Past and current residents of Carolyn’s House and the YWCA of Niagara Transitional Housing Program are able to participate in a savings account program that goes hand-in-hand with the Carolyn’s House mission of self-sufficiency. The Assets for Independence account, also known as the Individual Development Accounts, allows a resident to walk away with $3,000 by depositing only $1,000.
Where did the funds come from?
The Community Foundation for Greater Buffalo has provided the funds necessary to execute the Assets For Independence savings account program. The Community Foundation For Greater Buffalo is a public charity holding more than 700 different charitable funds, large and small, established by individuals, families, nonprofit agencies and businesses to benefit Western New York. Since 1919, the organization has served the needs of the community and the wishes of its donors through personalized service, financial stewardship, local expertise and community leadership.
How does the program work?
The resident deposits a minimum of $25 a month of earned income during a three-year period. For every $1 deposited, the agency will deposit $2. So, when a resident deposits $25, she will actually see a statement showing a $75 deposit in her account.
How can the funds be used?
The funds can be used toward the down payment on a home or for college tuition/books. Participants will be referred to home ownership and college entry workshops to assist them.
Call for more details?
For more information on this program, contact the YWCA of Niagara Vice President of Finance at 716-433-6714 or the Carolyn’s House director at 716-278-9662, Ext. 10.
