About NEW
We founded New Economics for Women (NEW) to create a female centered approach to economic development. We had the audacity to believe that women have the economic power to change the world.
Who We Are
New Economics for Women (NEW) is a California-based nonprofit founded in 1985. NEW’s mission is to build economic mobility, particularly for Latinas and their families.
We believe Economic Mobility is a fundamental human right.
Our vision is to empower generations of women and their families to thrive.
For over 37 years, we have sparked economic mobility in underserved communities throughout the region. We empower women who are the center of the family to build and protect generational wealth. When we champion women, we transform communities.
How We Spark Economic Mobility
Wealth Creation Hub
NEW’s comprehensive range of programs work to provide economic mobility services to address systemic barriers that our clients face. We end generational cycles of poverty by offering social and economic solutions through our unique multi-generation Whole Family Transformation model.
Housing Hub
NEW’s investment in people, places, and policy has resulted in over a quarter of a billion dollars in public and private investment throughout the City of Los Angeles. NEW has produced over 1,600 affordable multifamily apartments and 110 affordable single-family homes. NEW has also created more than 100,000 square feet of commercial, community, health and public school space, including two high-performing elementary schools.
Education Hub
Recognizing the tremendous academic disparities in the low-income communities we serve, NEW targets students and parents with a concentration on intergenerational learning. NEW’s myriad of educational programs includes digital and financial capability, afterschool enrichment, and workforce readiness to drive academic and social success.
Entrepreneurship Hub
NEW’s Entrepreneurship Hub fosters innovation in support of micro-enterprises to small business operators. The Entrepreneurship Hub provides business development services and access to capital to advance wage equity and grow self-sufficiency for client families.
Advocacy for Economic Equity Hub
We believe that economic mobility is a fundamental human right. To tackle economic disadvantages and disparities overwhelming experienced women and BIPOC small business owners, NEW created NEW Community Investments (NCI) to provide capital access options like Impresario, an innovative crowdfunding platform with no-cost training for underserved women, BIPOC, and veteran-owned businesses.
Our History
New Economics for Women Founded
New Economics for Women (NEW) is a California based non-profit founded in 1985 by Latinas whose vision was to spark economic mobility and empower women in underserved communities to create lasting generational impact. NEW is formed with the assistance of the National Economic Development Corporation. An initial Board of Directors is selected and they establish NEW's organizational focus and the strategy to meet their goals.
United Way Invests in NEW
NEW applies to foundations and agencies for start up and predevelopment costs. As a result of NEW's efforts, United Way grants NEW $97,000 to study feasibility and to develop a pilot project which would follow NEW's housing and economic development strategy.
NEW's Initial Site Purchase Attempts
In pursuit of its objective, in early 1987, NEW hires a consultant and UCLA School of Planning sponsors work-study students to locate a site in San Fernando Valley or in the East Los Angeles area. NEW, together with the Corporate Fund for Housing and LISC, acquire an option to purchase a site in the Maravilla area, and respond to a funding proposal request for the Maravilla Community Development area. NEW's proposal is not funded. In addition, NEW negotiates for the purchase of a vacant lot in Highland Park area and is unsuccessful in opening escrow.
NEW enters negotions for the acquisition of the LOMA street site
NEW continues to hire consultants and student assistants. NEW receives assistance from CORO Interns and a German Marshall Fund intern. NEW is selected to be part of a demonstration project co-ventured by LISC, the Neighborhood Corporation and the Los Angeles Community Design Center for Technical Assistance (legal, financial, and architectural) and staff training. In late 1988, NEW enters negotiations for the acquisition of the LOMA street site in the Belmont area of Pico Union. NEW meets with local single parents to discuss community needs and housing design.
Escrow Opens for 379 S Loma Site
NEW opens escrow on 379 So. Loma site. NEW hires a development consultant and receives 1 0 hours per week of pro bono development and financial assistance from the Century Pacific (corporation experienced in affordable housing). NEW puts together an experienced development team and applies for City of Los Angeles Community Redevelopment Agency funding for site acquisition. Seller of LOMA site begins process to divide LOMA site into two parcels for sale. NEW receives pro bono development (WattParker) and architectural services (BirbaGroup).
