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

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

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.

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

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

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.

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

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

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

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

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

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

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

NH Statewide IDA Collaborative highlights…. 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…. After 2 years… – 428 Total Enrolled333 Actively Enrolled 288 Home; 16 Education; 18 Business; 9 Other – 30 Graduates of Homeownership (as of 10/28) – $296, Saved – $767, Matched – $100, Paid Out

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

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

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

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

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

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

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

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

Asset Based Training Home Ownership Postsecondary education Self employment

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

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

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.

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

Financial Support 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 Phone: Fax: Chris LeBrun IDA Program Manager NH Community Loan Fund 7 Wall Street Concord, NH Phone: Fax: ; Website: