Last night, Congressional leaders released the draft of their $1.3 trillion omnibus spending package for FY18. Prosperity Indiana engaged Congressional offices in our delegation to advocate for robust community development program appropriations and program updates and we are pleased to share the following summary of the progress made towards those goals in this bill:

What is an omnibus bill?

Previous to this deal, the government has been funded under a series of continuing resolutions, or CR’s. The difference between a CR and an omnibus agreement is that under a CR, existing programs receive static funding and it is intended to fund programs for a short period of time. With an omnibus bill, the budget bills from each of the Appropriations Committees are combined into one bill and legislators may adjust programs and funding levels as they see fit. Upon passage, this bill will fund programs through the end of FY18 (Sept. 30).

Key Prosperity Indiana Member wins:

Overall, the bill contains nearly $700 billion defense spending and $591 billion for nondefense budgets. The legislation provides a 10% increase for HUD funding overall for this year- $4.6 billion above FY17 levels and significantly higher than any of the budget proposals from Congress or the Administration.  The bill also includes key program improvements for the Low Income Housing Tax Credit, Rental Assistance Demonstration program.  

The bill contains funding to renew all Housing Choice Vouchers and provides new vouchers to veterans and people with disabilities. It provides nearly $1 billion in additional funding to repair and operate public housing, and significantly increases funding for Homeless Assistance Grants, Community Development Block Grants and the HOME Investment Partnerships program (HOME).  Additionally, the bill does not the HUD tenant rental increases proposed in the Administration’s budget request. Within Treasury, the bill rejected the Administration’s proposal to eliminate Community Development Financial Institutions (CDFI) Fund grant funds, another critical win for Prosperity Indiana Members.  

There were some setbacks, such as language pertaining to fair housing rules and a decrease in USDA rental assistance (described below), but overall, this is a package with great wins for our advocacy goals.  Please contact Kathleen Lara at klara@prosperityindiana.org with any questions.

Program	Funding Level/Key Changes
Low Income Housing Tax Credit (LIHTC) Program	Prosperity Indiana advocated for the inclusion of reforms to strengthen the LIHTC program contained within H.R. 1661/S. 548 (Click here for bill summaries) in the omnibus What was included in this bill: ·        a 12.5% increase in the Credit allocation for four years (2018-2021) ·        Income averaging, on a permanent basis after enactment of this bill, which would allow the 60 percent AMI ceiling to apply to the average of all apartments in a project rather than each individual apartment.  That increases the ability of the tax credit to reach the lowest income households. The bill, unfortunately, does not include a fixed 4% rate or some of the other improvements we sought to include, but getting the improvements we did is significant progress. As it stands, the revisions included should help offset the impact of the lowered corporate tax rate which reduces the value of Housing Credits to corporate investors.
Community Development Block Grant (CDBG)	$3.24 billion (7.8% increase)
HOME Investment Partnerships Program (HOME)	1.36 billion (43.4% increase) The highest funding level in seven years!
McKinney-Vento Homeless Assistance Grants	$2.51 billion (5.5% increase) This includes a $2.11 billion set-aside for the CoC and rural housing stability assistance programs, and $270 million for ESG.
Public Housing Operating Fund	$4.55 billion (3% increase)
Public Housing Capital Fund	$2.75 billion (41.6% increase)
Rental Assistance Demonstration (RAD)	Under RAD, public housing agencies are able to leverage public and private debt and equity to fix public housing stock. The bill increases the unit authorization cap to 455,000, extends program authorization to 2024, and authorizes RAD conversions of the approximately 120,000 units in Section 202 properties (low-income senior housing) with Project Rental Assistance Contracts (PRAC). Unfortunately, it does not provide any incremental funding to facilitate such conversions.
Tenant Based Rental Assistance	$22.015 billion for tenant-based rental assistance (TBRA) (5.3% increase), $19.6 billion of which is to renew previous contracts.
Project-Based Rental Housing	$11.515 billion to renew project-based rental assistance contracts for calendar year 2018
Fair Housing	While the bill does not change the budget for HUD’s office of Fair Housing and Equal Opportunity, it does include unhelpful rider language prohibiting HUD from directing local governments to change their zoning laws under the agency’s Affirmatively Furthering Fair Housing (AFFH) rule or with the AFFH assessment tool.
USDA 521 Rental Assistance	$1.345 billion (4.3% DECREASE) Unfortunately, this program dropped in funding from FY17 level of 1.405 billion
USDA Multifamily Preservation & Revitalization	47 million (14.63% increase)
Choice Neighborhoods Initiative	$150 million (9.1% increase)
Community Development Financial Institutions (CDFI) Fund	Within Treasury, $250 million (.08% increase).  This includes $160 million for financial awards and technical assistance as well as $500 million in guarantee authorization level for the CDFI Bond Guarantee program level with FY 2017.
More housing program funding details:	See the “FY 2018 Final” column of this chart for the National Low Income Housing Coalition for a longer list of key housing program funding levels within HUD and USDA, such as 202, 811, HOPWA, etc.:

