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CRT,
HARTFORD, CONNECTICUT
Merlette H. was a
participant in the IDA Program operated by CRT, Hartford’s Community
Action Agency. Merlette joined the IDA Program in January 2002
with the goal
of purchasing a home for herself and her 2 daughters. Being a single
mom, it was not always easy for her to keep up with her savings goal,
but she persevered. A smart budgeter, she took advantage of as many of
CRT’s programs as she could in order to help her cut households costs
and save as much as she could. Three years later, Merlette found a
beautiful two-family home in East Hartford. She qualified for a
mortgage and, in September 2005, achieved her dream of becoming a
homeowner! Merlette is happy to share her success story and is an
inspiration to others still saving for their first home. “Merlette came
to our December IDA Savings Club Holiday Party and spoke to the IDA
participants about the home buying process and how the program worked
for her,” said Steve Gosselin, Director of CRT’s IDA Program and the
Homeownership Center. Merlette’s dream is now a reality for her and her
daughters. “We spend every evening with paint rollers or shovels or
scrub brushes in our hands,” she said. “But we’re so happy!”
NEW OPPORTUNITIES, INC., WATERBURY, CONNECTICUT
Dwayne Bass was one of the original members of the IDA Program at New Opportunities, Inc., the Community Action Agency in Waterbury. When he first joined the Program, Dwayne didn't know whether he wanted to save for a home or to start a business. After attending Financial Education classes he decided that he wanted to own his own home.
In July 2002, Dwayne had reached his savings goal and was able to use the funds from his IDA account and his matching funds to purchase a home in a suburb of Albany, New York. This summer, he and his fiancée moved to the Albany area. With a degree in music Dwayne is currently working as a music teacher in a charter school there. Having also been blessed with a carpentry background, Dwayne is attacking minor renovations to the home and also plans to eventually add on to his home. According to Bill Rybczyk, New Opportunity, Inc.'s IDA Program Manager, "Dwayne is in the process of putting together a "Before and After" photo album of his home, that we are very eager to see. He is very grateful for the opportunity that the IDA program has given him."
CTE, INC., STAMFORD, CONNECTICUT
Cassandra Eady-Lawson was one of the participants in CTE's Pilot IDA Program that started in 1998. Along with Financial
Education and Asset-Specific Training, this Program offered a $.50 to $1.00 match. If participants saved $800, they would receive a $400 match toward their asset purchase.
A single mother in her twenties when she entered the Program, Cassandra was an enthusiastic learner . Her goal was to buy a home for herself and her child. She eagerly attended all of the Financial Education classes as well as the Homebuyer Education classes. During the time she was in the Program, Cassandra became engaged. Her future husband began accompanying her to class and together they learned about finances and about buying a home. Through the information she received in the IDA Program, Cassandra was able to apply for and obtain $35,000 in first time homebuyer assistance from the Norwalk Redevelopment Corporation and $5,000 from Adopt-A-House. Both of these are loans which are payable at the end of the 30-year mortgage. In 2000, Cassandra and her husband purchased a two-family home in
Norwalk. The income from the second apartment helps them meet their mortgage obligations. "Even though the match rate in this pilot program was not large," says Betty McCree, CTE's IDA Program Manager, "motivated participants used the knowledge they received and the resources we made available to them to set their goal and make it happen!"
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