forth for goal achievement.

 

Of course, NAHREP does not hold a monopoly on good ideas, nor do we alone represent the resources that must be marshaled to define and support the breadth of initiatives that will, in aggregate, triple Hispanic household wealth over the next ten years. We therefore distinguish between NAHREP-recognized initiatives and NAHREP-driven initiatives, and offer a place for each within the Project context.

 

Throughout the financial services marketplace, innovators are making a difference in the Hispanic community through successful approaches to lending, affordable housing and much more. To the extent we find that initiatives already underway align with the Project goals, we seek to recognize such initiatives for their merit and contributions, and to include the impact of such initiatives among the progress we chart. The Project will therefore include an ongoing mechanism for firms and individuals to self-identify as Hispanic Wealth Project contributors and to have their initiatives designated as “NAHREP-recognized.” Data relating to such initiatives—scope, progress, quantifiably impact in relation to a stated Project goal—will be solicited from the sponsoring firms or individuals and included within the Project’s annual reports and symposium content.

 

Throughout the term of the Project, NAHREP will also drive a specific set of initiatives leveraging internal resources and commitments from key NAHREP sponsors. These NAHREP-driven initiatives will arise from a targeted focus on one or more of the requirements for a stated Project goal, and will be monitored continuously for their measurable contributions to a tripling of Hispanic household wealth over the next ten years.

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Component Goal #1

To achieve a 50% or greater rate of U.S. Hispanic Homeownership

If 50% of U.S. Hispanic households were homeowners, then for the first time in U.S. history, the median Hispanic family would include some home equity among their household assets.

Component Goal #2

To increase, by 50%, the first-year success rate of Hispanic-owned small business

During the past decade, the rate of Hispanic small-business formation has far outpaced entrepreneurship rates among non-Hispanics. The Hispanic Wealth Project aims to encourage small-business lenders to reach deeply into Hispanic communities.

Component Goal #3

To increase by 25% the number of Hispanic households owning non-cash financial assets (e.g., stocks, bonds, mutual funds, 401k accounts)

The Hispanic Wealth project aims to identify and support employee outreach programs that overcome cultural barriers.