FOR IMMEDIATE RELEASE
February 11, 2021
Whitmer’s budget recommendations include $2 million for Children’s Savings Accounts (CSA) programs and $10 million for the Michigan Housing and Community Development Fund (MHCDF)
LANSING, MI—Governor Whitmer’s budget proposal released today includes appropriations for key community economic development initiatives. The proposal includes $2 million for Children’s Savings Accounts (CSA) programs and $10 million for the Michigan Housing and Community Development Fund (MHCDF).
CSAs are community-led programs that improve family financial literacy, boost educational attainment for low-income children, and support wealth building in low-income families. They promote postsecondary achievement by connecting families with incentivized savings as early as kindergarten. 15 Michigan communities currently manage CSA programs, and more than 20,000 students are participating. These funds will help build the statewide infrastructure for these programs, ensure that new rural and urban community programs come online, and will help existing programs roll out innovations.
“CSAs encourage, support and prepare students, at an early age, to pursue post-high school career or college training,” said Nancy Boxey, executive director of the Lapeer County Community Foundation. “These programs are very impactful for rural students, who often have limited postsecondary options and resources in their community. CSAs help to bridge the gap and offer tangible hope for the future.”
Also included in the Governor’s recommendation is $10 million in dedicated funding for the Michigan Housing and Community Development Fund (MHCDF). The fund was created to support the development and coordination of public and private resources to meet the affordable housing needs of low-income households and revitalize downtown areas and neighborhoods in Michigan.
“Of the 47 states that have similar funds, 30 have ongoing dedicated funding sources, including every state in the Midwest, except Michigan,” said Jessica AcMoody, policy director at CEDAM. “Dedicated funding for the Michigan Housing and Community Development Fund is essential to addressing the lack of quality, affordable housing options our state desperately needs. CEDAM members are positioned to address these challenges in their communities, but need more resources to do so.”
These budget recommendations will need legislative support to pass. We encourage CEDAM members to contact their senators and representatives to voice their support for these programs.
CEDAM is a statewide member organization that provides advocacy, training and resources to organizations working to create vibrant communities. CEDAM members strengthen neighborhoods, provide economic opportunities, and develop and preserve affordable housing in their communities. CEDAM advocates for policies that empower our members to sustain and expand their work. Learn more about our policy priorities or the MI CSA Network.
Contact: Jessica AcMoody, policy director