Thank you so much for the partnership Washington Workforce Association for your work to advance the Community Reinvestment Plan Workforce Strategies that are making an impact.
State-Funded IDAs (Individual Development Accounts): Washington’s Community Reinvestment Project (CRP) reintroduces state-supported IDAs, offering low-income individuals matched savings up to $10,000 for education, homeownership, and business development. Similar to investments in neighboring states like Oregon and California, enhancing economic mobility and stability by providing essential financial tools to build long-term assets.
Focus on Underemployment: The CRP and Poverty Reduction Workgroup are driving a shift in Washington’s workforce system to address underemployment alongside unemployment. Programs like the EcSA Career Accelerator provide financial incentives, job training, financial coaching, and asset-building opportunities, integrating diverse services to support long-term financial stability and prevent economic crises.
Small Business Grant Program: Washington’s CRP launched its first Small Business Grant Program, focusing on equitable economic development for underserved communities. Engaging over 820 Black, Latine, and Tribal-owned businesses, the program offers grants, workforce development support, and subsidized training for hiring and skills development. Business Navigators assist with resources to drive operations growth, promote good-paying careers, and dismantle systemic barriers, fostering economic stability and job creation in historically marginalized communities.
We’re excited to celebrate Korbett Mosesly, managing director of the Community Reinvestment Project (CRP). Korbett received the Washington Workforce Association’s 2024 Chair Award for his dedicated leadership implementing the CRP!
The CRP programs focus on repairing wealth disparities in communities disproportionately harmed by the war on drugs. With an initial $200 million investment, CRP is anticipated to yield $1.6 billion in economic benefits for targeted communities. This includes increased earnings, reduced recidivism costs, and enhanced community stability.
Watch Washington Workforce Association’s video recognizing Korbett: https://lnkd.in/gQH9ijge
Vice President - Community Development Officer at The First Bank
2wCongratulations Rhonda!