At this time of giving, we would like to share how two Personal Investment Enterprise Program homeownership graduates have given back to the program by telling their PIE story. This summer, CFED (Corporation for Enterprise Development) with Bank of the West, offered matching funds for successful stories of individuals who saved with an IDA (Individual Development Account), a matched savings account, for the purpose of purchasing a home. Two families told their stories of saving and purchasing their new home with the PIE program. These stories were selected and the program received $6,000 to assist other participants in saving for their future saving goals. Thank you to these two participants for assisting us in making this opportunity available for two new participants! Thank you also to CFED and Bank of the West for investing in our communities!
If you are a PIE graduate or a current PIE participant and you would also like to give back to the PIE program, there are a number of ways that you can help others participate. Consider these ideas for the end of the year or next year:
- Share your story of how you saved with PIE with friends and family who would like to participate or who would like to support PIE.
- Share your story for the PIE blog or for a grant.
- Give a gift of $10-$20 to the PIE program to invest for another participant. PIE can match these funds with grant funds.
As you save, thank you for thinking of these ideas and helping others also pursue their dream of homeownership, business or education.
Please see below for the homeownership stories submitted for the “Saver to Homeowner Story Fund.” Note: Names have been changed to protect participants privacy.
Saver to Homeowner Story, Making Saving a Priority
Shasta had difficulty saving, but wanted a home of her own. As a single mom of a 10 year old son, Shasta was looking to the future and “hated putting money into her landlord’s pocket.” As a customer service representative in insurance, Shasta works full-time, but said that she would not be able to own a home without assistance. Through a homeownership class, she learned of the Personal Investment Enterprise (PIE) program that offered an Individual Development Account (IDA), a matched savings account that would help her save for a home. After applying to the PIE program, Shasta saved $750 and attended classes that helped her fine tune her budgeting skills. Although saving is not easy, she shared “this is achievable, I can do this!”
Through the PIE program, Shasta said that she changed some old habits and has learned to save first and foremost. She has made saving a priority with PIE. Shasta said that she hopes to make this a priority in the future as well. Right now, she has used some of her savings to update her new home and has already repainted to provide a beautiful home for her son, John. Shasta has been excited to have 400 additional square feet in her new home, than in the place she was renting. She now has additional room in the kitchen and enjoys the space for family birthday parties and gatherings. She is glad to now have a permanent place where her son will be able to live through high school.
Saver to Homeowner Story, The perfect way to welcome a new baby
Dave and Nicole dreamed of having a better place to live for their 3 year old, Colton and new baby that they were expecting. The apartment that they rented was not a good fit as it was too small, moldy and needed repair. In addition, their rent was due to increase. When Dave attended a financial education class, he learned of the Personal Investment Enterprise (PIE) program that offered an Individual Development Account (IDA), a matched savings account that would help them save for a home. Dave says: “If you think it’s too good to be true, check twice.” And that is exactly what the Parker family did.
Nicole and Dave met with a housing counselor to learn more about the program and to investigate to see if it wasn’t a scam. Learning that PIE was legitimate, they started saving and made some sacrifices to be able to attend the required financial education classes. As Dave works nights, he gave up some sleep and his son’s first birthday to attend classes. The Parkers saved beyond the required $750 to have $1,080 of their own funds to use for their closing costs. This was matched with $3,000 to help with their home purchase. Nicole says that they have been “armed with tools” to get their credit in good condition for the purchase of their home. They have learned how to be careful with their money as well as the value of credit and how to be a responsible credit card holder.
Today, Dave and Nicole are appreciative of the opportunity to have a beautiful home in a quiet neighborhood where their sons Colton and baby Evan can have a great place to grow up. The Parkers have a savings account where they continue to save on a monthly basis.
The Personal Investment Enterprise Program provides tools that empower low-income individuals and families to save and build assets to strengthen their economic stability. To learn more about the program visit www.bouldercountypie.org.
