~ A Partnership ~
Foothills United Way, together with Boulder County Community Action Programs, is pleased to announce that the Personal Investment Enterprise (PIE) Program has been awarded its fourth Assets for Independence (AFI) Grant of $100,000 to use over the next five years toward matching savings plans for low-income individuals. The PIE program empowers low-income individuals through financial literacy classes and incentivized savings plans.
Rosemary Thompson, coordinator of the PIE program at Foothills United Way, said “We are thrilled to receive this AFI Grant. It will enable 43 new participants to enroll in the program and pursue their goals toward financial stability. Beginning in November, matching funds will be provided to complement Individual Development Accounts so participants can pursue homeownership, post-secondary education, or new business development.”
Celebrating its 15th anniversary this month, the PIE Program has seen 258 graduates save over $240,000 since 2001. Those savings combined with matching funds from local and federal sources has produced at least $1.25 million in economic investment in Boulder and Broomfield counties through PIE.
“The PIE Program is the perfect example of how we work collaboratively for the greater good,” says Doug Yeiser, CEO, Foothills United Way. “Our partnership with Boulder County Community Action Programs has created an innovative solution with a preventative focus and a long-term goal on building financial security, which not only sets people up for success, but benefits the community even more.”
The PIE Program teaches participants how to achieve financial strength and stability, resulting in families and individuals becoming more active members of the community, through first-time home ownership, education or business creation.
The grant from Assets for Independence (AFI) a program of the U.S. Department of Health and Human Services, funds approximately 50 percent ($100,000) of costs for the project. The remaining 50% ($100,000) is funded through non-federal sources.
Current local matching funders include: City of Boulder, Boulder County, City and County of Broomfield, U.S. Bank Foundation, City of Longmont and the Community Trust of The Community Foundation Serving Boulder County. The program will continue to seek additional funders over the coming months.
Visit the AFI Resource Center website to learn more about the program and about helping families to build assets: www.idaresources.acf.hhs.gov.
ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM
The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Foothills United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. 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 ngallo@bouldercounty.org.For more information on the PIE program visit http://www.bouldercounty.org/family/financial/pages/pie.aspx
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