1. 10/19/20151 Welcome Individual Development Account (IDA) Program (Your Agency)

2. 10/19/20152 Research has shown that even families with the most limited incomes can and will save, when given the proper support and trainingResearch has shown that even families with the most limited incomes can and will save, when given the proper support and training Saving money makes an investment into your future possibleSaving money makes an investment into your future possible An IDA can provide match dollars to An IDA can provide match dollars to make it happen now! make it happen now!

3. 10/19/20153 What is an IDA? Buying a Home Starting or Expanding a Business Higher Education or Job Training Matched Savings Account for:

4. 10/19/20154 Buying a Home: $3 for each $1 you save

5. 10/19/20155 Home Ownership Use IDA for down payment and/or closing costs Must be your primary residence Required to attend home ownership training program

6. 10/19/20156 Starting or Expanding a Business: $2 for each $1 you save

7. 10/19/20157 Business Development Starting or expanding your business in accordance with a sound business plan (match checks are only written to business entity).

8. 10/19/20158 Higher Education/Job Training: $2 for each $1 you save

9. 10/19/20159 Education/Training Accredited Vocational or Technical Training Institution Community College Four-year College or University

10. 10/19/201510 Maximum Savings Maximum savings to be matched $1,000.

11. 10/19/201511 Participation Requirements 1. Agree to save a minimum of $20 per month from earnings 2. Agree to complete financial management classes and asset- specific training

12. 10/19/201512 And 3. Agree to review and address any credit issues that might inhibit success 4. Agree to meet with program staff for further training opportunities, and to discuss your progress.

13. 10/19/201513 Our IDA Program Provides: Financial Management Education Training related to your savings goal (asset) Credit Counseling, if needed Account Statements Confidentiality Individual Assistance Match Funds

14. 10/19/201514 Financial Management Education 1. Goal Setting & Making Plans 2. Household Budgeting 3. The Importance of Credit Standing 4. Savings & Interest 5. Working with Financial Institutions 6. Succeeding in your Asset Purchase

15. 10/19/201515 Asset-Specific Training We will help you learn: Buying a Home: How to prepare for ownership, pre- qualification requirements & mortgage types

16. 10/19/201516 Starting a Business: We will help you learn: How to prepare a Business Plan, Marketing Plan & Financial Statements

17. 10/19/201517 Higher Education/Training: We will help you learn: How to take advantage of career planning, scholarship opportunities & life experience credits

18. 10/19/201518 Are You Income Eligible?

19. 10/19/201519 What if someone in my family is receiving some form of public assistance? Disregarded as an asset for Family Independence Program assistance, Food Stamps, and State Emergency Relief

20. 10/19/201520 Will an IDA affect my SSI? This is a federally- funded IDA program that allows you to have an IDA account, and therefore assets, without losing your benefits.

21. 10/19/201521 What if my income goes up, or I become unemployed? Certified eligible at the time you apply Can remain in program even if income increases or become unemployed Must continue to follow the program guidelines including saving regularly

22. 10/19/201522 Where does the match money come from? The match money comes from the federal government, MSHDA and private donors interested in promoting greater family self- sufficiency.

23. 10/19/201523 Do the matching funds get deposited into my account? Your funds: Kept in a joint account at a participating financial institution Monthly statement Matching funds: Released to vender when asset is purchased Quarterly statement show individual savings plus matching money earned

24. 10/19/201524 Can the account be used for other purposes? The IDA savings can only be used for homeownership, small business or post-secondary education and training. These investments will help increase you and your family’s financial assets and increase in value.

25. 10/19/201525 How long can I save? Depending on when you join, you may have up to 36 months to save your money. Purchases must be made by end of grant or match dollars will be forfeited

26. 10/19/201526 What if I miss my monthly deposit? Purpose of IDA is to help establish regular pattern of savings. May be terminated from program if fail to make deposits for 3 months Must meet with Staff if you miss 2 deposits If terminated, all match money is forfeited Call and let us know what is going on!

27. 10/19/201527 Can I make emergency withdrawals? Not allowed in first 6 months Only with permission Must increase monthly payment to repay in one year

28. 10/19/201528 What happens when I save enough to buy my asset? 1. Meet with us 2. Review participation & check that requirements were fulfilled 3. Submit withdrawal request & supporting documents 4. Checks payable to vendor (allow up to 4 weeks)

29. 10/19/201529 Are your goals realistic??? Save only what you can afford to save monthly Home prices on average Thought about school? Average costs of college

30. 10/19/201530 Can I really save $20.00??? New DVD, Fast Food, Movies, New shirt, Manicure…

31. 10/19/201531 How do I open an account? Attend an orientation session Fill out an application and wait for approval (credit report pulled) Call and make an appointment for enrollment Sign Participant Savings Plan Agreement & Forms Open up your approved IDA at partnering financial institution. This is your program start date.

32. 10/19/201532 Approval is based upon… Income eligibility (See handout) Work history Personal statement Your commitment to work on repairing any credit issues

33. 10/19/201533 >> thanks you for attending this evening. We hope you found it worthwhile. If you have any questions after leaving here tonight, please call >> Thank You