It would be nice to see this in North Minneapolis as well.
Faith in the City, a coalition of seven Twin Cities Lutheran organizations, has received two grants totaling $1.4 million for an innovative program that will help low-income workers in Minneapolis' Phillips neighborhood save for appreciable assets. The new funding includes $705,882 from Thrivent Financial for Lutherans and $705,882 from the U.S. Department of Health and Human Services, Office of Community Services Through the grants, Faith in the City will establish "Phillips Saves," a program to help low-to-moderate income families develop and grow Individual Development Accounts (IDAs). IDAs are matched savings accounts that enable families to save for assets that appreciate, such as a first home, post-secondary education or a business. For every dollar saved by a qualifying Phillips Saves participant, two dollars will be matched ($1 from the federal government and $1 from Thrivent Financial) when the participant reaches his or her individual savings goal, subject to program limitations. Phillips Saves will be administered by Lutheran Social Service (LSS) of Minnesota at its 2414 Park Ave. office in Minneapolis for Faith in the City - a partnership that includes Augsburg College, Augsburg Fortress Publishers, Central Lutheran Church, Fairview Health Services, Luther Seminary, LSS and Thrivent Financial. Phillips Saves will open in January 2005. "The IDA program is an important tool to help low-income citizens build a financial base for a stronger future," said Wade F. Horn, Ph.D., Assistant Secretary for Children and Families, U.S Department of Health and Human Services. "While government can help, it can't do it alone. I commend Lutheran Social Service of Minnesota and Faith in the City for their good work as well as Thrivent Financial for putting financial resources toward making sure this program in the Phillips neighborhood is a success." Accompanying the matched savings element of IDA programs are mandatory financial education classes that help participants understand budgeting and money management, credit card debt and earned income tax credits. This training will be provided by a consortium of financial experts and professional educators, and reinforced through mentoring relationships. "As faith-based Lutheran organizations, the members of Faith in the City are committed to serving as a catalyst to bring together people, resources and organizations to benefit our community," said Jeri Nelsen, executive director of Faith in the City. "Phillips Saves is the result of this strong collaboration." For Thrivent Financial, Phillips Saves also represents the first of what could grow to become multiple Lutheran-based initiatives across the country connecting Lutheran congregations, Lutheran social service agencies and Thrivent''s member volunteers to help the working poor. "Lutherans have a long tradition of reaching out those in need," said Bruce Nicholson, Thrivent Financial president and CEO. "This IDA effort marks a new way for Thrivent Financial to engage Lutherans nationwide in helping low-income families achieve financial stability through basic money management and savings skills." IDAs were first funded by the federal government in 1999 through the Assets for Independence Act, which enjoyed broad bipartisan support in Congress. The U.S. Department of Health and Human Service, Office of Community Service, was given the task of administering the five-year, $125 million program. The funding followed evaluation of a project overseen by the Corporation for Enterprise Development called the American Dream Demonstration Project (1997-2001). This project proved that if given a savings incentive, low-income workers would save. The research further suggested that for each federal dollar invested in IDAs, five dollars were returned to the national economy in the form of new businesses, addition al earnings, new and rehabilitated homes, reduced welfare expenditures, and human capital associated with greater educational attainment. Program Eligibility & Requirements Phillips Saves targets individuals and families who have earned income at or below 200 percent of federal poverty guidelines, who have a net worth below $10,000 (excluding residence or car), and who reside in Minneapolis' Phillips neighborhood. To enroll in Phillips Saves, potential participants must meet one-on-one with program staff and volunteer mentors to discuss eligibility guidelines, program requirements, savings goals, ability to save, and use of savings. Final selection for program participation will be based on factors related to the participants' likelihood of success along with criteria such as savings potential, credit score, orientation toward goal achievement, and place of residency among others. Upon acceptance into Phillips Saves, participants will be assigned a mentor to develop a budget, which will determine the participant's monthly savings goal. Phillips Saves participants who reach their maximum savings potential will save $2,000 and be matched $4,000 over the course of a 40-month savings period. The savings program will be implemented in waves, beginning in Jan. 2005 and ending Dec. 31, 2009. "Phillips Saves is based on both empowerment and accountability," said Nelson. "This program isn't about handouts; it's about offering low-income workers the opportunity to improve their lives through resources, encouragement and discipline. It's a sure formula for long-term success, and Faith in the City is delighted to be working with the U.S. Department of Health and Human Services, Mayor Rybak (of Minneapolis) and others to bring this wonderful program to Phillips neighborhood residents." http://www.mcf.org/MCF/whatsnew/briefs/thrivent041207.htm Posted by Shawn Lewis, Field Neighbhorhood -- ___________________________________________________________ Sign-up for Ads Free at Mail.com http://promo.mail.com/adsfreejump.htm REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
