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COOK INLET TRIBAL COUNCIL, INC. EMPLOYMENT & TRAINING SERVICES DEPARTMENT

COOK INLET TRIBAL COUNCIL, INC. EMPLOYMENT & TRAINING SERVICES DEPARTMENT. INDIVIDUAL DEVELOPMENT ACCOUNTS Assets for Independence Demonstration Program (AFIA). What is an IDA?. A 5 year grant from the Administration for Children and Families to:

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COOK INLET TRIBAL COUNCIL, INC. EMPLOYMENT & TRAINING SERVICES DEPARTMENT

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  1. COOK INLET TRIBAL COUNCIL, INC.EMPLOYMENT & TRAINING SERVICES DEPARTMENT INDIVIDUAL DEVELOPMENT ACCOUNTS Assets for Independence Demonstration Program (AFIA)

  2. What is an IDA? A 5 year grant from the Administration for Children and Families to: • help low income individuals and families develop the skills to have a healthy financial future AND • purchase an “Asset” in the process WITH • the incentive of matching savings dollars

  3. Asset Choices • First Home • Small Business • Post Secondary Education

  4. Matching CITC is matching 5:1 The maximum you can match is 8:1 per the AFIA grant The maximum Federal $ that a participant can receive is $2000 for an individual or $4000 for a household You can match each asset differently or consider a tiered match.

  5. Who is Eligible for the CITC IDA? • Must be Alaska Native or American Indian adult, or a legal guardian of Alaska Native or American Indian children. • Must reside in the Municipality of Anchorage • Must be employed – full-time, part-time or self-employed • Be eligible for TANF OR the Earned Income Credit, • OR have income the previous year that is less than 200% of the Federal Poverty Guidelines • AND have no more than $10,000 of assets, excluding a primary dwelling and one vehicle

  6. PARTICIPANT REQUIREMENTS • Open an IDA savings account • Make monthly savings deposit of at least $10 per month or up to $125 • Do not miss more than 3 consecutive deposits during the program or you can be withdrawn from the program • Participate in Financial Literacy Classes • Complete the asset-specific courses for the selected asset

  7. CITC IDA PARTNERS • ALASKA MENTAL HEALTH TRUST • WELLS FARGO BANK • COOK INLET HOUSING AUTHORITY • CONSUMER CREDIT COUNSELING SERVICES OF ALASKA • UNITED WAY

  8. Alaska Mental Health Trust • Providing 100% of AFIA required match funds • Providing technical assistance • Seeking funding for additional savings goals • 69% AK Mental Health Trust Beneficiaries Served by the IDA Program

  9. WELLS FARGO BANK Will open IDA savings accounts with a $25 minimum and no monthly fees Have available to us the Hands on Banking program as a financial literacy education tool and provide guest speakers for Financial Fitness Classes Assist IDA participants to prepare for home ownership Provide CITC an additional source of funds to work with participants to save towards purchasing vehicles to assist with transportation needs

  10. COOK INLET HOUSING AUTHORITY Will provide IDA participants access to the Home Buyer Loan Program Will contribute up to $4000 for closing costs for IDA participants (who are eligible for their homeownership program)

  11. CONSUMER CREDIT COUNSELING SERVICE OF ALASKA Will meet with participants to determine the status of their credit reports and establish if credit repair or debt management is needed. They will help participants establish a budget that will encourage savings and any debt repayment.

  12. United Way • CITC participates in the the Asset Building Coalition that has implemented small IDA programs across the State • Provide Technical Assistance

  13. Stats and Successes • 116 IDA savings accounts have been opened at Wells Fargo through August 2006 • 83 for Home Ownership 12 homes have been purchased to date • 11 for Small Business 6 small businesses – Janitorial, Inventor, Massage Therapy, Home Remodeling, Web-based FSBO • 22 for Education Students currently studying law, accounting, social work, engineering, business, marketing

  14. Cook Inlet Tribal Council, Inc. IDA Specialist Kimberly Leeper 3600 San Jeronimo Anchorage, AK 99508 (907) 793-3303 Direct (907) 793-3300 Front Desk kleeper@citci.com

  15. EITC Outreach • CITC offers FREE annual on-line tax filing workshops to assist individuals to file taxes, learn about the EITC and all other credits for which families may be eligible. • For 2005 – CITC assisted 48 tax filers and helped them to claim $13,351.00 in Earned Income Tax Credit.

  16. Lesson’s Learned • Partnerships are essential • Keeping saver’s motivated is key to successful programs • Setting realistic outcomes for your program and your savers is important • Financial Literacy offered to accommodate participants schedules • Need to begin looking at sustainability from the beginning

  17. www.assetbuildingak.org www.citci.com Thanks for Coming!

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