The Indiana Financial Capability Corps (IFCC) is a statewide partnership joining Prosperity Indiana and local nonprofit agencies like Community Action, United Way, development corporations, and others, including local governments.  The IFCC utilizes AmeriCorps, a national service program, to bridge the gap between low-wealth residents and available financial capability resources through education and empowerment.

IFCC AmeriCorps Members help create economic opportunity focused on the financial well-being for disadvantaged individuals and families.  Not only do AmeriCorps Members give back through direct service, they are leading change in the communities and organizations they serve.  Members add value to collaborating host sites by bringing their diverse backgrounds to bear in their assignments, leaving an indelible mark on beneficiaries and groups with whom they interact.   Host site organizations gain AmeriCorps places the needs of local communities first, strengthens public-private partnerships, build sustainable alliances Use our programs to build stronger, more efficient, and more sustainable community alliances and networks capable of mobilizing resources.

Members serve from three months to one year in part- or full-time positions while earning a living allowance and an end of service education award all while gaining valuable professional development and skills. 

Host sites gain a new generation of leaders focused on putting the needs of local communities first, strengthening public-private partnerships, building stronger, more efficient, and more sustainable community alliances and networks capable of mobilizing volunteers, and assisting rural and economically distressed communities obtain access to public and private resources.

The IFCC is funded by the Corporation for National and Community Service (CNCS), a federal agency whose mission is to “improve lives, strengthen communities, and foster civic engagement”, and Serve Indiana, a state bureau whose aim is to “advance service and volunteerism by informing, connecting, and promoting opportunities and resources that enrich the lives of Hoosiers,”

The AmeriCorps VISTA mission is to build the capacity of organizations that work to alleviate poverty. For Prosperity Indiana VISTA members, this takes the form of helping the organization better serve its members through managing networks, providing technical assistance, and supporting member communications. Prosperity Indiana is currently recruiting four VISTA positions: two will replace current VISTA members Allegra Maldonado, Assets & Opportunity Network VISTA, and Kaytlin Eastes, Member Capacity Builder VISTA, while two more (Resource Development VISTA and Communications & Events VISTA) will build Prosperity Indiana’s capacity in new ways.

When asked what drew her  to AmeriCorps VISTA, Kaytlin said, “After college,   I knew I wanted to work in the nonprofit sector, but I wasn’t exactly sure where. This VISTA position with Prosperity Indiana has allowed me to explore many different facets of not only the organization itself, but also of the broader community development field.” Allegra shared a similar motivation, saying, “I was drawn to AmeriCorps VISTA because I wanted to gain experience in a public service career. Specifically, I was drawn to the Assets & Opportunity Network because I was concerned with how the inter-related issues of income and wealth inequality constrain choice and opportunity for low- and moderate-income families.”

Much of Kaytlin’s work has focused on building the capacity of not only Prosperity Indiana, but also of its members. In addition to providing internal communications, member services, and Outcomes Platform support, she provides free, short-term technical assistance to Prosperity Indiana members. “One thing I have loved about this position is the variety in my work,” Kaytlin said. “Not only have I learned about the operations and management of Prosperity Indiana, but I’ve also learned about affordable housing, payday loan alternatives, and measuring organizational impact.”

Allegra’s work centers on the Indiana Assets & Opportunity Network. The Network was created to increase asset acquisition for low-wealth Hoosiers and strengthen local economies through policy advocacy and capacity building in partnership with organizations and coalitions. Allegra has spent time raising awareness in communities about the negative financial effects of taking out a payday loan and consumer protections that exist to support consumers as they navigate the marketplace of financial products and services. Additionally, she has explored new initiatives to help Hoosiers build wealth, including programs related to retirement savings, the racial wealth gap, and culturally competent approaches to financial coaching.

