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Published by Raven DeVoll

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Published by: Raven DeVoll on Mar 29, 2011
Copyright:Attribution Non-commercial

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03/29/2011

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705 Oakwood St., Ste. 205Ravenna, OH 44266330.297.7027, ext. 351fax 330.296.2684
News Release
Contact: Raven DeVoll, (330) 297.7027 ext. 351 orrdevoll@portagefamilies.org FOR IMMEDIATE RELEASEJune 29, 2010
$.A.F.E. RECEIVES $25,000 IN GRANT FUNDING TO OFFER AN IDA COMPONENTTO THE PROGRAM
The $.A.F.E. program has recently been approved as a sub-grantee of the Ohio Community DevelopmentCorporation Association’s (OCDCA) Assets Ohio Program. $.A.F.E. will receive a $25,000 grant fromOCDCA allowing it to incorporate an Individual Development Account (IDA) component to the program.The goal of the program is to serve 25 participants over the next three years who are actively fighting tobring their families out of poverty by encouraging them to save for a specific financial asset, and thenmatching the amount they accumulated.$.A.F.E.’s first task, before receiving the OCDCA grant money, is to begin fundraising its $25,000portion of the IDA contribution. Money that is raised for the program will instantly be matched byOCDCA, meaning $.A.F.E. program coordinators can slowly raise the $25,000 during the first two yearsof the grant period.Funds will be raised through community donations, local and corporate grants, donations from financialinstitutions, possible partnerships with other programs interested in becoming involved with the IDAprogram that has funds to allocate for it, and fundraising through special events.“Fundraising will definitely be the most difficult aspect of getting this program off the ground. However,I think if we make a few good partnerships with organizations in the community, it will be a great assetfor the people of Portage County,” stated Kalyn Feldner, $.A.F.E. program coordinator who wrote thegrant proposal in April.$.A.F.E. will invite qualified community members to participate in the IDA savings program held at alocal bank. Participants will deposit a set amount of money into an account each month and after reachingtheir predetermined savings goal, their money will be matched 2-to-1 with the OCDCA grant money andcommunity dollars fundraised through Family & Community Services.After successfully saving through the IDA program, individuals will have the opportunity to use theirmoney towards purchasing a home, investing in higher education, or opening a small business. Thepurpose of the IDA program is for participants to purchase a financial asset and build human capital.Participants enrolled in the IDA program will actively engage in financial education classes to prepare forthe financial asset they will obtain after completing the program. Attending $.A.F.E. classes, meeting with

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