Over the last few years, Ohio CDC Association (OCDCA) has been working hard to quantify the impact of CDCs throughout Ohio. We’ve been collecting and analyzing data from our member organizations and are excited to share our findings – especially in digestible bits.
We are pleased to state that, each year, over one million people benefit from the work of Ohio’s CDCs.
This week, we take a look at financial empowerment. Approximately 50% of Ohio CDC Association members offer a financial empowerment program. Through financial empowerment initiatives, CDCs provide education and asset building tools so low and moderate income families can become financially independent, improve credit, reduce debt and foreclosure risk, and contribute to community stability.
Did you know that, in 2016, Ohio CDCs:
- Invested nearly $6,500,000 in financial empowerment programs to leverage $65,000,000 in assets for low-income Ohioans;
- Conducted financial empowerment programs which improved the financial well-being of 1 out of every 2 participants;
- Improved the financial well-being of nearly 35,000 Ohioans.
The many organizations that perform this work do so in a myriad ways.
One way is through the OCDCA Assets Ohio Individual Development Account (IDA) Program. Operated by OCDCA since 1999, IDAs are matched savings accounts for low-to-moderate income individuals to save for a first time home purchase, small business venture, or post-secondary education. The participant savers contribute earned income and receive up to an 8:1 match for their desired asset. While saving, they undergo financial education and asset specific education.
One central Ohio OCDCA member helped Deb in 2016. Deb has two sons and six grandchildren. She is a long-time dedicated Goodwill employee and was approved for a Habitat for Humanity home in 2015. After about six months in the IDA program, Deb saved enough money to reach her goal, and was ready for a down payment in March 2016.
Stories like Deb’s are sprinkled throughout the state thanks in part to the work of Ohio CDCs. Because of the work and programs of CDCs, many individuals and families are finding empowerment and economic prosperity that continues to be a challenge for many Americans.