Overview: We were formed in 1999 as a network of four members within the offices of the Allston Brighton Community Development Corporation, which served as our fiscal sponsor in the early years. In this era of economic instability, a new look at financial habits, personal savings, and investment decisions is in order. Midas began our work in economic development with a new strategy that incentivizes and supports asset acquisition through matched savings as a vehicle to enhance long-term financial and economic stability. We facilitate asset development and asset protection of low-and moderate-income families in a manner that is collaborative, helps build communities, and is practitioner-tested and informed by national and state initiatives. More recently, the work of Midas has expanded to include a broader scope of asset development strategies and policies. Now 30 members strong, with numerous public and private partners, we are implementing a vision of integrating asset development strategies at the community level with more traditional community development programs and services. We hope to raise the level of financial skills in low-income communities and develop a constituency of community leaders who understand, model, and promote wealth-building and economic stabilization in their communities. Across the state, our programs offer opportunity in the form of savings, homeownership, post-secondary education, appropriate financial products, and small business investment as well as key financial skills that make a critical difference to low-and-moderate income workers, savers, and investors. Asset programs complement public programs that stabilize income and reduce expenses for the working poor. Asset protection education and policies limits the destructive effects of high-cost and predatory financial services.
Midas has proven that increased financial management skills, peer support, innovation, and access to savings and wealth-building vehicles such as education, small businesses, and first home purchase foster the long term stability of individuals and families. Midas works to increase access to assets through program and policy work in Massachusetts and nationally.