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We want to help low-income people build assets. We also want 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 Dept. 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.
As of December 2004, we 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 us at (603) 224-6669 or info@theloanfund.org
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