The Organization for a New Equality

Project Wealth is an innovative asset-building program designed to help close the existing wealth gap. By concurrently eliminating debt and facilitating asset ownership Project Wealth maximizes participants' total wealth and helps to secure a comfortable future! Participants can choose to invest in one of three asset goals: homeownership, micro-enterprise or post-secondary education.

Project Wealth is designed as a two year program, but those who qualify can participate in an accelerated one year program while receiving the same size match.

Project Wealth is part of the Funding Futures project, a partnership of the Massachusetts IDA Solutions Collaborative (MIDAS) and the United Way of Massachusetts Bay.

Goal #1: Debt Reduction

Many households in our community struggle to make ends meet. Working closely with O•N•E staff and other Project Wealth participants, participants learn how to take financial control and make the most of their money through budgeting, tracking expenses, paying down debt and working towards repairing and building credit history.

Participants have two choices to create a plan for debt reduction. They can strategize a debt reduction plan with O•N•E staff or, through a partnership with Consumer Credit Counseling Services, participants can establish a debt payment plan individually designed to help manage and eliminate their debt.

Goal #2: Saving Toward Asset Goal

While paying off debt, participants contribute monthly savings into a Citizens Bank Individual Development Account (IDA), which O•N•E currently matches at a rate of 2:1 up to $1,000 for participants pursuing micro-enterprise and education and 3:1 for participants pursuing homeownership. At the end of the program, the combined savings is to be invested into one of these assets.

Through individual meetings, O•N•E monitors each participants’ progress by discussing challenges and successes and by tracking debt payments and savings. In addition, participants build peer support and are empowered through knowledge by attending group meetings and financial literacy workshops to prepare them to make educated financial decisions.

Goal #3: Acquisition of Your Asset

The savings and match funds accumulated throughout the two year program (one year for those in the accelerated program), deposited into an Individual Development Account (IDA), must be used towards the purchase of a home, the pursuit of post-secondary education or capitalizing a business.

At the completion of the program, participants graduate changed. The acquisition of an asset and increased financial knowledge give them not only economic security but also a more positive outlook and an orientation towards the future. This change will have a continued positive impact on their lives and on their communities.

Eligibility Requirements

An applicant must:

• Be a resident of Greater Boston (consistent with United Way of Mass Bay's geographic reach)
• Have a household income below 200% of Federal Poverty Guideline* or be eligible for Earned Income Tax Credit (EITC). IDA savings dollars must be derived from household earned income.
• Have a household net worth of less than $10,000 (primary residence and one vehicle are excluded).
• Have a significant amount of debt
• Be able to reduce debt by at least 40% over the course of the program
• Be able to open an IDA with Citizens Bank
• Consistently save $50 on a monthly basis
• Be self-motivated and willing to make scheduling adjustments to attend meetings and workshops

*2007 Poverty Guidelines for 200% of poverty level: Household size of 1: $20,420 | Household size of 2: $27,380 | Household size of 3: $34,340 | Household size of 4: $41,300 | Household size of 5: $48,260