Prosperity Indiana’s VISTAs have not only built capacity within the organization over the past months, they’ve also developed their own capacities as professionals. Allegra said, “During my service term, I’ve learned about technical aspects of community development, asset building, and nonprofits, as well as more about the diverse communities living in Indiana. I have had many ‘firsts,’ including writing my first grant, facilitating my first meeting, and attending my first staff/board retreat. These experiences allowed me to develop certain skills universally valued in the workplace, such as concise and polished writing and confidence networking with individuals in diverse sectors. “

If you, or someone you know, would be a good fit for AmeriCorps VISTA, please review Prosperity Indiana’s VISTA positions listed below. Interested applicants can contact Executive Director Jessica Love (jlove@prosperityindiana.org) for more information. If you have questions about VISTA service in general, contact Kaytlin (keastes@prosperityindiana.org) or Allegra (amaldonado@prosperityindiana.org).

Assets & Opportunity Network VISTA – manages the Indiana Assets & Opportunity Network.

Capacity Builder & Impact VISTA – provides technical assistance to Prosperity Indiana members on short-term projects.

Communications & Events VISTA – leads Prosperity Indiana’s communications, marketing, and event planning efforts.

Resource Development VISTA – leverages financial and other support for Prosperity Indiana programs.

Since 1994, AmeriCorps Members have served our country and our communities with commitment and spirit.

Not only do AmeriCorps Members give back through direct service, they are leading change in the communities and organizations they serve.  Programs like the Indiana Financial Capability Corps (IFCC) give Hoosiers the opportunity to transform lives and improve neighborhoods through education and empowerment – and the chance to grow as leaders.  Members add value to host sites by bringing their diverse backgrounds to bear in their assignments, leaving an indelible mark on beneficiaries and groups with whom they interact.   

AmeriCorps Members serve from three months to one year in part- or full-time positions while earning a living allowance and an end of service education award all while gaining valuable professional development and skills. 

According to the Corporation for National and Community Service (CNCS), the federal agency which funds AmeriCorps, eighty-two percent (82%) of host sites surveyed hired at least one Member since 2012.  Forty-two percent (42%) of alumni employed within six months found a job through a connection made during their term of service.  Eight out of ten alumni say that AmeriCorps benefited their career path.  And, most importantly, Members have higher rates of civic engagement than their contemporaries who chose other non-national service paths.

Want to know more about how your nonprofit organization or government agency can host a next generation leader?  Contact Carey W Craig at ccraig@prosperityindiana.org or [317] 454.8538.   

Published annually, the Corporation for Enterprise Development's (CFED) Assets and Opportunity Scorecard offers the most comprehensive look at Americans' ability to save and build wealth, stay out of poverty, and create a more prosperous future.  The 2016 Scorecard assessed all fifty states and the District of Columbia on sixty-one outcome measures spanning five issue areas: Financial Assets and Income, Businesses and Jobs, Housing and Homeownership, Health Care, and Education.  The research found that state policies are doing little to improve Hoosiers' financial security.  Indiana received a "C" in all five outcome categories and ranked 30th overall.  Indiana came in at 32nd place in the Financial Assets and Income category.  Indeed, forty-three percent of Indiana's households are locked into a "new normal" of perpetual financial insecurity; unable to build the savings needed to last three months in the event of an emergency, and fourteen percent of households' total income is below the poverty threshold.

Statistics like these are just one of the reasons Prosperity Indiana partnered with AmeriCorps, a national service program funded by the Corporation for National and Community Service (CNCS) and Serve Indiana. 

AmeriCorps is dedicated to creating economic opportunity focused on financial well-being for disadvantaged individuals and families.  Community organizations across the country are learning about specific interventions to address the housing, financial literacy, and employment needs of low-income populations.

For more than fifty years, national service has proven to be a catalyst when combined with community-based economic opportunity resources.  Our programs boost initiatives that provide financial education, tax preparation services, consumer counseling, connection with community services or benefits, housing construction and repair, and job training and placement programs.  

Stay tuned to find out how your organization can utilize AmeriCorps to get things done to build financial security and economic opportunity in your community!

Is your organization looking for opportunities to get things done to fulfill its mission and objectives?  If so, then the Indiana Financial Capability Corps (IFCC) is the right fit.