NEW Opens Business Office
NEW opens its business office, hires an executive director and one support staff. It also receives funding commitments to acquire the LOMA site and to fund predevelopment and development costs. NEW enters into agreements with professionals and establishes a community based design group (focus group of women from the neighborhood) to advise regarding project design. After several months of meetings, NEW completes initial schematic design. NEW acquires LOMA site, receives financial commitment for construction and permanent loans and is allocated $15.3 million in federal tax credits. NEW begins recruitment for focus groups of single parents to design its social services program.
NEW Receives Operating Grant
NEW receives a five-year operating grant from the Los Angeles Collaborative Fund to fund Executive Director. Construction continues on Casa Loma. An arson fire occurs at Casa Loma one week before the historical Los Angeles riots destroying 12 framed units and causing half a million dollars worth of damage. As part of its holistic approach to economic development strategy, NEW begins identification of on-site service providers and negotiation of agreements for services. NEW begins negotiations for site acquisition on two additional sites one block away from Casa Loma, Hotel Cortez and La Villa Mariposa. NEW receives funding commitments for pre-development and development costs and selects paid development team (Peck/ Jones and Sierra Pacific) as the general contractor.
Casa Loma Opens
Casa Loma opens on May 17, 1993 with extensive media coverage and acclamation from elected officials as a model project. NEW distributes close to 6,000 applications and receives and processes over 2,400 occupancy applications for 110 units; conducts a lottery and interviews the top 250 families. NEW moves in residents and several local service organizations provide services on site. The Casa Loma Residents Council is established.
Secretary of HUD Sites Casa Loma as a Housing Model for the Nation
Secretary of HUD Henry Cisneros sites Casa Loma as a housing model for the nation. NEW receives "Project of the Year" award from the Southern California Association of Nonprofit Housing for Casa Loma. In addition, NEW was recognized as one of Social Compact’s “Honorees for Partnership Achievement” at the Social Compact Outstanding Community Investment Awards.
NEW Acquires Site Control of Hotel Cortez
NEW acquires site control of Hotel Cortez (rehabilitation of five story masonry building to house 60 single teen parents and their children with on-site support services) and La Villa Mariposa (115 units for families and seniors with the same on-site services as Casa Loma).
NEW Moves to 303 S Loma Drive
NEW moves the administration office to 303 S. Loma Drive, former Cancer Detection Center. NEW begins the process of acquiring the property for conversion to a primary health clinic.
Hotel Cortez and La Villa Mariposa Construction Begins
NEW begins construction on Hotel Cortez and La Villa Mariposa and begins to identify and select service providers. NEW renames the Hotel Cortez - LA POSADA ('The Inn' in Spanish).
NEW Receives Fannie Mae Foundation Maxwell Award
NEW continues to receive national recognition for Casa Loma. NEW is the recipient of the Fannie Mae Foundation Maxwell Award of Excellence and the National Achievement Award from Parenting Magazine for its impact on the quality of life for poor families/single parents at Casa Loma. NEW is frequently requested to present at conferences and workshops NEW's vision for addressing poverty issues for single parents.
NEW Receives Core Operational Funding
NEW receives core operating funding to implement NEW's economic development and its innovative job creation strategy for the Belmont community.
HUD designates NEW to Receive $2M in Special Tax Credits
NEW is designated by HUD as one of the CDC’s across the country to receive $2 million in special tax credits for the Belmont area to develop economic initiatives and job creation.
NEW Opens La Posada
NEW opens La Posada, 60 units for single teen mothers and their children. NEW receives Great Western Shaw Award of $25,000 for excellence in affordable housing, one of four nationally recognized community development organizations.
NEW Opens La Villa Mariposa
1996 Board updates the organization’s mission statement. NEW opens La Villa Mariposa in January providing 115 units for large families and seniors. Received the first national La Promesa Award (National Latino Children’s Institute) for the Mariposa program, for NEW's unique case management work in providing a promising future for Latino children. Closed escrow on Loma Center formerly the Cancer Detection Center. Received support from Federal Office of Community Service, a forgivable grant for creating 200 jobs at the Loma Center. The job creation target in the multi-media, bio-medical field sectors.
