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Welcome to the Asset Building Programs Information Session
Help yourself to coffee
Washrooms Smoking
Please turn off your cell phone
SEED Winnipeg Mission Saving Circle Program IDA Who can Apply How to Apply Workshops
AGENDA
SEED Winnipeg is a non-profit agency that works to reduce poverty in Winnipeg. We help people save money for future goals and start small businesses.
SEED Winnipeg Mission
The Supporters
Program Delivery: SEED Winnipeg Inc.
Program Development: SEED Winnipeg Inc.
Funders: United Way of Winnipeg The Province of Manitoba Investors Group Others
What are Asset Building Programs?
Asset Building Programs are designed to assist low income individuals and families to buy assets.
There are two types of Asset Building Programs:
Saving Circle
IDA
Saving Circle PROGRAM
Saving Circle
Allows you to save up to $250and receive a match of up to
$750
Your Savings
MatchedCredit Total
MaximumSavings
$250 $750 $1,000
How The Match Works
3:1
MINIMUM SAVINGS PERIOD4 MONTHS
MAXIMUM SAVINGS PERIOD6 MONTHS
Average Monthly Savings$42.00
Saving CircleSavings Goals
The asset that you save for has to be one that you
need and that will improve quality of life for
yourself, your household, and/or the community
at large.
What Can I Save For?
Basic Household Furniture andAppliancesSome Examples:
Beds, Dressers, Sofa, Table & Chairs
Education & Employment Needs• Job-Related Training or Books, Work
Uniforms, Computer, Small Business Start
Some Health or Disability Needs• Eyeglasses, Dental Work, Disability Supports
Access to Safe Housing• Damage Deposit, Basic Home Repairs
You cannot pay off any debts.
You cannot pay off bills.
What CAN’T I Save For?
You cannot buy a car.
You cannot use this money for wants (computer games, trips, TV, etc.)
What CAN’T I Save For?
Saving for Your Asset Maximum individual savings $250.00
Maximum monthly deposit $ 65.00
Minimum monthly deposit $ 5.00
Maximum savings period 6 Months
Minimum Savings period 4 Months
Plus 1 Month to use your money
Ida PROGRAM
The IDA Program
Allows you to save up to $1,000
and receive a match of up to $3,000
Your Savings
MatchedCredit
Total
MaximumSavings
$1,000 $3,000 $4,000
How The Match Works
3:1
MINIMUM SAVINGS PERIOD12 MONTHS
MAXIMUM SAVINGS PERIOD24 MONTHS
Average Monthly Savings$84.00
(12 Months)
Average Monthly Savings$42.00
(24 Months)
What Can I Save For?
Education for yourself, your child, or your spouse.
Starting or expanding a small business.
Renovating a home.
Disability supports.
Buying a home (special conditions apply)
Saving for Your Asset Maximum individual savings $1,000.00
Maximum monthly deposit $ 175.00
Minimum monthly deposit $ 10.00
Maximum savings period 24 Months
Minimum savings period 12 Months
Plus 1 year to use your money
For people already accepted into the IDA program to save extra for a home purchase
Participants must attend four extra workshops about buying a home.
Must be able to show ability to get a mortgage and be financially ready to purchase a home.
There is no guarantee that you will be accepted into the Enhanced Home Ownership IDA Program, so you must have a second goal.
Enhanced Home Ownership IDA
Your Savings
MatchedCredit
Total
MaximumSavings
$1,000 $3,000 $4,000
MaximumSavings for
EnhancedHome Ownership
IDA
$2,000 $6,000 $8,000
How The Match Works
3:1
IMPORTAN T
INFORMATION
FOR
SAVING CIRCLE & IDA
You must:
Live in Winnipeg
Be able to open a bank account
Be willing and able to attend Money Management Training
Who can apply for the Saving Circle & IDA Programs?
You must: Have a positive attitude and realistic goals
Household income must be at or below the program’s income cut-offs
Household members include everyone living in the same home as you who is related by blood, marriage, adoption, guardianship / foster care, or common-law. This includes all family members who share your home (children, parents or grandparents, stepparents, aunts or uncles, cousins, etc). It does not include roommates.