The IFCC is one of hundreds of AmeriCorps programs throughout the nation where more than 75,000 individuals serve their country and strengthen their communities in an effort to make Americans safer, stronger, and healthier.  For example, AmeriCorps Members help families obtain affordable housing, mentor students toward on-time graduation, and respond to natural disasters.

Check our blog every day this week to see how your organization can benefit from this exciting opportunity!

My name is Carey Craig, and I’m excited to serve as Prosperity Indiana’s AmeriCorps Program Manager.

While Prosperity Indiana isn’t completely new to accommodating AmeriCorps Members, this is the first time our organization has led a statewide program funded by Serve Indiana and the Corporation for National and Community Service (CNCS). 

The Indiana Financial Capability Corps (IFCC) partners with Prosperity Indiana member organizations like Community Action Agencies, Community Development Corporations, local governments, and others to serve low-to-moderate income families and individuals, and who are interested in integrating financial capability into their existing programs. IFCC AmeriCorps Members assigned to participating host sites develop a strategic design for successful integration using a variety of resources to assist organizations in deciding on the best approach to maximize their impact while educating their clients. AmeriCorps members will provide a variety of necessary resources to help their service organization create community assessments, work flow charts, logic models, and action plans. Ultimately, the member will lead the organization to decide which approach to integration is best for their clients.  Prosperity Indiana is still looking for host sites.  If your organization is interested, please contact me at ccraig@prosperityindiana.org. 

Commonly known as the domestic Peace Corps, AmeriCorps is a national service program governed by the Corporation for National and Community Service (a federal agency) and administered by Serve Indiana (a state agency). AmeriCorps strengthens communities by involving people in service to meet local challenges.

Founded in 1993, AmeriCorps functions as a network of local, state, and national service programs that engages Americans in intensive service to meet our country’s critical needs in education, public safety, health, the environment, and human needs. AmeriCorps members serve with nonprofits, public agencies, and faith-based and community organizations.

Much of my career has been spent in the public and nonprofit spheres and, in particular, the national and community service movement.  After a stint in consulting, I’m pleased to be returning to the nonprofit sector to lead the Indiana Financial Capability Corps.

Looking for professional development and training opportunities? See below for a number of training opportunities for Housing Counselors on a wide range of topics, including both on site classes and online webinars.

NeighborWorks Training:

NeighborWorks Training Institutes offer a selection of more than 100 courses, a one-day symposium on a pressing topic, free after-course workshops on innovative tools and methods, and abundant peer networking opportunities. Upcoming NTI dates include:

• May 7-11, 2018 - Kansas City, MO
• August 20-24, 2018 Louisville, KY (save the date)

NeighborWorks also offers Self-guided Courses which allow you to gain new information and skills whenever it fits into your schedule. Click here to view the extensive list of courses and to register. Inquire with NeighborWorks about scholarship opportunities for both in-person and online trainings.

RCAC Training for Housing Counselors:

Rural Community Assistance Corp. (RCAC) offers high quality training for housing counselors nationwide. Trainings are offered both On Site and as Webinars. Courses include Core Competencies for HUD Certification, Developing Effective Program Manager Skills, and Improving Your Counseling Program Through Financial Capability, among many others. View the Training Calendar for the full list of topics and training opportunities.

NCRC Training Academy:

The National Community Reinvestment Coalition Training Academy offers training and technical assistance both online via webinars and on site courses. Their mission is to provide a comprehensive training program that meets the needs of organizations committed to increasing access to credit in communities. Visit NCRC’s website at https://training.ncrc.org to view upcoming opportunities.

The Counselor’s Corner:

The Counselor’s Corner trainings, membership and all webinars are free. Webinar topics include Alternatives to Foreclosure: The Decision Tree, Sustainability for Nonprofits, Demystifying Student Loan Counseling, and Scam Prevention & Reporting. To see all webinars, go to the TCC master webinar calendar.

TCC also offers a webinar series on Housing Counselor Certification to prepare for the HUD certification exam, and hosts the Impacts & Innovations Housing Professionals Training and Recognition Conference.

Other Training and Events of Interest to Housing Counselors:
March 28, 2018 - Webinar: Training for HECM Counselors - This webinar has been designed to cover fair housing topics such as: History of Housing Discrimination, Protected Classes, Prohibited Practices, Exemptions, and Filing a Fair Housing Discrimination Complaint. We will also consider how Fair Housing intersects with HECM counseling. This information will help counselors pass the HUD Housing Counselor Certification exam, as well as provide required Continuing Education for the HECM Roster.

