Starting Savings to realize a dream of a home
or business!
The story of the IDA
Program in Detroit begins with Michigan Neighborhood Partnership. MNP
is the oldest IDA program in Metropolitan Detroit having begun our program
in 1999.
The story
of the IDA Program in Detroit begins with Michigan Neighborhood Partnership.
MNP is the oldest IDA program in Metropolitan Detroit having begun our
program in 1999. IDA is a unique programs developed to help low income
individuals build assets and participate in the American dream of homeownership,
owning a small business or continuing with a post secondary education.
Since developing the program in 1999, over 200 Detroiters have increased
their assets and moved from dependence to wealth building. Program participants
have started day-care centers, recording studios, produced movies with
Hollywood actors, started dance studios, created commercial photography
studios, began landscaping industries, graphic arts studios and retail
clothing outlets.
On the homeownership
front, MNP has helped many clients purchase new homes by using their
IDA accounts as down payments. In the area of post-secondary education,
we have seen our clients complete vocational educations, junior college,
and graduate with Bachelor's and Master's Degrees.
This
year we are extremely excited to introduce two (2) new concepts that will
literally expand our collaborations and impact the lives of hundreds of
low-income families. These IDA program concepts are: Circles
of Hope and
a virtual IDA Business Incubator.
Circles
of Hope
Circles of
Hope (COH) is an integrated approach to empowering one of the most challenged
groups in American society young single mothers.
Circles of Hope (COH) is an integrated approach to empowering one
of the most challenged groups in American society today - young single
mothers.
The program connects participants with seasoned women in faith-based
organizations to provide mentoring, long-term support and family
support training. Through COH, the participants will save one thousand
dollars over a minimum of 12 months and MNP will award them five
thousand dollars to be used for the purchase of a home, starting
a micro enterprise or continuing their post-secondary education.
These young mothers will participate in retreats, financial literacy
classes and hear the personal testimonies of women that are successful
mothers. COH has an Advisory Board, which oversees program activities
and content, representing women and some men from all spectrums of
society.