NEW Begins Technical Assistance Program
NEW begins technical assistance program assisting residents in start-up businesses and homeownership and obtained funding for Tres Palmas, 19 units of affordable housing for large families. It
also entered into MOU with West Valley Community Development Corporation to assist in homeownership and develop multifamily housing.
NEW expands its Technical Assistance services to several communities including Yakima, Washington
NEW Selected by the Los Angeles County Community Development Commission
NEW is selected by the Los Angeles County Community Development Commission to operate and own a 31 unit apartment complex next to Garfield Adult School in East Los Angeles. The project is scheduled for completion in January 1998. In addition, NEW is selected to provide micro-lending and technical assistance services by the City of Los Angeles Community Development Bank.
NEW Launches Home Ownership Education and Lending Program
Board assessed its five-year strategic goals and objectives. It noted that the goals were accomplished prior to the five-year projection. As part of the Board’s strategic direction, NEW begins several innovative economic development, health and small business creation initiatives. NEW, launches its home ownership educational/lending program in collaboration with the Home Loan Counseling Center starts the HOMEChoice Marketing Center and creates the Smart Consumer Education program.
NEW Awarded Grants for Prosperity Center
NEW is awarded several grants for its Prosperity Center (previously called Loma Center). U.S. Department of Commerce Secretary Bill Daly, Mayor Richard Riordon and Councilman Mike Hernandez hold a press conference to announce Economic Development Administration’s (EDA) award of $1.8 million forgivable loan for the Prosperity Center.
NEW Begins Rehabilitation of Prosperity Center
NEW begins rehabilitation of the Prosperity Center that is scheduled to open in 1999. NEW sells to Prudential Insurance Company its $2 million HUD Tax Credit. NEW is the only community development corporation of the 20 organizations so designated to secure tax credit investment dollars without an intermediary or broker.
NEW Receives the Fannie Mae Foundation, Sustainable Excellence Award
The Fannie Mae Foundation honors NEW with the prestigious Sustained Excellence Award at a special ceremony in Washington, D.C. Over 300 organizations were assessed. The Foundation selected 10 organizations that represent the best in affordable housing development and production. The Foundation recognized NEW for its holistic approach and decrees NEW as the only nonprofit of its kind in the country.
NEW Facilitates $5.75M in Small Business Loans
NEW facilitates funding of $5,775,000 in small business loans to five minority and women owned business through its partnerships of banks and loan programs. An economic development study on home based childcare businesses for local area is initiated to determine the potential market need for local residents and surrounding communities.
NEW opens Tres Palmas (19 units for large families). NEW now operates four multi family housing sites in the Belmont Community.
NEW opens Guadalupe Terrace. The complex provides 31 units for single parent families in East Los Angeles. Supervisor Gloria Molina cites this project as a model for the county.
NEW purchases the EADS building, located in the Belmont area, at the request of the City of Los Angeles. The EADS building was found listed on the Slum Task Force list as one of the worst buildings in the City of Los Angeles.
NEW receives “Ray of Hope” Award from Hispanas Organized for Political Equality, for innovative housing servicing the Latina community.
As part of the Prosperity Center (formally the Loma Center) NEW partners with USC School of Engineering and NASA Technology Center to design the center as “smart wired” to attract hi-tech businesses.
NEW receives “La Promesa de un futuro brillante” Award from the National Latino Children’s Institute for La Posada.
NEW receives funding to begin planning its charter school that can focus on science and technology curriculum.
NEW Board Updates Mission Statement
Board updates the organization’s mission statement and establishes three initiatives to carry out its mission:
- Operating quality housing designed by single parents
- Helping single parents develop strategies and resources for success especially by helping build assets for families
- Helping communities transform by developing strategies and resources to eliminate poverty
Final negotiations are reached with the Los Angeles Unified School District to build an elementary school that will also be operated as a charter school by NEW.
NEW successfully secured over $7 million from various financial sources for the Tierra del Sol, EADS apartments, Santa Cruz Terrace, San Pedro and North Hollywood single family developments.
Enterprise Foundation Awards NEW Two-Year Contract
The Enterprise Foundation awarded NEW a two-year contract to rehabilitate approximately 120 homes in South Central Los Angeles. The foundation also selected NEW to conduct homeownership classes. NEW is also contracted by Home Ownership Made Easy (H.O.M.E.) to provide bilingual homeownership counseling to very low-income disabled families.
