Dear IDA Insights Readers:

A new year is a time for reflection and preparation. As we continue to work toward our resolutions, please take the time to order a copy of your credit report at www.annualcreditreport.com. Federal law requires each of the nationwide consumer reporting companies—Equifax, Experian and TransUnion—to provide you with a free copy of your credit report, at your request, once every 12 months. You want a copy of your credit report to make sure the information is accurate, apply for a job, and to guard against identity theft.

We are also fast approaching the tax deadline. There are numerous free tax services available in our region including the IRS Volunteer Income Tax Assistance (VITA) Program or the Tax Counseling for the Elderly (TCE) Program. Trained community volunteers help you with special credits, such as the Earned Income Tax Credit (EITC), Child Tax Credit, and Credit for the Elderly for which you may qualify. Most of these sites also offer free electronic filing. To locate the nearest VITA site, call 1.800.829.1040.

We are excited to welcome the Louisiana Asset Building Coalition housed at the Center for Social Research at Southern University and encourage everyone to learn more about their program by visiting their website, www.subr.edu. The purpose of the Center for Social Research is to contribute effectively to the enhancement of the community by addressing contemporary social, economic and policy issues affecting the community. The Louisiana Asset Building Coalition continues to look for partners and welcomes participants to learn more about IDAs.

The Southern Good Faith Fund has produced a new report recommending the creation of a permanent Arkansas Higher Education Trust Fund. We benefit as a region from quality policy creation. Another wonderful tool for the advancement of asset building policy is data. If you are an IDA practioner and haven't yet completed the CFED 2007 Survey, do not delay. Complete it today.

What an exciting time in Beaumont, TX. Seven account holders made home ownership purchases in the last quarter of 2006!

 

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Policy & Funding Update:

POLICY:
State legislators are in session! Are you working on asset building policy in your state? If so, we would like to hear about what is happening in your state and share it with others. The next Federal legislative recess will be April 2-13. Your federal representatives will be in their districts. Take the time now, to set-up an appointment with them to discuss the work you are doing on asset building. Have you asked where your Congressional members stand on the issue of ensuring that matched savings accounts are available for more low-income families to acquire assets?

FUNDING:
Assets for Independence (AFI) provides five-year grants to organizations and agencies that enable low-income individuals and families to achieve economic self-sufficiency by accumulating economic assets. Grantees provide financial literacy training to participants and help them save earned income in special matched bank accounts called Individual Development Accounts (IDAs). IDAs enable low-income and low-wealth families to accumulate savings for long-term assets such as a house, a small business, or a higher education. Eligible grantees include community-based nonprofits and State, local and Tribal government agencies and others, such as community development financial institutions and credit unions. The Office of Community Services is accepting applications for AFI Program funding now! The next application due date is fast approaching, March 15 . The next dates are June 15 and November 1.

Applicants are encouraged to submit applications early in the fiscal year, as awards are made throughout the year. An organization that submits an application for review, but is not awarded a grant, may revised their proposal and submit again in any succeeding application cycle. An additional grant opportunity is available for Community Action Agencies or Community Service Block Grant (CSBG) agencies and their partners. It is the CSBG Training and Technical Assistance Program: Earned Income Tax Credit (EITC) and Other Asset Formation Opportunities. Each grant is renewable at $50,000 for three years. The deadline for submission is April 30, 2007. The EITC Program Announcement is posted on the ACF website at this >>> link.

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IDA Story: Telling Our Story: Make sure you are counted

During the 2006 Assets Learning Conference, participants asked, “What can we do to grow the number of programs? To get more funding? To make asset building a national priority?” The answer is simple: stand up and be counted. Complete the 2007 IDA Program Survey. This survey is the ONLY source of data showing the powerful, life-changing impact of asset building – the work you do every day. The IDA Program Survey captures data that helps us make accurate referrals for potential accountholders; prove the impact of the asset building field to funders and policymakers; promote networking among IDA programs; and further develop funding sources, infrastructure, and public awareness about matched savings accounts, which will help strengthen your program. CFED has made every effort to make this survey EASY and QUICK—12 fundamental questions. If your organization does not collect this data, you may estimate the figures for your responses. But please make every effort to report accurate data, as it will be the most effective in communicating the strength of the IDA field to policymakers and funders. Your responses are valuable and will further strengthen our growing field. Go to www.cfed.org.

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If you have any ideas for future IDA Insights issues, would like to feature news from your IDA program, or just want to say hello please contact Necole S. Irvin at 601.863.0495 or at nirvin@fndmidsouth.org

Sincerely,

Mid South IDA Initiative Staff