Who is Asset Builders?
Asset Builders Community Development Corporation (CDC) is a non-profit (501c3) organization that coordinates financial education, peer counseling and match funding so that economically disenfranchised people can save for homes, businesses or post-secondary education.
How it Works . . .
The centerpiece of Asset Buildersâ€™ program is providing low-wealth individuals with access to Individual Development Accounts (IDAs). Program participants commit to save a certain dollar amount each month, and earn at least $1 for every $1 they save â€“ The match dollars are provided by federal government programs, participating financial institutions, businesses and individuals. At the end of the program participants can use the money to buy a home, start a business, or to pursue post-secondary education.
Asset Builders also provides financial management training, a requirement for IDA participation that develops the skills necessary to make informed judgments and sound decisions related to saving, spending, and borrowing.
During the first year class topics include value based decision-making, thrifty living, debt management, credit repair, and investing. In the second and third years, asset-specific financial education workshops are combined with individualized counseling and mentoring. This program includes homeownership and home maintenance training as well as small business training.
- 804 individuals have attended financial management classes
- 148 IDA account holders have purchased assets
- $807,547 participant savings and donated match dollars have been earned
Participant Acquired Assets
- 50 Homes
- 25 Businesses
- 14 post-secondary degrees
- 53 Vehicles
- 6 Computers