Greater Philadelphia

From expanding access to college savings to baby bond programs to returning unclaimed property to its rightful owners, treasurers hold powerful but often overlooked tools for closing the racial and generational wealth gap.

Through a combination of keynote remarks, a moderated Q&A, and facilitated peer exchange, the Philadelphia AFN Chapter met on May 6, 2026, to learn how Pennsylvania and states across the country are deploying economic mobility strategies and what it will take to scale these approaches in communities that have historically been locked out of wealth-building opportunities. Thank you to our speakers, Iola Harper, Executive Director, Women’s Opportunities Resource Center (WORC) and Julie Peachey, Deputy State Treasurer for Consumer Programs, Pennsylvania Treasury Department.

When someone dies without a will, their home doesn’t automatically pass cleanly to their children. Instead, it can become “heirs’ property” — and get stuck in legal limbo while a family’s most valuable asset quietly slips away. In Philadelphia, thousands of properties are compromised by “heirs’ property” or as we often call it here, “tangled titles.”

On February 25, 2026, Asset Funders Network met for a chapter event to discuss the newly released brief — Heirs’ Property: Investing to Preserve Wealth in Philadelphia — that puts a number on what’s at stake. Using a prospective Social Return on Investment framework, we estimate that every $1 invested in resolving tangled titles can generate between $3 and $63 in societal benefits, and up to $444,000 in financial benefit for individual families. Jose Diaz, Ph.D., The Constellation Fund and Karama Neal, Ph.D., Asset Funders Network presented the findings from the report. We also heard from an esteemed panel, which included Evan Cantiello, Vanguard; Amanda Colon-Smith, The Pew Charitable Trusts; Rida Haq, Philadelphia VIP; James P. Leonard, Esq., City of Philadelphia Department of Records; and Diana Lind, Asset Funders Network (Moderator).

Philadelphia has been a pioneer on this work nationally. This brief is a call to philanthropic investors, policymakers, and community partners to keep going — and go further.

On December 11, 2025, Asset Funders Network and Deutsche Bank hosted an AFN Cross-Regional Renter Wealth Building Meeting to learn about focused efforts to support renters. We discussed specific ways to support renters by focused efforts to provide emergency savings and expanding access and take-up of vital policies. The Panel was followed-by Q&A on rent burden and how network members are investing in understanding the problem and thinking about solutions. Learn more and watch the recording here.

On October 23rd, 2025, Asset Funders Network hosted a half-day workshop at the Federal Reserve Bank of Philadelphia, bringing together funders, researchers, and practitioners to explore how guaranteed income and baby bonds can work together to address economic inequality.

The event featured opening remarks by Darrick Hamilton, Henry Cohen Professor of Economics and Urban Policy; Director, The New School’s Institute on Race, Power and Political Economy, on shifting from managing poverty to investing in people. Hamilton then joined Amy Castro, PhD- Founding Director; Associate Professor of Social Policy & Practice, Center for Guaranteed Income, University of Pennsylvania, and Alicia Atkinson, Research and Innovation Officer, The Wealth+ Work Futures Lab, to discuss the evidence base and potential of these programs.

A second panel discussion featured local implementers, including Yuan He, MD, MPH, FAAP, Medical Officer of Children’s Health at the Division of Reproductive, Adolescent, and Child Health at the Philadelphia Department of Public Health; Child Health Policy Advisor, Philly Joy Bank, and Amit Khanduri, Director of Programs, Baby Bonds GRO Fund. Joined by moderator David Radcliffe, Director of State and Local Policy, The New School’s Institute on Race, Power and Political Economy, and funder, Chinwe Onyekere, Senior Program Officer, Vanguard, the panel stressed the importance of community-centered design, human connection in program delivery, strategic philanthropy across different program phases, and the benefits of pairing direct cash and baby bonds programs.

Listen to the event and learn more.

Greater Philadelphia funders and community leaders gathered for a morning networking reception and discussion about economic mobility in the region. Ashley Putnam, Director, Economic Growth & Mobility Project, Federal Reserve Bank of Philadelphia and Bryan Stuart, Economic Advisor and Economist, Federal Reserve Bank of Philadelphia presented their findings from a recent report, “Understanding Economic Stability and Economic Mobility in Philadelphia.” The report captures the lived experiences of residents navigating income, work, caregiving, health, and housing. The report’s findings include:

• Widespread income instability—even among those working multiple jobs
• Persistent structural barriers to employment
• Residents’ strong desire for stability as a foundation for upward mobility
• A call for better jobs and holistic supports for health and well-being

In addition, Catie Wolfgang, Officer, Philadelphia Research and Policy Initiative, The Pew Charitable Trusts, shared a new roadmap for economic mobility for the Philadelphia region produced in collaboration with the Brookings Institution. This multi-year effort to design and operationalize a regional growth strategy is intended to strengthen pathways to quality jobs for Philadelphians.

Following the presentations, funders and community partners in attendance participated in a facilitated discussion about this new data and how it affects their funding and program strategies. Additionally, the group voiced a need for more support for small business entrepreneurs, ways to address employment barriers linked to criminal records and age, the need for trauma-informed employment practices, and the challenge of encouraging education as a pathway to better jobs among people experiencing economic instability.

Nearly 300 Funders, Scholars and Practitioners Gather for Baby Bond Discussion
On January 16, 2025, the Asset Funders Network (AFN) and The New School Institute on Race Policy and Political Economy hosted Innovations in Baby Bonds at the New York Federal Reserve Bank, featuring new research from Stanford University on how Baby Bonds and direct cash assistance, when paired together, amplify impact.