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We want to help low-income people build assets. But
another part of the IDA Program’s
mission is to help low-income people develop new and different
habits, to become savers instead of consumers, and to think
and plan for the long-term, and not only for immediate needs.
Several sponsors have underwritten the first IDA round:
Citizens Bank, Providian Bank, the NH Community Development
Finance Authority, the NH Department of Health and Human Services,
several foundations, and the federal Assets for Independence
Act Demonstration Program. In total, we raised $2.6 million
for the 3:1 savings match and for operations.
From the start of the program in October 2001, we have
reached the community through a collaborative of twenty locally-based
partners—groups such as the Manchester Neighborhood Housing
Services and Concord Area Trust for Community Housing who are
in close, daily contact with low-income residents.
Very well—arguably, too well. We have
met capacity for enrollment in our first phase of the IDA program.
Additionally, we already have 99 people enrolled in Phase II
after only five months!
And as of December 2004, we already have seen 87
participants “graduate” from the program and buy
homes, develop their businesses, or achieve post-secondary
education.
So far, the attrition rate has been almost 25%—far
better than the national norm of 40% or 50% or more. We attribute
that to the close collaboration with our community partners,
who are known and trusted by their clients.
If you are an individual interested in signing up to
start an IDA, please contact Chris LeBrun,
IDA Program Manager by email at clebrun@nhclf.org or
by phone at 603-224-6669, ext. 253, or Laurie Palmer,
IDA Program Assistant, by email at lpalmer@nhclf.org,
or by phone at 603-224-6669, ext. 216.
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