Bank of the West has partnered with Corporation for Enterprise Development (CFED) to support Individual Development Accounts (IDA’s), matched savings accounts, for homeownership across the US.
Please see this new video from CFED to learn more about matched savings accounts and how they can help individuals save for homeownership, business development and education.
The PIE program is grateful to have been selected to help one additional homeowner purchase their home with a grant of $3,000 from Bank of the West. Thank you to Daniela and Araceli for sharing their homeownership story that helped PIE be selected for funding for homeownership.
Daniela and her daughter, Araceli, couldn’t be more pleased with their new home in Lafayette. After moving from a neighborhood that Daniela found to be dangerous for her family and spending 80% of her income on rent, she is now happily living in a home that she owns thanks to her hard work with the Personal Investment Enterprise (PIE) Program. PIE is an Individual Development Account program (a matched savings account program) of Foothills United Way and Boulder County Community Action Programs that helps individuals save and acquire a permanent asset, such as a home, to strengthen their economic stability. Before moving Daniela explained that she faced ongoing vandalism and violence in her neighborhood. She says: “My home is my pride, now that I feel safe together with my daughter in a quiet neighborhood. My home is simple, beautiful and affordable!” Daniela now pays less than 30% of her income on her house payment.
Daniela came to the PIE program with an open savings account, but without the knowledge of how to use it effectively. Through financial education classes, Daniela learned the “value of managing money through savings, having a budget, and most importantly how to understand financial terms and not to abuse credit.” Daniela said: “I didn’t have a knowledge of budgeting, debt and credit. Now, I have a realistic budget to rely on and I save. I pay myself at least $20 a month.”
As a Boulder Valley School District employee, Daniela works with low-income families to connect them to needed resources and assists immigrant families in acculturation. She engages parents to identify their strengths and needs so that their kids can have a better future. “Now that I am a homeowner, my goals are to look to my daughter’s future and to give back to the community that has given me so much.”
Thank you Bank of the West and CFED for making the dream of homeownership a reality for one more family in the PIE program!
*Note: The names in this story have been changed to respect the privacy of the family.
The Personal Investment Enterprise Program, a partnership between Foothills United Way and Community Action Programs 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. The first step in applying to the program is to attend an orientation meeting with Nino Gallo at Community Action Programs at Boulder County. Nino may be reached at 303-441-3998 or at [email protected].
