August 25, 2010
EARN, the nation s leading provider of microsavings for low-income workers, has forged a new partnership with the San Francisco Redevelopment Agency (SFRA), an agency which exists to improve the environment of the city and create better urban living conditions through the removal of blight. The partnership will provide Individual Development Accounts (IDAs), also known as matched savings accounts, for SFRA Certificate of Preference holders: families that were displaced primarily from Western Addition Area A-2 and Hunters Point by redevelopment activities in the 1960s and 1970s. These IDA accounts will allow participants savings to be matched three-to-one with a maximum match of $5,000 per household; the program has sufficient funding to serve approximately sixty-four first-time homebuyers.
Participants will be required to save between $10-$200 per month and complete financial management training and first-time homebuyer training. EARN will provide the financial management training, IDA account management, and technical assistance. Owning a home remains synonymous with the American Dream for so many people, and we are thrilled to partner with SFRA to help make that dream a reality for hardworking San Franciscans, says EARN President and CEO Ben Mangan. We re proud to help families achieve that dream by matching their savings but even more importantly, our low-wage clients learn financial management skills that put them and their children on the path to long-term prosperity.