<
https://www.latimes.com/california/story/2022-10-22/no-interest-micro-loans-philanthropists-new-tool-in-preventing-homelessness>
"The apartment in Inglewood was never such a great deal. So when Courtney
Bailey got served a three-day notice, she had already lined up a better place
with more space for her kids and a lower rent.
But she was scared. She had no cash for the move-in fees — and was worried she
was headed for another bout of homelessness.
Then the new landlord found a solution. She could get an interest-free loan to
cover the fees and pay it back when she could, or not at all if she couldn’t.
It sounded like a joke, but it wasn’t. Her landlord connected her to the
Short-Term Eviction Prevention Fund, a philanthropic enterprise created by a
West Los Angeles software entrepreneur, Adam Miller, to test his theory that
non-punitive micro loans could reduce homelessness.
Miller created a $1-million fund to make interest-free loans to people facing
imminent eviction. They will have three years to repay, and those who default
will be forgiven.
After conducting a small pilot, the fund now aims to give out 1,000 loans of up
to $2,500. Reflecting Miller’s background in cloud computing, the data gathered
from applications and payment histories are transmitted directly to a poverty
researcher at Notre Dame University who is evaluating the effectiveness of the
loans.
Early results have been encouraging enough that Miller, who has put tens of
millions of dollars into his philanthropic foundation, said he is open to
expanding to 10,000 loans.
“If this could really help people from becoming homeless, that is much more
cost effective than trying to remediate somebody who has become unhoused,”
Miller said."
Via
The Fixer October 26, 2022:
<
https://reasonstobecheerful.world/madison-wisconsin-library-borrow-ebike/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