Annual Household IncomeBased on the 2009 Statistics Canada Low Income Cut-Off (LICO)
Family IncomeSC Program
Cut - OffIDA Program
Cut-Off
1 person $16,670 $26,670
2 persons $20,760 $33,210
3 persons $25,520 $40,830
4 persons $30,980 $49,570
5 persons $35,140 $56,220
6 persons $39,630 $63,410
7 or more persons
$44,120 $70,590
Saving Circle Cut-Off = 75% LICOIDA Cut-Off = 120% LICO
* Please Note: If the income you receive through the Canada Child Tax Benefit puts you over the income cut-off, please apply anyway and discuss your situation with an Asset Building Program Coordinator.
Legal Judgments• Must be free from current and pending legal
judgments
Proof of Income• Need to show proof of current income for all household
members
Conditions
Involvement in Asset Building Programs
• You are not eligible for the Saving Circle Program if you or someone else in your household has previously received funds from the Saving Circle or IDA Programs.
• You are not eligible for the IDA Program if you or someone else in your household has previously received funds from the IDA Program.
• If you have received funds from Saving Circle Program you can still apply for the IDA program.
* ONE PERSON PER PROGRAM PER HOUSEHOLD
Saving for Your Asset
If you are on Social Assistance your benefits will not be affected by the money you receive from the program.
How will the Saving Circle & IDA Programs work?
1. Open an account at Assiniboine Credit Union.
2. Attend workshops.
3. Make monthly deposits.
4. The Saving Circle or IDA Program will match $3 for every $1 you save.
5. Purchase your asset!
The Workshops
You MUST attend Money Management Training once a week for 10 weeks
We offer classes:
• in the afternoon
• in the evening
• on Saturdays
We Offer: FREE Snacks FREE Bus tickets (if needed) In most classes we offer FREE child minding FREE Interpreters if English is not your first
language One-on-One Support
These workshops are offered free of charge
Saving for Your Asset
You MUST complete Money Management Training before you can use the money from the program.
If you’ve never completed Money Management Training, or if you completed it more than 3 years ago, you will need to attend and complete Money Management Training before you can use the money from the program.
To take out the money, you must contact a Program Coordinator.
How to Apply Fill out application Provide supporting documents
For each person in the household who receives income you must include
Proof of all sources of current income. For example:
• A recent pay stub• A budget letter from EIA• An Employment Insurance statement• A Resettlement Assistance letter
Steps to Applying for Saving Circle & IDA
Sign Up For The Interest ListSign up for the interest list and receive a letter
in the mail inviting you to an Asset Building Programs information session.
Attend An Information SessionSign up for and attend an Asset Building
Programs information session and pick up a Saving Circle or IDA Program application.
Submit Your ApplicationSubmit your Saving Circle or IDA Program
application with all required Proof of Income documents.
Application MeetingIf your application is eligible: You will
be invited to attend a meeting to discuss your application to the
program.
Intake / MMT StartsIf your application is accepted: You will be invited to attend a meeting
to officially enter the program.
By July 14th
August 9st – 17th
By August 25th
September 7th – 20th
October 4th – 8th #5
#4
#3
#2
#1
Priority Groups• We are especially interested in working with
individuals and families who face multiple barriers. Examples include:
o Aboriginal, (First Nations, Métis, and Inuit)o Newcomerso Refugeeso Youth at risko People living with disabilitieso Ex-offenders
• Please note that this is not a complete list. We are very interested in hearing about your own situation. You will have a chance to talk about your situation in your application and at your application meeting.
ABP Partner Sites
• The following organizations also offer Asset Building Programs
• If SEED is unable to accept you, we may be able to refer you to one of the programs run by our partners.
• If you want your application referred to one of these organizations, please fill out and sign the Referral to AssetBuilders Partners section on the last page of the application.
Saving Circle ProgramSaving Circle and IDA Programs
BUILDUrban Circle Training CentreMa Mawi Wi Chi Itata CentreVilla RosaPluriEllesNor’West Community HealthMacDonald Youth Services Rossbrook House
Fort Garry Women’s Resource CentreSociety for Manitobans with DisabilitiesIRCOMSEED Winnipeg
THE DEADLINE
for submitting your
Saving Circle or IDA application is:
Friday, August 25th , 2011NO LATER THAN 4:30PM
Late applications will not be accepted.
Questions?
Call 927 9947