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Designing Your IDA Program

Designing Your IDA Program. Goal of Session: Identifying key elements of an AFI-IDA Program, Design Issues, and Suggested Practices . Program Goal. What do you want for Your Community From the IDA Program? What will your Community Look Like as a Result of a Successful Program?

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Designing Your IDA Program

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  1. Designing Your IDA Program Goal of Session: Identifying key elements of an AFI-IDA Program, Design Issues, and Suggested Practices

  2. Program Goal • What do you want for Your Community From the IDA Program? • What will your Community Look Like as a Result of a Successful Program? • Objectives: How your program will help reach the Goal?

  3. Organizational Capacity • Should Your Organization Manage the IDA Program? • Models May Differ for each, No Master Model, What works for your community • Management and Board Commitment, How Strong • Match and Administrative Funding Issues

  4. Target Population • Good Candidates for Home Ownership • AFI prefers defined geographical area • Income and Asset Limits • Credit Issues • Internal Applicants vs External Applicants • Other Target Groups

  5. Marketing and Recruitment • Obstacles to Recruitment: • Too Good to Be True • Lack of Hope and Faith • Experienced Past Financial Failures • Cost Restraints in Marketing • Effective Methods: • Word of Mouth • Success Stories • Existing Client Group Referrals

  6. Training and Support • Economic Literacy: • Meat and Potatoes of IDA • Behavioral and Motivational Change • Timeframe for Opening Accounts • Structure of Classes • Presenters Important • Food and Childcare provisions • Strong Emphasis on Expenditure Tracking and Budgeting

  7. Home Ownership Training • Provide upon completion of Economic Literacy, Close to Purchase • One on One Counseling Purchase Specific • Awareness of Predatory Lenders • Post Purchase Training • Home Maintenance • Re-Financing • Equity Lines

  8. Other Support • Success Coaches / Case Management • Volunteer Mentors • Peer to Peer • Successful Homeowners Inspire Current Savers • Faith Based Organizations • Other Community Resources

  9. Account Structure • Savings Issues: • Total Amount • Monthly Minimum and Maximum • Lump Sum vs Regular Savings (EITC) • Savings Time Frame • Time Frame to Purchase Home • Earned Income • Missed Deposits • Leave of Absence and Reinstatement • Limited Access to Savings

  10. Account Structure • Matching Fund Issues: • Match Rate • Parallel Accounts • Transfer into Reserve Account • Transfer Back to Account for Drop Outs

  11. Withdrawal Policy • Emergency Withdrawal Policy • Preventing Fraud • Payment Not to Participant but to Vendor • Provision of Adequate Notice for Withdrawals • Penalties for Unauthorized Withdrawals • Plan for Repayment of Withdrawals

  12. Evaluation • Continuous Evaluation • Participant Satisfaction and Feedback • Retention Rates • Partners and Agency Feedback • Funders Evaluation • Staff Self-Evaluation • AFI National Evaluation and Record Keeping • Weed and Seed Evaluation

  13. Funding = # Accounts • AFI Requires1:1 Non Federal Match • CDBG only federal funds that can be used to match AFI • AFI Requires 85% match 15% admin. • AFI Admin not close to covering admin cost • Other federal funds can be used as a supplement • Fee for Service?

  14. Possible Funding Sources: • Corporate • Foundations • Churches • State and Local • CDBG • HOME • Housing Finance • TANF

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