# Presentation: 230513

## 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

**Notes:**
RAY

## 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.

**Notes:**
RAY

## 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

**Notes:**
RAY

## Program Areas

**	**

**Affordable housing**
**Community facilities**
**Economic opportunity**

**Notes:**
RAY

## 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.

**Notes:**
RAY

## Eligibility and Uses

**200% poverty; EITC; TANF eligible;**
**Uses-home ownership; college; business**
**Other: home repair,  vehicle ownership**

**Notes:**
Tobey

## 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**

**Notes:**
RAY

## Organizational Structure

**	**

-   **20 Community Partners – Storefront**
**  ****NHCLF- Backroom **
** ****Financial Institutions – personal deposits**

**Notes:**
RAY

## Community Partners - storefront

**	**

-  **IDA Applications**
** ****Savings Plan Agreements**
** ****1:1 Financial Counseling**
** ****Financial Literacy & Asset Based    Training**
** ****Specialization**

**Notes:**
RAY

## NHCLF - Backroom

**	**

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

**Notes:**
RAY

## Financial Institutions

**	**

-  **Hold custodial, deposit-only accounts**
** ****Report to participants and NHCLF**
** ****Interest bearing**
** ****Other financing opportunities**
** ****Contribute match money**

**Notes:**
RAY

## MoneyWorksCommunity 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**

**Notes:**
Tobey

## Problem

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

**Notes:**

Tobey

## Goals

**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**

**Notes:**

RAY

## Methods

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

**Notes:**
RAY

## Money Works Infrastructure

- $ CDFI  $

- Affordable Housing Group

## Personal Benefits Planning

**Current situation assessment**
**Income projections and work incentive options**
**Information and referral**
**Follow up as needed**

**Notes:**
Tobey

## Certified Credit Counseling

**	**

-  **Credit history & recommendations**
** ****Spending & Savings Plans**
** ****Credit Use and management**
** ****Survival skills in the marketplace**
** ****Preparing for asset goal**

**Notes:**
RAY

## Asset Based Training

**Asset Based Training**

**Home Ownership**
**Postsecondary education**
**Self employment**

**Notes:**
Tobey

## Peer Support

**	**

-  **Savings clubs and buying coops**
** ****Managing illness and financial wellness**
** ****Organization skills**
** ****Navigating marketplace**
** ****Working toward goals**

**Notes:**
RAY

## 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**

**Notes:**
RAY

## Enrolled October 2002 – Home ownership

Average monthly savings $100

 $1000/$3000 match + interest

Saving toward home with extra bedroom for backup PCA.

- Enrolled October 2002 – Home ownership
- Average monthly savings $100
-  $1000/$3000 match + interest
- Saving toward home with extra bedroom for backup PCA.

## Equity building....

- IDA
- $3,600

- FHLB
- $12,000

- DMHD
- $2,500

- CPI
- $20,000

- NHHFA
- $5,000

- MNHS
- $25,000

## $70,000  Mortgage
$     431  Monthly HAP payment
$	    291  Monthly mortgage payment 

- $70,000  Mortgage
- $     431  Monthly HAP payment
- $	    291  Monthly mortgage payment

## Social Security Administration
Haymarket People’s Fund
Citizen Bank
Providian Bank
Assets for Independence Act Fund

- Social Security Administration
- Haymarket People’s Fund
- Citizen Bank
- Providian Bank
- Assets for Independence Act Fund

## 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

**Notes:**
RAY