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

1. New Hampshire Statewide IDA Collaborative:A model for including people with disabilities 2003 IDA State Policy Conference Center for Social Development November 10-12, 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 • 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

6. 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.

7. 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

8. 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

9. Organizational Structure • 20 Community Partners – Front End • NHCLF- Backroom Operations • Financial Institutions – Hold IDA Accounts • Other Partners – Provide training and referrals

10. 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

11. 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

12. 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

13. 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

14. 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 NH Statewide IDA Collaborative highlights….

15. 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

16. 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

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

18. 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

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

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

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

22. Other mechanisms for asset building • Un-incurred Business Expenses • Property Essential for Self Support • Independence Building Accounts • Special Needs Trusts* *Not owned by beneficiaries

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

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

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

26. 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

27. 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.

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

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

30. 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