Transcript Choctaw Asset Building (CAB). - Oklahoma Native Assets Coalition

Choctaw Asset Building (CAB)
Dawn Hix, IDA Coordinator
Choctaw Nation of Oklahoma
Who Can Participate in an
AFI-Funded IDA Program?
 TANF-eligible in their state
OR
 Meet both of the following two criteria
Income: twice the poverty guidelines (about $44,000
for family of four) OR EITC eligible
AND
Net worth: maximum $10,000 (less one
residence/one vehicle)
 Administrating agencies may apply additional eligibility
rules
AFI Projects
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More than 350 organizations throughout the nation
Multi-purpose non-profits
State, local, or Tribal governments
Multi-site networks of organizations
Locate a project near you: http://IDAresources.org/Map
CAB Goal:
Review of Timeline of CAB Program
IDA Grant Awarded
June 2009
Drawdown Funds
October 2009
CAB Accounts Open
November 2009
Financial Education
January 2010
Qualifications
Member of the Choctaw Nation
Member of Choctaw Nation Career Development
Income guidelines
Minimum $50 initial deposit
Monthly deposits $25
6 months to 36 months timeline
Original Focus group 10 ½ counties of the Choctaw Nation
(11,000 miles) – Now State of Oklahoma 5 counties in
Arkansas and 5 counties in Texas
 12 hours of Financial Education within 6 month of joining
program
 6 hours of Asset Training before using matched funds
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Qualifications Cont’d
 Deposits made from Earned Income
 Total assets < $10,000 (excluding primary residence
and one vehicle)
 Homeownership - qualified first-time homebuyers
(defined as having had no ownership interest in a
home for three years before entering sales contract
on a qualified home)
Home
Ownership
•3-1 Match
Education
•2-1 Match
Business
Ownership
•2-1 Match
Current Open Accounts
January 2012
Home Owner
Education
Business
13%
41%
46%
Example
 Kim needs a home
 She needs $8,000 for down payment and closing
costs
 Opens IDA and receives financial education, debt
counseling and home ownership information
 Receives savings match at a rate of $3 for every
$1 saved in her IDA account
 Kim saves $2,000 ($55 per month over 3 years)
Kim’s IDA
$2000
Savings
$2,000 Kim Saves
$2,000 Federal
$6000
Matching
$4,000 Non-Fed
$8000 for
Home
How Did We Do?
 Mailed over 5,000 brochures to Career Development
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clients
Attended Tribal Educational meetings
Visit Choctaw Community Centers Weekly
Career Expo Event Booth (Approx 2,000)
Contacted Human Relations Director for Choctaw
Casinos (Approx 5,000 employees)
Stories in Choctaw Tribal Newsletters (Approx
200,000 circulation)
Website www.choctawcareers.com
Newsletter “The Ticket”
Key Partnerships
First United
Bank of
Durant
Choctaw
Housing
Authority
Rural
Enterprises
Inc.
Little Dixie
Community
Action
Ki Bois
Community
Action
Kiamichi
Tech
Centers
Top Issues Facing CAB
 Changing generational savings habits
 Gaining trust
 Achieving asset goals
 Maintaining monthly deposits
 Attending financial education classes regularly
Successful components
Leadership
Placement of IDA
Patience
Flexibility
The Sign Up
The Education Classes
“My favorite part of the
class was the way the
instructor made the
class fun to be at, and
he made things so
simple and easy to
understand. The class
made me realize that
some things dealing
with my finances need
to be changed.”
Kamie Case
The Cash Out
“Thank you! It would have
taken us at least another
year or more to be able to
move in without this
program. I think it’s
awesome and tell
everyone that will listen
about it. “
Kimberly Feltman
Contact Information
Dawn Hix, IDA Coordinator
[email protected]
800-522-6170 ext. 2614
www.choctawcab.com