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Individual Development accounts affinity

Individual Development accounts affinity . Challenges and opportunities. IACED’s Affinity Work. IACED’s reorganization and increased emphasis on convening efforts Content driven by our members and partners. introductions. What You C an E xpect T oday. What is an IDA account

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Individual Development accounts affinity

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  1. Individual Development accounts affinity Challenges and opportunities

  2. IACED’s Affinity Work • IACED’s reorganization and increased emphasis on convening efforts • Content driven by our members and partners

  3. introductions

  4. What You Can Expect Today • What is an IDA account • How did it start? • Funding sources decline • What challenges do you face?

  5. How did it all begin? • Assets and the Poor: A New American Welfare Policy – Michael Sherraden 1991 • IDA accounts would introduce real assets into lives of poor people • Different approach to welfare policy • Personal Responsibility and Work Opportunity Reconciliation Act of 1996 • Reformed welfare • IDAs and federal funding • 1998 Assets for Independence Act • U.S. Department of Health and Human Services • - Providing nonprofit organizations with grants to help implement IDA accounts “IDAs are a means to reducing dependence on external sources for support because the assets built with IDA funds are long term vehicles for transforming the overall economic status for the poverty level individuals.”

  6. Asset building tool • Building economic security • Individual development • Enable low-income families to save • Homeownership • Education • Microenterprise What is an Individual Development Account?

  7. - IDA participants were 35 percent more likely to be homeowners - 84 percent more likely to own businesses - 95 percent more likely to pursue postsecondary education than nonparticipants Significant effects of IDA accounts HUD.gov: Individual Development Accounts: a Vehicle for Low-Income Asset Building and Homeownership

  8. IDA Funding Sources decline • Have you been affected?

  9. Internal and external gaps • Additional thoughts? Internal: Sustainability strategies connection and sharing with one another best practices External: public awareness advocacy at the state and federal levels

  10. What challenges do you face? • Administrative Costs • Escalating Demand • Scaled back resources • Growing specialization among stakeholders • Lack of publicity about the program • Need for inclusion • Desired assessment of IDA effectiveness • Developing effective funding proposals for non-federal funders Which methods do you use to retain participants and keep them engaged? What software does your program use to monitor participant outcomes? Do you find technical assistance delivery methods useful?

  11. Ida Project funders and partners • Real Economic Impact Tour: TAX Facts + Campaign, "Building Healthy Economic Self-Sufficiency, and Asset Development for People with Disabilities" • CSBG: Community Services Block Grants • Head Start • AmeriCorps*VISTA • Federal Reserve Banks • Local Initiatives Support Corporation • SCORE Counselors to America's Small Business • United Way • CDBG: Community Development Block Grants • HOME Investment Partnerships Program • Housing Choice Voucher Family Self-Sufficiency • Rural Housing Direct Loans • ORR IDA Program • Plan for Achieving Self Support (PASS) • Workforce Development • Career Advancement Accounts • TANF: Temporary Assistance for Needy Families

  12. Upcoming events Please share any future events you’ll be attending! • April 3 - Webinar • Cities for Financial Empowerment Fund • April 4–Oakland • 21st Annual Economic Summit • The 21st Century Majority: • Empowering a New Nation • April 29-30–Washington, DC • Children’s Savings Conference • From Aspirations to Achievement

  13. Next IDA Affinity Meeting – june 11, 2014-10:11:30am

  14. IDA Affinity Group Meeting Wednesday, June 11, 2014 10:00 pm – 11:30 pm

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