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New Hampshire Statewide IDA Collaborative : A model for including people with disabilities

New Hampshire Statewide IDA Collaborative : A model for including people with disabilities. With Assets & Equity for All (WEAFA) Teleconference Call October 24, 2003. Introduction. Overview Statewide IDA Program Modifications that support inclusion Case Study Lessons Learned.

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New Hampshire Statewide IDA Collaborative : A model for including people with disabilities

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  1. New Hampshire Statewide IDA Collaborative:A model for including people with disabilities With Assets & Equity for All (WEAFA) Teleconference Call October 24, 2003

  2. Introduction • Overview Statewide IDA Program • Modifications that support inclusion • Case Study • Lessons Learned

  3. 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.

  4. 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

  5. Program Areas • Affordable housing • Community facilities • Economic opportunity

  6. NH Statewide IDA Collaborative Individual Development Accounts are matched savings accounts designed to help eligible low income workers achieve the dream of attending college, starting a business, or owning a first home.

  7. Eligibility and Uses • 200% poverty; EITC; TANF eligible; • Uses-home ownership; college; business • Other: home repair, vehicle ownership

  8. Match Structure • 1:3 match ($25:$75 minimum) • $1,000/year or $2,000 total maximum personal deposit over life of program • Maximum match = 6,000

  9. Organizational Structure • 20 Community Partners – Storefront • NHCLF- Backroom • Financial Institutions – personal deposits

  10. Community Partners - storefront • IDA Applications • Savings Plan Agreements • 1:1 Financial Counseling • Financial Literacy & Asset Based Training • Specialization

  11. NHCLF - Backroom • Verify Program eligibility • Raise and administer match money • Overall program coordination • Reconcile accounts and financial reporting • Data collection and reporting for OCS

  12. Financial Institutions • Hold custodial, deposit-only accounts • Report to participants and NHCLF • Interest bearing • Other financing opportunities • Contribute match money

  13. 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

  14. Problem • Real or perceived financial disincentives • Difficulty navigating public benefit system • Un-served or under-served by financial institutions • Low-wages • Lack of support

  15. 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

  16. Methods • Integrated counseling (benefits, credit, asset training) • Peer Support • Financial education workshops • Affordable financial services • Individual Development Accounts

  17. Self Help Groups Certified Credit Counselors Benefit Planners Credit Union Money Works Infrastructure $ CDFI $ Affordable Housing Group

  18. Personal Benefits Planning • Current situation assessment • Income projections and work incentive options • Information and referral • Follow up as needed

  19. Certified Credit Counseling • Credit history & recommendations • Spending & Savings Plans • Credit Use and management • Survival skills in the marketplace • Preparing for asset goal

  20. Asset Based Training • Home Ownership • Postsecondary education • Self employment

  21. Peer Support • Savings clubs and buying coops • Managing illness and financial wellness • Organization skills • Navigating marketplace • Working toward goals

  22. 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

  23. 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.

  24. Equity building…. MNHS $25,000 NHHFA $5,000 CPI $20,000 IDA $3,600 DMHD $2,500 FHLB $12,000

  25. Mortgage information $70,000 Mortgage $ 431 Monthly HAP payment $ 291 Monthly mortgage payment

  26. Financial Support • Social Security Administration • Haymarket People’s Fund • Citizen Bank • Providian Bank • Assets for Independence Act Fund

  27. Contact Information Tobey Davies Center for CED and Disability School of CED/SNHU 2500 No. River Road Manchester, NH 03106-1045 Phone: 603-644-3103 Fax:603-644-3103 t.davies@snhu.edu www.snhu.edu/sced.html Chris LeBrun IDA Program Manager NH Community Loan Fund 7 Wall Street Concord, NH 03301 Phone: 603-224-6669 Fax:603-225-7425; clebrun@nhclf.org Website: http://www.nhclf.org

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