Crystal Grace and her sons Riley and Ryan are living in their own home.
The Women’s Fund and United Way Collaborate to Help Women “Step In to Homeownership”
BIRMINGHAM, Ala. – The Women’s Fund of Greater Birmingham and United Way of Central Alabama are partnering to assist 100 low income women in buying a first-time home or obtaining education to provide higher wages through the Stepping In to Homeownership program.
The Women’s Fund is awarding $200,000 over two years to United Way’s Financial Stability Partnership initiative for the Individual Development Account (IDA) Program, a federal matched savings program to assist low-to-moderate income individuals in acquiring stabilizing assets.
“This is just the beginning and so far three women have completed the program and purchased their homes”, said Jeanne Jackson, President/CEO of The Women’s Fund of Greater Birmingham. “Several more women are currently saving and participating in homeownership education classes.”
In 2013, Alabama Attorney General Luther Strange granted The Women’s Fund $440,000 from the National Mortgage Settlement. In Greater Birmingham, 19,966 female headed households are in poverty. Many of these are women with young children. 41 percent of female-headed households with related children live below the poverty line in our community. “We realized that the funds from Attorney General Strange could make a greater impact if we partnered with United Way and the IDA program which uses local funds to bring federal matching dollars to Alabama,” said Jackson.
United Way’s Financial Stability Partnership has administered the IDA program since 2005 and more than 130 families have purchased homes valued at $13 million.
Through The Women’s Fund and United Way collaborative, up to 100 more women will have the opportunity to have their savings matched 2:1 and purchase a first time home or pursue postsecondary education.
The Women’s Fund of Greater Birmingham www.womensfundbirmingham.org
The Women’s Fund of Greater Birmingham empowers women to move beyond poverty by creating positive change for women and their children through collaboration, grant making, and advocacy.