FHA Servicing & Loss Mitigation Training: Webinar series. For additional information, please e-mail:Stacey.a.brown@hud.gov.

USDA Training: For questions regarding the regulation, training, or UL please contact Tammy Repine of the USDA RD Single Family Housing Direct Loan Division at: (360) 753-7677 or at:tammy.repine@wdc.usda.gov

 

Housing Action Illinois: Training for Housing counselors. For more information please contact HAI via email or visit their training calendar.

  

Hope Now Events: Military Housing Podcast: This Podcast is an entertaining and educational series of conversations focused on military off-base housing.

 

Virginia Housing Development Authority (VHDA) YouTube Training for Housing Counselors: VHDA has posted training videos for non-profit agencies and consumers. Visit their YouTube channel to view all their current training offerings.

 

OCC Financial Literacy Update: The Office of the Comptroller of the Currency (OCC)'s Financial Literacy Update is a bimonthly e-newsletter that reports financial literacy events, initiatives, resources and events and training.

IRS Training: Virtual Tax-Exempt 501(c)(3) Workshops Available for Educational Institutions. This training will help non-profit apply for and maintain their 501(c)(3) status.

National Endowment for Financial Education: Free self-paced online housing course. Learn about calculating housing costs, credit scores, mortgages, shopping for a lender, homeowner’s insurance, researching neighborhoods, foreclosure, housing costs and developing a housing plan.

Duty to Serve Program Information: Recently, the Federal Housing Finance Agency (FHFA) presented a Duty to Serve Overview Video. Watch an archival version of the video.

FEMA’s Emergency Management Institute (EMI): FEMA offers self-paced courses designed for people who have emergency management responsibilities and the general public. All are offered free-of-charge to those who qualify for enrollment.

Fair Housing Center of Northern Alabama: Visit FHCNA for registration and more information on these upcoming events:

•  April 05, 2018 - Birmingham, AL: Fair Housing Annual Seminar.
• June 14, 2018 - Birmingham, AL: The 25TH Anniversary of the FHCNA.

NDIANAPOLIS – The Prosperity Indiana Board of Directors is pleased to announce that Jessica Love will be the organization’s next Executive Director. She will fill the position currently held by Andy Fraizer, who announced in December he would be leaving to become the Executive Director for the Community Foundation of South Jersey.

“Jessica has demonstrated excellent leadership skills, strong business acumen and strong communication skills during her eight years with Prosperity Indiana,” said Nate Lichti, Board Vice President and Transition Committee Chair. “The Board is very excited about Jessica’s ability to help Prosperity Indiana members impact communities and to carry out strategic initiatives.”

Love, a native of Alabama, has served in the role of Associate Executive Director for Prosperity Indiana since 2013 and was previously the organization’s Senior Program Manager, providing technical assistance primarily around federal grant programs. Immediately prior to joining Prosperity Indiana, Love was the Program Manager for Community & Economic Development with the South Central Alabama Development Commission in Montgomery, Ala.

Love said, “I can look back over my life and see where my future at Prosperity Indiana got its start – volunteering in soup kitchens, rehabbing migrant worker housing, and tutoring at-risk youth while still in high school. Leading a service organization during that time, I learned who I was as a leader – a servant first, seeking to listen with humility, empower others to create change and recognize achievements along the way.”

Before entering the nonprofit sector, Love was the managing editor for The Selma Times-Journal, a daily newspaper in Selma, Ala. She received her BA in Mass Communication/Journalism from Taylor University in Upland, Ind. Love’s combined background in management, fundraising and communications made her an excellent match for this role.

“Jessica has an aptitude to learn, build consensus and work as a team. The organization is blessed with a staff with tremendous capabilities and a passion for the mission, and we’ll be looking to provide additional support in the near-term. We think she’s the perfect leader to build collaborations, empower members and maintain integrity to have impact in Indiana communities,” Lichti said.  

Love said she’s learned a great deal from working with Fraizer throughout her tenure at Prosperity Indiana and hopes to capitalize on the momentum that has been created under his direction. Lichti added that Prosperity Indiana is grateful for Fraizer’s 10 years of service and appreciates his thoughtful leadership.

He said, “Andy’s successful tenure led to a huge expansion of services and the implementation of comprehensive community development initiatives across the state. His leadership in Indiana will be missed.”

