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Assemblymember Jesse Gabriel Secures $2 Million for New Economics for Women for Major Expansion Project

State Funds Will Support the Construction of Affordable Housing and Economic Mobility Programs for Women and Families in the San Fernando Valley

For immediate release:

LOS ANGELES, CA — Today, Assemblymember Jesse Gabriel (D - Encino) presented a $2 million novelty check to New Economics for Women (NEW) for construction of a new mixed-use development that includes affordable housing as well as space for economic mobility programs in the historically underserved community of Reseda. This recent appropriation is one of several significant wins that Assemblymember Gabriel secured in this year’s state budget for communities in the San Fernando Valley.

“I am proud to have secured state resources to support the vital work that New Economics for Women is doing to uplift women and families in the San Fernando Valley,” said Assemblymember Jesse Gabriel. “Delivering for the Valley – particularly our underserved communities – has been a top priority of mine, especially on critical issues like affordable housing and economic opportunity.”

“The support we have received from Assemblymember Gabriel without question will help expedite building sustainable and affordable housing for hard working families and expand NEW's economic mobility footprint,” said Maggie Cervantes, Executive Director of NEW

Founded in 1985, NEW was the first Latina-operated nonprofit community economic development organization in the country. NEW’s mission is to reduce poverty and build economic mobility, particularly for Latinas and their families. NEW’s programs include business development services and microfinancing, afterschool enrichment and workforce readiness programs, home buying and homeownership counseling, immigration services, and public benefits screenings, among others. In 2022, 42,245 people were served by NEW—a 180% increase from pre-pandemic years. NEW also helped to start 90 new businesses, generated $30,930,926 in assets for its clients, created 355 new jobs, and purchased 22 homes. During COVID-19, NEW radically transformed its programming to become an essential service provider, distributing over 265,000 meals to people in need and deploying over $18 million in COVID relief assistance.

Earlier this year, Assemblymember Gabriel honored NEW at the State Capitol as the 2023 California Nonprofit of the Year, highlighting their service to Valley residents through innovative wealth creation, housing, education, and entrepreneurship programs in Canoga Park and Van Nuys.