Massachusetts Center Improves Financial Literacy

04/19/2005

Roxbury, Massachusetts—A financial literacy program at Madison Park Development Corporation Community Technology Center teaches residents why good credit and saving money are keys to achieving dreams, such as homeownership. In the past 2 years, the Neighborhood Networks center has offered more than 50 residents an opportunity to learn about financial management, establishing or improving credit scores, and budgeting for today and the future. The center offers two services: a financial literacy course and an Individual Development Account (IDA) program. Financial Literacy The financial literacy program is a 5-week money management course designed to help participants: Manage and balance a bank account. Get out of debt. Save money to buy a home. Establish credit and fix bad credit. Create a budget. Develop a savings plan. Participants receive a confidential one-hour money-planning session with a financial counselor. At the end of the class, participants get a $25 stipend and are considered for participation in other programs, such as Madison Park’s IDA program. Individual Development Accounts The IDA program is an opportunity for participants to start special savings accounts that build toward asset ownership through matched savings and financial education. Madison Park and the Massachusetts Individual Development Account Solution (MIDAS) program match the savings of participants two for one. MIDAS is a statewide nonprofit organization collaborating to pursue IDAs and other forms of asset development programs across Massachusetts. MIDAS helps with resources and technical support to deliver the program. Participants use their savings to purchase homes, cover higher education tuition, or start small businesses. Participating families and individuals that identify purchasing a home as a savings goal are referred to the center’s first-time homebuyer program. Having a good credit history is an important part of maintaining a happy, healthy, and financially fit life. For additional information about credit worthiness or to order a free annual credit report as mandated by the Fair and Accurate Credit Transactions Act (FACT Act), visit AnnualCreditReport.com. For additional information about Neighborhood Networks in Massachusetts contact HUD Coordinator Mari Adams. For additional information about the Madison Park Development Corporation Community Technology Center contact Nyvia Colon.

Center(s) Highlighted or Profiled:	Madison Park Development Corporation Community Technology Center
Scope:	National

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