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Choctaw Asset Building (CAB)

Choctaw Asset Building (CAB). Dawn Hix, IDA Coordinator Choctaw Nation of Oklahoma. Who Can Participate in an AFI-Funded IDA Program ?. TANF-eligible in their state OR Meet both of the following two criteria

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Choctaw Asset Building (CAB)

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  1. Choctaw Asset Building (CAB) Dawn Hix, IDA Coordinator Choctaw Nation of Oklahoma

  2. Who Can Participate in an AFI-Funded IDA Program? TANF-eligible in their state OR Meet both of the following two criteria Income: twice the poverty guidelines (about $44,000 for family of four) OR EITC eligible AND Net worth: maximum $10,000 (less one residence/one vehicle) Administrating agencies may apply additional eligibility rules

  3. AFI Projects • More than 350 organizations throughout the nation • Multi-purpose non-profits • State, local, or Tribal governments • Multi-site networks of organizations • Locate a project near you: http://IDAresources.org/Map

  4. To assist 340 Choctaw individuals and/or families to manage their money and credit wisely and to empower them in regularly saving toward a major asset …thus helping them take strong steps to break free from generational poverty and achieve long-term economicself-sufficiency. CAB Goal:

  5. Review of Timeline of CAB Program

  6. Qualifications • Member of the Choctaw Nation • Member of Choctaw Nation Career Development • Income guidelines • Minimum $50 initial deposit • Monthly deposits $25 • 6 months to 36 months timeline • Original Focus group 10 ½ counties of the Choctaw Nation (11,000 miles) – Now State of Oklahoma 5 counties in Arkansas and 5 counties in Texas • 12 hours of Financial Education within 6 month of joining program • 6 hours of Asset Training before using matched funds

  7. Qualifications Cont’d • Deposits made from Earned Income • Total assets < $10,000 (excluding primary residence and one vehicle) • Homeownership - qualified first-time homebuyers (defined as having had no ownership interest in a home for three years before entering sales contract on a qualified home)

  8. Example Kim needs a home She needs $8,000 for down payment and closing costs Opens IDA and receives financial education, debt counseling and home ownership information Receives savings match at a rate of $3 for every $1 saved in her IDA account Kim saves $2,000 ($55 per month over 3 years)

  9. Kim’s IDA $2000 Savings $2,000 Kim Saves $6000 Matching $2,000 Federal $4,000 Non-Fed $8000 for Home

  10. How Did We Do? • Mailed over 5,000 brochures to Career Development clients • Attended Tribal Educational meetings • Visit Choctaw Community Centers Weekly • Career Expo Event Booth (Approx 2,000) • Contacted Human Relations Director for Choctaw Casinos (Approx 5,000 employees) • Stories in Choctaw Tribal Newsletters (Approx 200,000 circulation) • Website www.choctawcareers.com • Newsletter “The Ticket”

  11. Key Partnerships

  12. Top Issues Facing CAB • Changing generational savings habits • Gaining trust • Achieving asset goals • Maintaining monthly deposits • Attending financial education classes regularly

  13. Successful components • Leadership • Placement of IDA • Patience • Flexibility

  14. The Sign Up

  15. The Education Classes

  16. “My favorite part of the class was the way the instructor made the class fun to be at, and he made things so simple and easy to understand. The class made me realize that some things dealing with my finances need to be changed.” Kamie Case

  17. The Cash Out “Thank you! It would have taken us at least another year or more to be able to move in without this program. I think it’s awesome and tell everyone that will listen about it. “ Kimberly Feltman

  18. Contact Information Dawn Hix, IDA Coordinator dhix@choctawnation.com 800-522-6170 ext. 2614 www.choctawcab.com

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