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INDIVIDUAL DEVELOPMENT ACCOUNTS AFFINITY CHALLENGES AND OPPORTUNITIES.

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Presentation on theme: "INDIVIDUAL DEVELOPMENT ACCOUNTS AFFINITY CHALLENGES AND OPPORTUNITIES."— Presentation transcript:

1 INDIVIDUAL DEVELOPMENT ACCOUNTS AFFINITY CHALLENGES AND OPPORTUNITIES

2 IACED’S AFFINITY WORK IACED’ S REORGANIZATION AND INCREASED EMPHASIS ON CONVENING EFFORTS C ONTENT 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 What is an Individual Development Account? Asset building tool Building economic security Individual development Enable low-income families to save Homeownership Education Microenterprise

7

8 - 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

9 Have you been affected? IDA FUNDING SOURCES DECLINE

10 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

11 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?

12 IDA PROJECT FUNDERS AND PARTNERS 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 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

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

14 NEXT IDA AFFINITY MEETING – JUNE 11, :11:30AM

15 IDA AFFINITY GROUP MEETING Wednesday, June 11, :00 pm – 11:30 pm


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