Asset Builders Orientation Helps Residents with Low Incomes Buy a Home
Residents with low incomes saving to buy a home are invited to take part in the Asset Builders of Southwest Louisiana orientation on February 23rd at 5:30 p.m. inside the United Way building at 815 Ryan Street in Lake Charles. Designed to match the deposits of people with low to moderate income, the Asset Builders program helps residents build an asset, specifically to purchase their first home. The orientation covers common questions on how to become a homeowner and how the program can facilitate earning money to invest in a home.
Once accepted into the program, participants must take financial education classes, meet certain income requirements and be able to save a minimum amount each month.
Asset Builders of Southwest Louisiana is a local Assets for Independence Program made possible by a partnership between the Calcasieu Parish Police Jury Human Services Department, Project Build a Future, and United Way of Southwest Louisiana. The program is partially funded through the Police Jury’s Community Services Block Grant Funding. Matches are handled through a Federal Individual Development Account (IDA) run by Asset Builders of Southwest Louisiana and a partnering bank.
IDA’s are savings accounts that match the deposits of people with low and moderate incomes. The match program can be as brief as six months or as long as several years. Banks partnering in the initiative are First Federal Bank of Louisiana and JD Bank.
For more information about the program visit www.assetbuildersswla.org.