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| CFED (Prosperity Now) | |
|---|---|
| Name | CFED (Prosperity Now) |
| Founded | 1979 |
| Headquarters | Washington, D.C. |
| Former name | Corporation for Enterprise Development |
| Type | Nonprofit organization |
CFED (Prosperity Now) is a United States-based nonprofit focused on expanding economic opportunity for low-income families through asset building, financial capability, and policy advocacy. The organization operates at the intersection of community development, social policy, and philanthropy, working with municipal governments, federal agencies, private foundations, and civil rights organizations to design programs and influence legislation. CFED has engaged with initiatives associated with urban revitalization, housing finance, and tax policy to increase household savings, build homeownership, and promote small business development.
CFED was established in 1979 amid debates following the passage of the Community Reinvestment Act and the expansion of federal housing programs, drawing inspiration from actors such as the Ford Foundation, the Rockefeller Foundation, and practitioners linked to community development corporations in cities like Chicago, Detroit, and Los Angeles. During the 1980s and 1990s CFED worked alongside entities such as the Enterprise Foundation, the Local Initiatives Support Corporation, and the National Housing Conference to pilot asset-building models and Individual Development Accounts that echoed policy experiments in the United Kingdom and Canada. In the 2000s CFED engaged with federal initiatives linked to the Internal Revenue Service, the U.S. Department of Housing and Urban Development, and the U.S. Department of the Treasury, while interacting with advocacy groups like the Brennan Center for Justice, the Center on Budget and Policy Priorities, and the Urban Institute. In the 2010s CFED rebranded amid collaborations with the Bill & Melinda Gates Foundation, the Rockefeller Foundation, and municipal administrations in New York City, Chicago, and Oakland, aligning work with financial inclusion strategies seen in efforts from the Pew Charitable Trusts and the Annie E. Casey Foundation.
CFED’s mission centers on increasing financial resilience through programs that mirror efforts by the Consumer Financial Protection Bureau, the Federal Reserve Bank of San Francisco, and the World Bank’s financial inclusion work. Its program portfolio has included Individual Development Accounts comparable to initiatives promoted by the Aspen Institute, matched savings programs discussed at the Brookings Institution, and small business support aligned with the Small Business Administration and Kauffman Foundation. CFED has also run initiatives on affordable housing that intersect with policy frameworks from the National Low Income Housing Coalition, Habitat for Humanity, and Mercy Housing, while coordinating workforce and education components that resonate with the Lumina Foundation and the Pell Grant program debates. The organization’s service delivery models have been tested in partnership with municipal agencies in Philadelphia, Baltimore, and Seattle, and with community development financial institutions such as Opportunity Finance Network and Self-Help.
CFED has produced research reports, data tools, and policy briefs that have been cited alongside publications from the RAND Corporation, the Urban Institute, and the Pew Charitable Trusts. Its data initiatives have drawn methodological comparisons with the Census Bureau’s surveys, the Survey of Consumer Finances at the Federal Reserve Board, and research from the National Bureau of Economic Research. Publications examined topics related to the Earned Income Tax Credit discussions in Congress, mortgage foreclosure analyses similar to work by the Mortgage Bankers Association, and small business lending patterns studied by the Kauffman Foundation. CFED’s white papers and indices have been used in forums convened by the Aspen Institute, the Brookings Institution, and policy roundtables hosted by the Economic Policy Institute.
CFED’s advocacy strategies have engaged lawmakers connected to the U.S. Congress, policy staff in the White House, and administrative rulemaking at the Treasury Department and HUD, interfacing with advocacy coalitions including the Center for American Progress, the Heritage Foundation, and UnidosUS. The organization has lobbied on tax code elements related to the Earned Income Tax Credit and the Child Tax Credit, housing finance reforms debated in hearings held by the Senate Banking Committee and the House Financial Services Committee, and consumer protection provisions resembling initiatives from the Consumer Financial Protection Bureau. CFED’s campaigns have coordinated with coalitions that include the National Community Reinvestment Coalition, the Economic Policy Institute, and the National Low Income Housing Coalition to influence legislation and regulatory guidance.
CFED’s governance comprises a board of directors with professionals drawn from philanthropy, finance, and academia, resembling boards of organizations like the Rockefeller Brothers Fund, the Ford Foundation, and the MacArthur Foundation. Funding sources have included private foundations such as the Bill & Melinda Gates Foundation, corporate philanthropy from financial institutions active in corporate social responsibility frameworks like JPMorgan Chase and Citigroup, and grants from federal programs administered by the Department of Health and Human Services and HUD. The organization has reported fiscal relationships and audits consistent with nonprofit standards practiced by Charity Navigator and Guidestar, and has participated in philanthropic networks including Candid and Independent Sector.
CFED has partnered with national intermediaries such as Local Initiatives Support Corporation, Enterprise Community Partners, and the National Urban League, while collaborating with research institutions like the Urban Institute, Brookings Institution, and New York University. Internationally, CFED’s approaches have been compared with financial inclusion projects by the World Bank, the International Monetary Fund, and the Bill & Melinda Gates Foundation’s financial services for the poor initiatives. Local collaborations have included community development corporations in Cleveland, Miami, and San Francisco, and coordination with state agencies in California, New York, and Massachusetts, alongside alliances with advocacy networks like UnidosUS and the Leadership Conference on Civil and Human Rights.
Critiques of CFED have come from scholars and advocacy organizations who argue that asset-building strategies can insufficiently address structural inequalities highlighted by scholars associated with Harvard Kennedy School, Columbia University, and the Institute for Policy Studies. Some housing activists and tenants’ rights groups in cities like Detroit and Chicago have questioned partnerships with financial institutions analogous to those challenged by Occupy Wall Street and community organizers linked to the Poor People’s Campaign. Debates have also arisen over efficacy assessments when compared to randomized controlled trials featured in journals such as the American Economic Review and policy critiques advanced by the Economic Policy Institute and the Roosevelt Institute.