a. Individual Development Accounts (IDA) Program

Individual Development Accounts are a matched savings program that assists low-to-moderate income families and individuals in the Houston metropolitan area establish a pattern of regular savings with a goal of purchasing an asset of value. An asset of value is likely to return substantial benefits to its owner. These benefits are stability, security and opportunities for increased income.

The IDA participants may use their savings and match money towards any of three assets of value: a home, small business or a post-secondary education. Participant deposits are held at Bank of Texas and are matched using Federal grant funds. All participants also receive financial education classes in addition to asset-specific counseling in conjunction with their stated asset goal.

The Alliance currently offers two IDA Programs.

(i). IDA – Refugee

The Saving to Acquire Resources (STAR) program is a special matched-savings account program to help low-to-moderate income refugee families and individuals in the greater Houston area. The match rate is 1:1 to the participant savings account.

(ii). IDA – Assets for Independence (AFI)

The Assets for All program is a special matched-savings account program to help low-to-moderate income refugee families and individuals in the greater Houston area. The match rate is 2:1 to the participant savings account.

b. Micro-enterprise / Micro-lending program

The Refugee Economic Micro-enterprise Development Initiative (REMEDI) is to provide credit to low-to-moderate income refugee entrepreneurs that do not have access from commercial sources. This program assists first time entrepreneurs with credit counseling, developing a business plan, small loans and mentoring.

The Core services of Micro-enterprise / Micro-lending Programs:

All participants are required to take a course offered by SCORE on "How to Start a Business"

Loans range from $500 to $15,000

Fees: application fees and processing fees are minimal

The business must be registered/licensed

The loans proceeds are to be invested in the business

Credit history will be built as the participant remits their payment in a timely manner

c. Financial Literacy

Financial literacy classes are offered to all participants in the IDA and Micro-enterprise programs. Participants will attend eight (8) hours classes whose curriculum addresses The value of checking account, credit history, loans, and etc.

d. Volunteer Income Tax Assistance Program (VITA)

The purpose of this program is to provide income tax services free of charge to refugees, immigrants, and low-income families of the Greater Houston Metropolitan Statistical Area. It is estimated that each year Houston loses between $15 and $35 million in unclaimed Earned Income Tax Credit (EITC). With additional resources the Volunteer Income Tax Assistance (VITA) program can help close the gap of eligible EITC claimants and reclaim these important funds for working families and the community.The Alliance is currently an IRS-registered VITA site.

 

e. Single and Multiple Housing Projects

Two of the Alliance’s Asset building & Community Development objectives are owning and operating single and multiple housing projects and providing housing counseling and home ownership services to our communities. These service objectives are in the developmental stages.