The Asset Development Network aims to expand asset-building opportunities for disadvantaged individuals and families, particularly in rural communities in the San Joaquin Valley.
What is the Rural California Asset Development Network?
The Network will consist of between 4-8 CCRH member organizations in the eight counties of the San Joaquin Valley. These 4-8 Network partners will commit to implementing and administering the Individual Development Account (IDA) program in their community. They will provide supportive financial education, asset-specific training and workshops, and increased access to mainstream banking in socioeconomically disadvantaged communities. Organizations that have established IDA programs are welcome and encouraged to join the Network.
CCRH serves as the lead agency for accessing grant funds from the Assets for Independence program. However, CCRH does not offer an IDA program itself.
What is an IDA and what is it used for?
An Individual Development Account (IDA) is a bank account that allows families to save money and eventually acquire an economic asset. IDAs are designed to help establish a pattern of regular savings and, ultimately, the purchase of a productive asset. Every dollar in earned savings deposited into an IDA by an account holder will be matched by the AFI project, up to the first $1,000 that the account holder saves. The match rates can vary by asset and partner organization from a 1:1 match to a 1:8 match.
AFI project families use their IDA savings, including the matching funds, to achieve any of three objectives: acquiring a first home; capitalizing a small business; or enrolling in postsecondary education or vocational training. For most families, acquiring one of these three assets can be the key to building long-term financial stability.
More info coming soon!
Director of Asset Building Programs