June 17, 2010

The Public Policy Forum held its 18th annual “Salute to Local Government” awards on June 17, 2010, and HACM and the Wisconsin Women’s Business Initiative Corporation (WWBIC) were awarded an honorable mention in the “Private-Public Cooperation” category for the Make Your Money Talk/IDA Program. The award was accepted by HACM's Ken Barbeau and WWBIC President Wendy Baumann. 

Since 2004, the partnership has provided intensive financial literacy training to 379 residents of HACM's low-income housing.  Graduates are invited to open an Individual Development Account (IDA), a special matched savings account that can help them stabilize their financial future. A participant can contribute as little as $15 per month into their IDA, and WWBIC and HACM will match every $1 saved with $2. The maximum amount a participant can save is $2,000, which is $6,000 including the match.  To date, 325 individuals have opened an IDA, and among other positive results, the funds saved have helped 24 residents to start a small business, 29 to further their education, and 41 to buy a home.