NEW helps 145 families increase their level of economic attainments through its Family Development Network program.
City of Montebello contracts with NEW to help carry out the Greenwood Neighborhood Revitalization Project. In addition, the State Department of Health Services awarded NEW a contract to help enroll poor families into their no cost or low-cost medical insurance.
NEW holds its very first fund raising event to benefit its La Posada project.
La Posada Holiday Event
NEW’s annual La Posada holiday event establishes an inspirational tradition of paying tribute to the important role of mothers. Honored leaders and mothers are Alex Padilla, and Lupe Padilla, Giselle Acevedo-Franco and Lidis Madrigal; Richard Polanco and Mary Polanco; Gloria Molina and Conception Molina; Laura Diaz and Maria Diaz; Martha Esculis and Marina Olvilla.”
NEW Academy Established
2003 NEW establishes New Academy, a separate to operate public elementary charter school. NEW began two major projects, the capital campaign for the Prosperity Center with a target of $3.2 million dollars, and the establishment of the Individual Development Economic Accounts (IDEA) through a partnership with California Bank and Trust.
La Posada Scholarship Program Established
NEW’s incorporation of Latinos in Educational Advancement Programs which established the La Posada Scholarship Program. Another program that benefited La Posada residents was the launch of the Baby Care, parenting education workshops for young mothers with children ages 0-5. NEW was also selected by the United Way of Greater Los Angeles to offer Individual Development Accounts (IDA) to our residents, a savings match program.
Tierra Del Sol Awarded the Charles L. Edison Tax Credit Excellence Award
2006 Tierra Del Sol received the Charles L. Edison Tax Credit Excellence Award for outstanding low-income tax credit property in the Metropolitan/Urban Housing category and the Maxwell Award of Excellence from the Fannie Mae Foundation for outstanding public/private partnerships. The American Institute of Architecture / San Fernando Valley Design Award was given to NEW Academy Canoga Park Charter School.
This year marks the opening of NEW’s Prosperity Community Center and Vista Monterey, 48 units of senior housing, in Los Angeles.
NEW Recognized by Women's Congressional Caucus
As a testament to NEW’s renowned reputation for helping low-income families achieve their dreams, Representatives Ellen Tauscher and Judy Biggert, Co-Chairs for the Women and the Economic / Business Task Force, invited NEW to address the Women’s Congressional Caucus, Women’s Policy Inc. (WPI), in Washington, DC. WPI asked that NEW share its mission and work as it related to “Expanding the Middle Class: Paths to Economic Self-Sufficiency for Women and their Families.”
NEW Awarded Bank of America Neighborhood Excellence Initiative Award
NEW was one of four nonprofits selected for the Bank of America Neighborhood Excellence Initiative Award. As a Neighborhood Builder, NEW received $200,000 in general operating support and leadership development.
NEW celebrates the grand opening of the third and final phase of the Tierra Del Sol Redevelopment Project – the two-story Community Center building which will serve as a economic and educational hub.
NEW Completes Projecto Adelante
NEW completes Projecto Adelante – a pilot program funded by the Ford Foundation to educate 27 Latino families abut asset protection and development. As part of the program, NEW released an ethnography and white paper detailing its findings and policy recommendations. NEW’s innovative “Whole-Family Education” model, which was tested during Projecto Adelante, proves to be a critical component needed for family stability.
Celebra La Ciencia – Science Festival
NEW provides hands-on science to Latino families through Celebra La Ciencia – Science Festival. Over 1000 families attended and the festival received local and national media coverage for its innovative approach in bringing science and math careers to the Pico Union community.
NEW Celebrates 25th Anniversary
The California Community Foundation selects NEW as one of nine organizations included in its annual Guide to Top-Performing Nonprofits.
NEW Casa Launches
NEW Casa is launched after NEW receives a $25 million dollar grant under the U.S. Department of Housing and Urban Development‘s Neighborhood Stabilization Program II (NSP2) to purchase, rehab and sell 100 foreclosed single-family homes in the San Fernando Valley.
