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
What are the eligibility requirements of participants?
TANF eligible or
Meet both of the following income and net worth criteria—
twice the poverty guidelines (about $44,000 for a family of four) or EITC eligible
AND
Net worth less than $10,000 (excluding a residence and one car)
Local administrators may have additional eligibility rules. 2

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:

4. CAB Goal:
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 economic self-sufficiency.

5. Review of Timeline of CAB Program
IDA Grant Awarded June 2009
Drawdown Funds October 2009
CAB Accounts Open November 2009
Financial Education January 2010

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. 3-1 Match
Home Ownership
2-1 Match
Education
Business Ownership

10. 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)
This is one example of a participant saving for a home.
Kim is a single Mom with two kids. She learned about the AFI Project at the local Head Start Center. The Head Start referred her to the AFI-funded IDA project. 10

11. Kim’s IDA $2000 Savings $6000 Matching $8000 for Home $2,000 Kim Saves
$2,000 Federal
$4,000 Non-Fed
In this example Kim deposited her savings over a three year period.
She received $4000 in match funds. ½ of the match funds came from the AFI grant, the other ½ of the match funds came from another source.
She has $6000 to apply to the down payment of a first home. If she needs more than $6000 for a down payment, the administering agency or a partner organization may help to add OTHER first time homebuyer funds to the $6000.
This example focused on the fundamental components of each AFI-funded IDA project. No matter what the participant is saving for, the structure is basically the same. The process is the same no matter which of the three assets the participant is saving for – home, education or small business.
Sources such as Pell grants and student loans are added to the financial aid package of a student. Small business loans are added to the $6000 if needed.
$8000 for
Home 11

12. 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
Newsletter “The Ticket”

13. Key Partnerships First United Bank of Durant Choctaw Housing Authority
Rural Enterprises Inc.
Little Dixie Community Action
Ki Bois Community Action
Kiamichi Tech Centers

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

15. Successful components
Leadership
Placement of IDA
Patience
Flexibility

16. The Sign Up

17. The Education Classes

18. “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

19. 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

21. Contact Information
Dawn Hix, IDA Coordinator
ext. 2614