Asset Ownership Assistance

The Concho Valley Financial Empowerment Program is intended to help individuals and families achieve financial self-sufficiency and asset ownership through Individual Development Accounts (IDA). This initiative creates opportunities for people to pay for a college education, purchase a first home, or start/expand a small business.

Match Rate: 2:1. For example, if each participant saved the maximum match amount of $1000 we would add an additional $2000 toward their asset purchase.

Maximum amount we will match: $1000

Asset Options:

College Education - college tuition and fees, books, supplies, or school related equipment

First Time Home Ownership - down payment and closing costs; must be purchsed as primary dwelling place

Establish/Expand Small Business - approved business plan items such as working capital, equipment, inventory, etc.

Eligibility:

Any member of a household that is eligible for assistance under the State Temporary Assistance for Need Families program established under part A of title VI of the Social Security Act (42 U.S.C. 601 et seq.) or 2.
Any individual whose household adjusted gross income is equal or less than 200 percent of the federal poverty line (as determined by the Office of Management and Budget) or less than the earned income amount eligible for the Federal Earned Income Tax Credit taking into account the size of the household (as described in section 32 of the Internal Revenue Code of 1986). *In addition, an individual’s household net worth can be no more than $10,000 (not including the value of the primary dwelling unit and one motor vehicle). During the application process all applicants are required to provide proof of employment and income. Applicants are also required to provide a form of legal identification.

Program Duration: Each participant must meet an established savings goal and withdraw funds for the purchase of an asset within 6 months from the date of his/her program orientation.

Program Status: No longer accepting applications

Program Start Dates: May 2010

Program End Dates: September 30, 2010

Application Priority Deadline: April 16, 2010