The opening of NEW’s Toberman Village, 49 units of affordable housing, in San Pedro.
Latino Tech Net/Computer Literacy opens in partnership, with Mission Economic Development Agency, providing broadband technology and micro-entrepreneurship training to small businesses.
NEW Ventures launches SOCOS to help create jobs in janitorial, maintenance and landscaping services.
NEW launches "Whole Family Education" model establishing a transformative educational program leading families to create, maintain and grow assets.
Opening of Osborne Apartments 60 Units of affordable housing co-developed with Related Company in Lake View Terrace, San Fernando.
Prospectors Awarded by California Awards for Performance Excellence for the Family Source Centers operated by NEW in San Fernando Valley.
NEW purchases Village by the Park, 288 units of an affordable housing complex located in Denver, Colorado. This is the first housing development purchased outside of California.
First Annual Whole Family CREATE Conference
NEW holds its first Annual Whole Family CREATE conference modeling “Whole Family Education”. Over 300 of NEW’s resident and community families attended. Themes of the conference included financial capability, homeownership, growth mindset skill building, “Shark Tank for Youth Contest", and “How to discuss money with your Kids” workshops.
Latina Wealth Index Project launched, a research and policy initiative focused on Latina-owned business and their avenues of success to building wealth and policy recommendations
Opening of Rio Vista - 87 units of affordable housing, first of four co-developments with McCormick Barron on Taylor Yard complex
Lot 3/Taylor Yard Launches – 68 units of affordable housing, second of four developments at Taylor Yard.
Legacy of Family Reception honoring the mothers of prominent leaders in our community continues to be a successful fundraising event for La Posada.
Kaboom and Delta Airlines partnership for “Build Day” at La Posada transforming back yard into a magical playground for resident children and a haven for La Posada mothers to rest and relax.
NEW sells Village by the Park, Denver affordable housing complex representing the single largest financial transaction in NEW’s history- $26 million.
Opening of Taylor Yard Senior – 80 units, third of four developments at Taylor Yard.
Opening of Santa Cecelia – 108 units of affordable housing in Boyle Heights co-developed with McCormick Barron.
La Posada awarded $2 million by private benefactor, Walter Jayasinghe Foundation Trust.
EPA Provides Technical Assistance Grant
Environmental Protection Agency provided Technical Assistance Grant to develop a Healthy People, Healthy Places Plan for the Westlake Area of Los Angeles. Based on community input (women and girls) to address health, personal safety and housing needs of the community.
NEW Builds and Sells Four Modular Single-Family Homes in Canoga Park
NEW built and sold four modular single-family homes in Canoga Park, to 80% - 120% of AMI with a soft second under NSP II ranging from $1,000 to $81,000. This assisted first-time home buyers to purchase a home in an accelerated housing market.
La Posada renovation completed, a $2.7 million construction project upgrading all systems and providing a refreshed community/family décor for La Posada residents.
NEW builds and sells the second phase of four single family modular homes in Canoga Park.
NEW EntrepreneurshipHub- USC Micro-Business Incubator was established in March 2020:
A partnership with USC’s Dornsife School of Experiential Learning that provides fundamentals and digital solutions to startups, street vendors, and home-based microenterprises who are mostly unbanked. Classes are bilingual English/Spanish to further support in-language needs of entrepreneurs. Classes are ongoing.
NEW Entrepreneurship Hub - NEW WOMEN’S BUSINESS CENTER (NEW-WBC) was established in April 2020:
In collaboration with the U.S. Small Business Administration (SBA) and Go-Biz California Governor’s Office of Business and Economic Development, WBC helps women entrepreneurs and businesses grow successfully. With locations in Canoga Park, Van Nuys and Lancaster, WBC provides multi-lingual Technical Assistance to 15,000 small businesses across all industries – with specialized services in entertainment, food/restaurant, and fashion - throughout greater Los Angeles. Services are available in person and online, and cover a broad array of topics from business-ready assessments and SWOT analysis to creating financial statements, QuickBooks tutorials, effective use of social media, applying for loans, and new technologies to achieve greater efficiencies across all business practices. More than 160 online workshops are available each month. WBC has infused over $32 million of capital to small businesses over the past two years.