Board President Steve Hoffman likewise recognizes what Fraizer has meant to the field over the past decade.

“Andy has meant a lot to this organization over his time here. He has meant a lot to other organizations and individuals as well. We will miss him and wish him the best,” Hoffman said. “We are likewise excited to welcome Jessica into the leadership role. We are extremely fortunate to have someone of her knowledge, skills and abilities ready to take on the Executive Director role.  Jessica has been an integral part of our success in recent years, and our future success is secure under her leadership as well.”

Leveraging a succession plan that has been in place since 2015, the board and its Search and Transition Committee vetted Love through a rigorous process that included four rounds of interviews and a presentation of her 100-day plan.

Of the board’s selection and process, Fraizer said, “Jessica is the right choice to lead Prosperity Indiana into the future. Her passion for service, management experience and openness to ideas provide a critical skill set for exercising leadership. During her tenure as the Associate Executive Director, she has brought crucial operational grounding to meet the mission and deliver high quality service to members. I am elated with the Board's decision and appreciative of the thorough process they undertook to understand Jessica's capabilities."

Love is working with Fraizer to ensure the transition is as effective and seamless as possible. She assumes her new role on March 2.

Love said, “I’m thrilled by this opportunity to serve Prosperity Indiana’s members and Hoosier communities in a new way. We have a great team and a strong board that are committed to delivering on our mission. With their help, I plan to give everything I’ve got – building on a legacy of great leadership – to improve lives across the state.”

Policy Director Kathleen Lara was asked by the Indianapolis Business Journal, regarding House Bill 1319: Should lawmakers allow payday lenders to expand their offerings?

Her response in the February 23, 2018 edition of the IBJ: 

Indiana is ground zero in a push by payday lenders, testing whether states will allow predatory-lending expansion. But a large coalition of faith leaders, veterans and community-development advocates are standing with Hoosier consumers to push back against this effort to offer new loans that will further destabilize divested neighborhoods and devastate low-income borrowers.

House Bill 1319 would allow payday lenders to continue offering small, two-week payday loans of up to $605, carrying annual interest rates of up to 391 percent. It also expands the payday lenders’ exemption from Indiana’s 72 percent loan-sharking cap, allowing for larger, longer-term loans at rates up to 222 percent. This is the third session that payday lenders have sought a new exemption, claiming it will help credit-impaired borrowers weather financial emergencies.

Payday lenders assert that the volume of loans speaks to the need. But their model relies on a cycle of debt—on average, eight to 10 payday loans long, speaking to the predatory nature of the model versus the need. They also argue that failure to pass this bill forces consumers into unregulated online loans. To the contrary, Pew Charitable Trusts found that borrowers in states with strong regulations, like a rate cap, do not head online. Instead, they dramatically reduce their usage of online and storefront payday lenders.

Lenders want to distract legislators from the reality on the ground. Organizations around the state provide food and utility assistance, affordable rental housing and homeownership opportunities, home repair loans, financial counseling, and innovative payday loan alternatives, such as the Community Loan Center program—all to address the root causes of financial instability. But too frequently, consumers seek their assistance only after payday loan debt has exacerbated their financial crises.

The Center for Responsible Lending finds that payday borrowers are more likely to default on credit cards, lose their bank accounts, delay medical care, rely on food-assistance programs and fall behind on housing payments. We have seen payday loans contribute to more bankruptcies and foreclosures in our state. Currently, Indiana has the seventh-highest bankruptcy rate nationwide.

Is it any surprise that 15 states now cap all loans at 36 percent? Bellwether Research polled Hoosier voters on this approach: 88 percent said they support a 36 percent cap. Unfortunately, a bill by Sen. Greg Walker, R-Columbus, to cap rates never got a hearing. Instead, HB 1319 is moving Indiana in the opposite direction.

HB 1319 would allow a minimum-wage worker earning $15,000 a year to qualify for a $1,500, 12-month loan. That borrower would pay $1,598 in fees alone—more than the original loan total. Twenty percent of the borrower’s already-meager income would be diverted from buying essentials to paying exorbitant fees. That is not a lifeline. It is an anchor further drowning Hoosiers in debt.

Simply put, when it comes down to dollars and cents, these payday dollars make absolutely no sense for struggling consumers. We strongly encourage discussion on ways to meet the needs of underserved consumers. HB 1319 is not the answer.