Redevelopment Opportunities for Women

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Redevelopment Opportunities for Women

• THE REAP Program
• ROWs Economic Action Program
• Empowering battered women through financial
  education Individual Development Accounts
• Sheila Fazio, MSW
• Domestic Violence Advocate
• IDA Coordinator

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Outline

• Mutual Understandings
• History of REAP
• Economic Education
• The Process
• Eligibility, Account Structure Guidelines
• Statistics
• IDA Coordinator Responsibilities

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Mutual Understandings
Mutual Understandings..

• One of the most significant obstacles for women
  who are attempting to escape abusive
  relationships is the near certain economic
  devastation that will follow
• For thousands of low income battered women in the
  St. Louis area, financial dependence has
  prevented them from freeing themselves from an
  abusive partner
• The inability to become economically
  self-sufficient has often been a primary reason
  for the return to an abusive relationship
• For a battered woman, the need to rebuild herself
  financially becomes core to remaining safe from
  her abuser-and safe from future abuse.

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History of ROWs Economic Action Program

• September 2000
• ROW brought together 11 domestic violence
  agencies in the St. Louis area to look at ways to
  address the economic factors that affect battered
  women and their safety
• August 2001
• ROW created a financial literacy curriculum
  specifically designed toward meeting the needs of
  women that have or are currently experiencing
  intimate partner violence

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Rows Economic Action Program

• Summer 2001 ( May-July)
• Designed an IDA program for women who have been
  abused and trapped in poverty, creating the
  opportunities for women to save their way toward
  a better and safer future
• Applied for AFIA Grant and received it in July
  2001
• Acquired Match Funds through local donations

October 2001 Opened first IDA Acct
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IDAs ECONOMIC EDUCATION for BATTERED WOMEN
Domestic Violence and Homeless Shelters
St. Marthas
Community in Partnership
Womens Safe House
Our Ladies Inn
Weinman
Lydias House
Room at the Inn
Passage House
Womens Center
ROWs Economic Action Program (R.E.A.P)
Economic Education and IDAs
Evaluation
1 - 4 Yr. Follow-Up Support
Womans Place
St. Louis VictimsAssistance
Non-residential programs
Life Source Consultants
AWARE
YWCA - Womens Resource Center
Womens Support Comm. Services
Legal Advocates For Abused Women
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ECONOMIC EDUCATIONEmphasis on Safety Issues

• Financial Education
• Money and Power
• Creating a Spending Plan
• Credit Education and Credit Counseling
• Saving and Investing
• Individual Economic Action Plans
• Intensive one on one advocacy and follow-up
  through an empowerment model

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The Process
The Process.

• Participant attends financial literacy at DV
  shelter or at community site
• Participant is informed about the IDA program
  during financial literacy
• After completing the financial literacy component
  participants interested in an IDA account are
  screened for eligibility. Participants will join
  the IDA program or be put on a wait list until
  more funds are available

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Who is eligible

• Income eligibility
• 200 of poverty 21 match
• 80 Federal Median Income 11 match
• Must have current or history of intimate partner
  violence.
• Participants must have earned income in household
  (SSDI, informal, formal, wages)
• Household net worth cannot exceed 10,000
• Must be able to save 10-50 per month or lump sum

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Womens Savings Accounts(Individual Development
Accounts)

• Current banking partner is US Bank
• Participants save up to 2000 and receive up to
  4000 in match funds
• Matching Funds AFIA Local contributions
• Accounts 21 or 11 match
• Accounts are custodial

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New Partnership with Great Rivers Community
Trust and United Way

• Similar Guidelines
• Participants can save up to 1500 over 2.5 years
• Will receive 21 or 11 match depending on income
  level
• Allows ROW to access more match funds
• Initially awarded 15 additional accounts
• By July 2003, ROW will have 34 open IDA accts

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IDA Guidelines
IDA Guidelines

• Allowable Assets
• Home ownership
• Automobile
• Career Enhancing Education
• Retirement ( local)
• Micro-enterprise

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IDA Guidelines cont

• Women can save for one or more of the eligible
  assets
• Women can make multiple withdrawals
  throughout their involvement in the IDA program
• Must be in program at least 6 months

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IDA Guidelines
IDA Guidelines cont

• Must deposit 10-50 every month
• Can lump sum deposit bonuses, tax return, etc.
• Cannot miss 3 deposits in a row
• Can take a leave of absence from program
• Must meet with staff at least every other month
• Emergency withdraws allowed

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Stats on REAP IDA Accounts

• 19 Current Participants
• Savings Goals
• (7) vehicle
• 1 also saving for small business
• 1 also saving for education
• (12) homeownership
• 2 also saving for education
• Asset Purchases
• (2) vehicles 2176
• (2) Post Secondary Education 331
• (4) Micro-enterprise 535

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IDA Coordinator's Responsibilities

• Recruit women and open accounts
• Provide the financial education and asset
  education component
• Encourage women to meet their savings goals each
  month through phone and individual advocacy
• Provide advocacy services around DV issues
• Problem solve and find resources with women
  regarding housing, employment, food, utilities,
  etc.

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IDA Coordinator's Responsibilities

• Set up electronic data transfer from local bank
  to get womens monthly savings goals
• Enter data into MISIDA.
• Send out monthly statements to women showing
  their total savings in program.
• Facilitate the matched ER withdrawals

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• The END