NEW Entrepreneurship Hub - USC Startup Career Fair was established in November 2020:
A partnership with USC’s Dornsife School of Experiential Learning that creates bi-annual networking opportunities for USC and other participating college students and alumni to meet with various incubators and startup companies. Since its inception, more than 1000 students have been placed in startup company jobs as paid employees or interns. Career Fair is ongoing.
NEW Entrepreneurship Hub - USC The Entrepreneurship Startup Academy (TESA) was established in November 2020:
Focused on start-ups and small businesses, the E-12 Step offers small cohorts of business owners a 12-week training intensive that guides them sequentially through the 12 essential steps of starting or scaling their businesses. Utilizing world class tools such as GrowthWheel and Live Plan, the E-12 Step helps early stage entrepreneurs identify scalable business models - based on the Lean Startup concept – with a curriculum design informed by findings from the Plum Initiative’s best practices for Technical Assistance for BIPOC entrepreneurs. There are three cohorts per year each consisting of 25 businesses and is offered in English and Spanish. The E-12 Step also offers extended 18-month mentorship (in-language) with MicroMentor. Training is ongoing.
NEW Entrepreneurship Hub - COLLEGE INCUBATORS were established in April 2021:
In partnership with the University of La Verne, Los Angeles City College, Los Angeles Trade Technical College, and Mission College, NEW Community Investments has designed small business incubators available to students and community-based business within each campus’ service area. Incubators are tailored to the specific industry needs of each community including general business, the entertainment industry, the culinary arts, and union trades such as construction, automotive, and electrical fields. Each incubator runs for up to 12 weeks and caters to small cohorts of 20 to 30 businesses to ensure high-level engagement and mentorship. The program is administered both on-site and online for maximum access and flexibility.
NEW Entrepreneuriship Hub - NEW Community Investments Kiva Los Angeles was established in July 2021:
NEW Community Investments officially became Kiva’s Los Angeles representative helping to connect more potential customers with lenders, business advisors and brand ambassadors with crowdlending loans that have zero percent interest.
NEW Entrepreneurship Hub - Impresario was launched in March 2022:
Impresario is an innovative crowd-sourced capital access solution specifically geared for underserved women, BIPOC and veteran-owned small businesses. It is the first to offer a combination of capital access with complimentary specialized training programs and is uniquely positioned to offer a comprehensive one-stop solution for underserved small business owners.
Our Board
Beatriz Olvera Stotzer
Board President
Chief Executive Officer
NEW Capital, LLC
Andrew Cheng
Board Vice President
Senior GRC Program Manager,
GoFundMe
Stacey Brenner
Board Secretary
President
Brenner Consulting Group
Miguel Escobar
Board Treasurer
President
Angelworks
Belinda Barragan
Director of Community Engagement
Hope
Maria L. Garcia
Regional Managing Director
Chase Private Client & Chase Investments
Joan Kradin
Senior Vice President
Greer Dailey, Inc.
Brianna J. Mircheff
Deputy Federal Public Defender
Office of the Public Defender
Los Angeles
Nilda Ruiz
CEO and President
Asociación Puertorriqueños En Marcha, Inc.
Welton Smith
Director of Real Estate Development
Cesar Chavez Foundation
Our Team
Each person below has committed to themselves, to each other, and to you (clients and donors) that we will connect, create, and celebrate in order to achieve success for the ones at the center of economic mobility – women. When women have economic justice, we all do.
NEW’s team connects to be accountable to each other, to be fully present with this work – to do what we said we would do. We create trust through faithful connections, building a reliable foundation upon which to serve. Our celebrations reflect every achievement, every win – small and large.
Maggie Cervantes
Executive Director
Leticia Andueza
Associate Executive Director
Alicia Matricardi
Chief of Special Projects
Quentin Strode
Chief of Entrepreneurial Hub
President & CEO,
NEW Community Investments
Ángel Zapata
Chief Strategist
Carmen Luna
Director
Ruth Garcia-Corrales
Program Director
Kimberly Stotzer
Project Director
Executive Vice President,
NEW Community Investments
Irma Vargas
Manager
Yesenia Medina
Manager
Michelle Anitzia Reyes
Manager
Irma L. Alcocer
Manager
Antonio Stotzer
Social Media
