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<p>The driving force for creating the Lending Circles for Citizenship model is to simultaneously provide immigrants with tools for financial integration while enhancing the capacity of immigrant services organizations to support this process. Based on the success of the pilot, MAF is confident that the model has the potential for expansion among additional community-based partners in Los Angeles. Upon the passage of Comprehensive Immigration Reform (CIR), social lending can serve as a model for helping undocumented immigrants collectively pool their money to pay for any penalty needed to adjust their status.</p> <p>With respect to its impact in Los Angeles, the Lending Circles for Citizenship model will increase civic participation among the region’s legal permanent resident population. Going beyond theoretical classroom knowledge, immigrants will have the opportunity to achieve real-life, tangible, and measurable outcomes, such as opening bank accounts at mainstream financial institutions, saving and applying for citizenship, and increasing credit scores. Moreover, the program will increase the capacity of Los Angeles nonprofit organizations to provide a responsible, trustworthy, and socially conscious financial product that improves financial outcomes for their clients.</p> <p>Similar to Lending Circles for Citizenship, the benefits of the Security Deposit Loan program also have a tremendous impact on the ability of participants to achieve their goals. Through receiving an affordable loan repayable over two years, renting an apartment becomes accessible to participants. In addition to decreasing housing instability and homelessness, the program’s financial and social benefits on the Los Angeles population include:</p> <p>1. Renting a first apartment will become accessible to people who currently lack savings. 2. The loan will be paid back over two years, making monthly payments affordable. 3. The process will provide a safe lending experience that models and encourages responsible financial behavior and success. 4. The loan will improve credit scores and develop a pot of savings for future rent deposits.</p>See Idea Details remind me