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Building Bridges to the Middle Class: The Role of Community-Based Organizations in Asian American Wealth Accumulation

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Author Info

  • R. Varisa Patraporn

    ()
    (First 5 LA, Los Angeles, CA, USA)

  • Deirdre Pfeiffer

    (University of California, Los Angeles, CA, USA)

  • Paul Ong

    (University of California, Los Angeles, CA, USA)

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    Abstract

    Despite the increasing provision of social and financial services by community-based organizations (CBOs), few studies focus on the roles that Asian American-serving CBOs play in helping their economically and culturally diverse communities accumulate wealth. The authors explore this overlooked sector by interviewing key informants in 30 mostly Asian American asset-building organizations nationwide. Participating CBOs respond to the financial needs of their diverse communities primarily in three ways: (a) adapting programs for the underserved, (b) facilitating access to the mainstream, and (c) preserving existing assets. Unlike mainstream banks, they use a comprehensive asset-building framework premised on extensive technical assistance and culturally congruent programming. The interviewed organizations face a variety of challenges in implementing programs---namely, maintaining financial solvency and working with limited capacity---issues that they struggle to overcome through forming collaborations and partnerships, earned income strategies, obtaining certification, and cross-training.

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    File URL: http://edq.sagepub.com/content/24/3/288.abstract
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    Bibliographic Info

    Article provided by in its journal Economic Development Quarterly.

    Volume (Year): 24 (2010)
    Issue (Month): 3 (August)
    Pages: 288-303

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    Handle: RePEc:sae:ecdequ:v:24:y:2010:i:3:p:288-303

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    Related research

    Keywords: Asian Americans; asset building; immigrants; financial education; community-based organizations;

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