new hampshire statewide ida collaborative : a model for including people with disabilities 2003 ida...
TRANSCRIPT
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New Hampshire Statewide IDA Collaborative:
A model for including people with disabilities
2003 IDA State Policy ConferenceCenter for Social Development
November 10-12, 2003
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Introduction
• Overview Statewide IDA Program
• Modifications that support inclusion
• Case Study
• Lessons Learned
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Background NHCLF
Mission
To serve as a catalyst, leveraging financial, human, and civic resources to enable traditionally under-served people to participate more fully in NH economy.
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Strategies
•Provide loans, capital, and technical assistance
•Complementing and extending the reach of conventional lenders and public institutions; and
•Bringing people and institutions together to solve problems
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Program Areas
•Affordable housing
•Manufactured Housing Park Program
•Home Of Your Own/Single Family Special Initiative
•Community facilities
•Child Care Facilities
•Non-Profit Facilities
•Economic opportunity
•MicroCredit-NH
•Individual Development Account
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NH Statewide IDA Collaborative
AFIA-funded Statewide IDA Collaborative designed to help eligible low income
workers of New Hampshire achieve the dream of homeownership, post-secondary
education or small business startup/development.
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Eligibility and Uses
Eligibility– 200% Poverty– EITC Eligible– TANF Eligible
Savings Categories– Homeownership– Post-Secondary Education– Small Business Startup/Development
Pilot Savings Categories– Home Repairs– Vehicle Ownership
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Match Structure
3:1 match $25/month minimum savings $100/month maximum savings $1,000/year savings cap $2,000 lifetime savings cap
$6,000 maximum match per individual
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Organizational Structure
• 20 Community Partners – Front End
• NHCLF- Backroom Operations
• Financial Institutions – Hold IDA Accounts
•Other Partners – Provide training and referrals
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Community Partners: Front-end
•Serve the eligible population (recruitment)
• Facilitate IDA Application Process/Paperwork
• One-on-One Counseling
• Access to Financial Literacy & Asset specific
training
• Troubleshooting with NHCLF
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NHCLF – Backroom Operations
• Raise Match Funds
• Provide Technical Assistance and Troubleshooting with Community Partners
• Facilitating the IDA Accounts (w/Financial Inst.)
• Tracking Savings, Match & Training
• Providing Match Savings Statements
• Central Coordinating Agency of all Partners
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Financial Institutions
• Specific Features
•Custodial
•No Fees & Interest Earning
•Duplicate Statements (1 to client, 1 to NHCLF)
•Provide Funding for the IDA Collaborative
• Training and TA on financial education topics
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Other Partners
Other Partners include: Cooperative Extensions, Homebuyer Education Centers, Higher Education Assistance Centers
Provide Financial Fitness and/or Asset Specific Training
Work with Community Partners to enhance/develop curriculums
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NH Statewide IDA Collaborative highlights….
Each Community Partner holds “ownership” over their Program.
Program rules/updates are discussed at Quarterly Community Partner Meetings
NHCLF Provides no operational dollars to the partners to run the Program
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NH Statewide IDA Collaborative highlights….
After 2 years…– 428 Total Enrolled 333 Actively Enrolled
288 Home; 16 Education; 18 Business; 9 Other
– 30 Graduates of Homeownership (as of 10/28)– $296,231.21 Saved– $767,691.72 Matched– $100,376.68 Paid Out
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MoneyWorksCommunity Partner
An initiative of Project Dollars and Sense
Tied eligibility to working people with disabilities eligible for SSI or SSDI
Savings for home ownership; college; business
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Problem
Real or perceived financial disincentives
Difficulty navigating public benefit system
Un-served or under-served by financial institutions
Low-wages
Lack of support
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Goals
Plan public benefits necessary in order to work and improve economic well-being
Use financial services successfully
Develop positive financial habits and credit history
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Methods
Integrated counseling (benefits, credit, asset training)
Peer Support
Financial education workshops
Affordable financial services
Individual Development Accounts
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Money Works Infrastructure
$ CDFI $
Credit Union
Benefit
Planners
Self Help Groups
Certified
Credit
Counselors
Affordable Housing Group
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Personal Benefits Planning
Current situation assessment
Income projections and work incentive options
Information and referral
Follow up as needed
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Other mechanisms for asset building
Un-incurred Business Expenses Property Essential for Self Support Independence Building Accounts Special Needs Trusts*
*Not owned by beneficiaries
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Certified Credit Counseling
• Credit history & recommendations
• Spending & Savings Plans
• Credit Use and management
• Survival skills in the marketplace
• Preparing for asset goal
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Asset Based Training
Home Ownership
Postsecondary education
Self employment
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Peer Support
• Savings clubs and buying coops
• Managing illness and financial wellness
• Organization skills
• Navigating marketplace
• Working toward goals
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Case Study
• Works part-time
• Currently lives in 808 accessible housing
•Annual income – $12, 852(earnings - $520/mos; SSDI – 541/mos.)
• Medicaid Buy-In (MEAD Program)
• HCBC-ECI Waiver
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Case Study Cont.
Enrolled October 2002 – Home ownership
Average monthly savings $100
$1000/$3000 match + interest
Saving toward home with extra bedroom for backup PCA.
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Equity building….
IDA$3,600 FHLB
$12,000
DMHD$2,500
CPI$20,000
NHHFA$5,000
MNHS$25,000
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Financial Support
Social Security Administration Haymarket People’s Fund Citizen Bank Providian Bank Assets for Independence Act Fund
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Contact Information
Tobey DaviesCenter for CED and DisabilitySchool of CED/SNHU2500 No. River RoadManchester, NH 03106-1045
Phone: 603-644-3103 Fax:[email protected]/sced.html
Chris LeBrunIDA Program ManagerNH Community Loan Fund7 Wall StreetConcord, NH 03301
Phone: 603-224-6669Fax:603-225-7425; [email protected]: http://www.nhclf.org