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PIE/IDA NEWSLETTER October 2009
The PIE/IDA Program is a Collaboration Between Foothills United Way and Boulder County Community Action Programs
For IDA Savers, Graduates & Partners |
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| The PIE/IDA Program in Boulder and Broomfield Counties is one of only three offered in the State of Colorado. |
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HOME OWNERSHIP PROGRAM GRADUATE PROFILE
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Rebekah recently graduated from the IDA Program. Rebekah and her family purchased their home in Boulder County with assistance from the IDA Program. According to Rebekah, "we could not have purchased our home without the assistance of the IDA Program, without the program it would have taken us years to save the money for our down payment". Rebekah also felt that the financial and home ownership classes were very helpful, she said "the required classes helped me feel more prepared when it came time to deal with the mortgage broker, appraiser, bank, title company, credit bureaus and realtor, it really took a lot of the guessing out of the process". Rebekah also expressed that she would recommend the program to others and "the program was easy, convenient and so very helpful"
We wish Rebekah and her family much success with their new home! |
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| Individual Development Accounts (IDAs) are matched savings accounts that enable low-income American families to save, build assets, and enter the financial mainstream. |
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| Early Childhood Education Opportunity
Early childhood education funds are available for participants in the PIE/IDA program. These early childhood education funds are restricted to bi-lingual, Spanish-speaking early childcare providers. These funds may be used for post-secondary education (ECE related) or the capitalization of a childcare business. Early childhood education expenses are paid from the PIE/IDA program directly to an eligible educational institution or vendor in the instance of business capitalization.
Fees, Books, Supplies and equipment required for courses of instruction at an eligible education institution also qualify for the program.
Please contact the PIE/IDA Staff for more information. |
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Is There More to An IDA Program than Just Saving Matches?
Absolutely, most people need more than just cash to become successful homeowners, entrepreneurs or college students. For this reason, participants in the IDA program attend both financial education classes and a special asset specific class. These classes are designed to to help participants acquire or polish the personal and financial skills that are essential for long-term success; such as skills for long-range planning, household budgeting, credit repair and savvy consumer habits. | | |
| REACHED YOUR SAVINGS GOAL? |
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If you have already achieved your savings goal and are ready to use your matched combined savings, make sure you have taken the necessary classes associated with your IDA track. Once you have completed your classes, you will need to prepare documentation in order to withdraw funds. You will then need to contact Nino in order to submit your documentation for a check request. Please plan ahead when withdrawing funds, it is a process and does take some time.
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| October 2009
Class Schedule
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| Home Ownership Class
*October 17, 10am-4:30pm, location-Boulder County Housing Department, 2525 13th Ave, Boulder-registration required
*October 7, 6pm-8pm, location-St Vrain Complex, 529 Coffman Street, Longmont
*October 14, 6pm-8pm, location-Boulder County Housing & Human Services, 2525 13th Street, #204, Boulder
*October 5, 12, 19, 26-1pm-3pm, location-Workforce Boulder County, 1500 Kansas Ave, Longmont
registration required-call (720) 564-2279
see website to register for class and for more information
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PIE/IDA CONTACTS
Catherine Middlen
PIE/IDA Program Coordinator
Foothills United Way
1285 Cimarron Drive
Suite 101
Lafayette, CO 80026
(303)444-4013 x111
Nino Gallo
PIE/IDA Program Coordinator
Boulder County Community Action Programs
3482 N. Broadway
Boulder, CO 80034
(303)441-3998
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ASSET POVERTY?
Asset poverty is defined as "when a household has insufficient financial resources to support itself at the poverty level for more than three months during suspension of income."
Asset poverty and low net worth are major problems for Americans. Asset poverty unfortunately affects children at a disproportionately greater rate than the rest of the population. Upwards of 47% of ALL children live in households without financial assets.
Asset-building efforts are important and research shows they have a wide positive impact. The IDA Program is designed to address the root cause of poverty by enabling low-income participants build assets and provide opportunities for economic stability!!
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