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Advocate
for the Community |
CVCAC’s
Family Community Support Services assist people who are having
difficulty paying their housing costs, heating their home, paying their
utility bill, or buying food. Our Family Housing Partnership works
with families who are in danger of becoming homeless. Our Tax Preparation
Assistance Program helps families prepare their income tax returns so
that they receive all the refunds and tax credits they are due. CVCAC also
provides resources and referrals for people who may need help from other
agencies.
CVCAC
Head Start and Early Head Start programs prepare young children for future success in
school and in life. Through full day/full year early education centers, home
visitors, and partnerships with private daycare providers, we provide
resources, supports, and referral services to help parents be the primary
educators in their children’s lives.
The
Community Economic Development (CED) program
has a number of initiatives dedicated to increasing the knowledge, wealth,
and assets of low income Vermonters and the Central
Vermont communities in which they live. They include the
Micro Business Development Program (MBDP)
that provides training and technical assistance to low-to-moderate income
individuals who wish to enhance their earnings through the start-up or
expansion of a business. The Vermont Women’s Business Center (VWBC)
offers statewide and comprehensive business development and support services
tailored to the needs and experiences of low-to-moderate income women who
are starting or growing a business. Community Capital of Central
Vermont offers financing and technical assistance to new and existing
business owners who are low-to-moderate income and lack access to sufficient
financing from conventional banks. People can improve their personal
finances by enrolling in Tangible Assets (TA).
While being trained in financial literacy, participants’ savings from earned
income are accumulated in Individual Development Accounts (IDAs) which are
then matched dollar for dollar. These savings can be used for home
purchases, developing small businesses, or post-secondary education and
training. The Child Care Food Program (CCFP)
reimburses private day care providers fro the healthy meals they serve to
children in their care. This helps to keep child care affordable for
working parents and ensures that hundreds of children are fed nutritious
meals each day.
Weatherization
reduces energy costs for low-income families by improving the energy
efficiency of their homes through insulation, heating system tune-ups, and
draft reduction measures.
Community Action Motors provides vehicles to low-income individuals and families so they
can get to jobs, school, day care, or medical appointments.
CVCAC
Workforce Development supports people in getting and keeping jobs
through intensive case management, job development, post-employment support,
wage subsidies, and a commitment to meeting the needs of local employers.
Farmworker Training
offers support services and job training to migrant and seasonal
agricultural workers so that they can obtain permanent, full-time
employment.
CVCAC ensures that all voices are heard as we work to engage communities
in finding creative solutions to poverty. We work closely with the
Vermont Community Leadership Program and serve as a member of the
Vermont Low Income Advocacy Council and other groups throughout the
state. |
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CVCAC Workforce Development |
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Central Vermont
Revolving Loan Fund |
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Childcare Food Program |
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Community Action Motors |
| Community Economic Development |
| Crisis Fuel |
| Family & Community Support |
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Family Housing
Partnership |
| Early Head Start & Head Start |
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Micro Business
Development Program |
| Migrant & Seasonal Farmworkers |
| Residential Weatherization |
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Resources and Referrals |
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Tax
Preparation Assistance |
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Vermont
IDA |
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Vermont Women's Business
Center |
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 Tangible
Assets
Have you ever thought
about buying your own home or sending the kids to college or starting your
own business? Do you tell
yourself “it’s just too expensive”?
We all know that money doesn’t grow on trees.
But what if we told you that you can transform $100 into $300, or
$500 into $1,500? What about
$1,000 into $3,000? You can,
with a Tangible Assets Individual
Development Account.
Here is more
information about Tangible Assets
IDAs and how they work:
1)
What are individual
development accounts?
“IDAs” are special “matched” savings accounts that help low and moderate
income people reach a specific goal.
You deposit income that you have earned through work or
self-employment into your IDA, and federal and state grants match those
funds, helping you reach your goal more quickly.
The IDA account may only be used buy a first home, go to school, or
start or expand your small business.
2)
Who helps you set up an
IDA?
Central Vermont
Community Action Council handles the IDA program in this area, and we call
it the Tangible Assets project.
We enroll participants in
Tangible Assets, monitor account activity, and provide training and
other support services while you are enrolled.
3)
Who can enroll in the
IDA program?
Enrollment is open to pretty much anybody who meets the eligibility
guidelines on a first come, first served basis.
Eligibility is determined by federal
income guidelines. There is
also a limit of $10,000 in current assets, but that does not include your
family’s home or one car.
4)
 What
happens once you enroll in the IDA program?
Once
you’ve enrolled, the staff of
Tangible Assets will help you develop an individual savings plan that
identifies the steps you must take to earn the match.
To earn the match you must:
·
Attend financial skills
classes to learn how to manage your personal finances.
·
Open your savings
account at the partner financial institution.
·
Deposit savings from
earned income into your account on a regular basis.
5)
How are IDA matching
funds handled?
Matching funds are held in a separate trust account until savers are ready
to make a qualified purchase.
The Tangible Assets staff
provides you with monthly statements showing the amount of matching funds
you have earned.
6)
How much money can you
save with an IDA?
 The
program will give you two dollars for every dollar you save, up to a maximum
match of $2,000 per person, or $4,000 per family.
So, if you save $1,000 over two years, you could earn $2,000 in match
money, for a total of $3,000 to be used for your asset purchase.
The maximum amount that can be matched in one year is $500 per
person.
7)
When can you withdraw
money from your account?
When
you have an IDA, you really have two types of accounts: your own savings
account and a trust account holding your match funds.
So: You can withdraw your
own savings at any time – it’s your money;
but you will forfeit any match
you earned on those funds and could jeopardize your ability to stay in the
program.
You cannot withdraw your match funds until you have been enrolled in the
program for at least one year, you’ve met all of the requirements in
your individual savings plan, and you’re ready to purchase your asset.
At that time, we’ll withdraw the matching funds and your savings and
cut a check that you will give directly to the person or organization that
you are purchasing your asset from (such as the mortgage company, college,
or business vendors).
8)
Will having an IDA
affect my family’s eligibility for other public assistance programs?
The funds held in your IDA cannot be taken into consideration when
determining if you qualify for TANF, Social Security, Food Stamps, or
Medicaid. However, if you
withdraw savings from your IDA other than to purchase your asset, or if you
leave the IDA program early, your eligibility could be affected.
Ready to save?
Call us today!
802-479-1053
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