| |
|
CTE Wealth & Asset Development
Business Center
CTE Wealth & Asset Development Business Center provides space and business support to start-up and existing small businesses. Six (6) fully furnished with LCD equipped offices are available and a board meeting room. The Center is currently opened from 10:00 AM to 7 PM week days. Schedules activities/meetings can and will be accommodated if outside of business hours.
For reasonable fees, space in the Business Center can be rented for specific hours during the week, up to a maximum of eight (8) hours per day and long-term rentals are available. |
|
- The Center includes two private offices and four open workspaces, all fully furnished, with phones, new computers, internet, and streaming news and financial updates.
- The Board Room provides conference calling and a StarBoard for presentations and training. Basic Board Room rentals will include light refreshments: coffee, tea, water, soda. We can arrange for catering if more extensive refreshments are required. Starboard and audio equipment can be provided for a reasonable fee.
Core Programs
WAD core programs address barriers to financial self-sufficiency for low-income families and individuals. Financial Education workshops and one-on-one budgeting counseling are offered to all CTE customers and the Stamford community in a supportive and culturally competent environment.
Financial education workshops include Budgeting, Financial Planning, Investing, Taxes, Retirement and Credit Repair. WADC has been fortunate to have financial partners (Citi, Bank of America, Wells Fargo, TD Bank and First County Bank) volunteer to facilitate our Financial Education workshops.
Individual Development Account (IDA) Programs
IDAs are matched savings accounts in which participants save for one of the following assets: your first home, small business capitalization or higher education, security deposits, 529 accounts, dependent accounts and an auto for work. IDAs are the centerpiece of a new wealth-building strategy that creates hope, jobs, and enterprises, builds families, communities and economies. Teaching families money management skills develops assets and enduring escapes from poverty.
IDAs bring to low-income families the benefits of savings, investments, and assets to which higher income segments enjoy from our society. Since 1998, CTE and its collaborative partners (NEON, ABCD and ACCESS) have assisted 165 families to purchase assets with an estimated $16 Million ROI.
|
First Time Home Ownership
• 85 families used their savings and match to purchase their first home.
Total amount dispersed: $383,681 |
 |
Business Development
• 34 accountholders used their savings and match for business start-up and business expansion.
Total amount dispersed: $165,700 |
To enroll in the IDA Program you must contact Family Services at (203) 352-4846 for an Intake Assessment. You are required to submit a copy of your last tax return, one (1) month of current pay stubs and a picture ID.
To be eligible for the program you have to fall in one of the following categories:
- Working part-time
- TANF/TFA customers working part-time
- Received EITC from your last tax filing
- 200% of the Federal Poverty Level for federal programs
- 80% of the Connecticut Median Income Level for state programs
- Person with a qualified disability (proof needed to support entitlement)
Only Homeownership slots available (Save $3,000 and receive a $3,000 match)
Contact Family Services at (203) 352-4846
Individuals and families can have $6,000 to assist with down payment and/ or closing costs. WAD works with Housing Development Fund (Adopt-a-House) to get our customers purchased in their first homes.
Housing Development Fund, download the information and an application at: www.hdf-ct.org
Resolution TIPS for 2011 suggested through our IDA Clearing House:
- Have an actual spending plan on paper – or in a computer spreadsheet. Just having round numbers in your head won’t do!
- Actually balance your checkbook. Glancing at your ATM receipt just isn’t good enough.
- Don’t use your credit card unless it’s an emergency and, if you must, pay it off each month. You will absolutely spend less if you stick to paying cash.
- If you are not personally responsible for bill paying and checkbook balancing at your house make sure your spouse/partner tells you everything. You ABSOLUTELY need to know how everything is set up, where the money is and how you stand.
- Resist peer pressure to spend. Friends and family members often have hundreds of ideas for spending your money. Just because they have a new car or a new coat does not mean you must have one too. Avoid shopping with people who encourage you to buy things you don't really need. Resist the temptation by asking if that purchase will help you achieve your family’s financial goals.
- Don’t get discouraged when you make a mistake. No one is perfect and no one makes the right choice every time. You will make mistakes, so don’t spend a lot of time worrying about it. Instead, focus on how to fix the problem and get back on your spending plan as soon as possible. In extreme cases, you may want to find a financial advisor or debt counselor for help.
- Live smart. Being informed is the key to making good choices. If something sounds too good to be true, then it probably is. Or, if something doesn’t make sense, follow your instincts. Researching your purchases or delaying a decision until you have more information will generally pay off.
Financial Education (MAKING ENDS MEET DURING HARD TIMES)
- Track earnings. Develop a budget or spending plan
- Keep all receipts and tally each week or month.
- Pay bills on time to maintain or develop good credit
- Get your credit report and be sure it’s accurate.
- Shop for bargains
- Save something; it can adds up for emergencies
- Address basic needs first: rent, food and etc.
- Pay cash to avoid getting too deep in debt
- Talk about money with the family
- Stay focused
Interested in Homeownership?
- Register with Housing Development Fund- Go online for the application package at
www.hdf-ct.org.
- If you are in city housing, check with your local housing authority to see if down-payment assistance is available.
- Check with your local Community Development Offices to see if first-time down payment assistance is available.
For more information, please contact:
Betty McCree,
Director, at (203) 352-4858
Ester Grant-Tinsley,
Project Assistant, at (203) 352-4868
|
|
|
 |
Betty McCree
Director
|
|
Ester Grant-Tinsley
Project Assistant |
|
|
