Family Economic Success
Family Economic Success programs support long term economic stability and advancement for individuals and families by providing income and asset development services and connection to comprehensive resources. Our activities build upon our success in administering matched savings accounts for low-income families as well as upon our ongoing work with groups such as the Lower San Antonio Collaborative, the Oakland Housing Authority, the Independent Living Skills Program, and other partners. EBALDC's FES programs coordinate and administer an asset-building program that have impacted over 1,000 people.
The FES division offers the following:
- Individual Development Accounts (IDA) for purposes such as homeownership, small business development and post-secondary education or training;
- Youth Financial Literacy training for 9-18 year old Oakland residents;
- Volunteer Income Tax Assistance services at several EBALDC locations to provide free tax preparation and to promote the Earned Income Tax Credit (EITC) for low-income individuals and families.
Youth and adults receive many benefits. They include learning how to save money, improving financial literacy, identifying financial goals, gaining access to tax credits, learning about community resources, and building assets.
Individual Development Accounts (IDA)
Individual Development Accounts (IDAs) help low-income individuals and families gain assets and become economically self-sufficient. Typically, participants receive two dollars for every dollar they save into the account up to a certain limit, and the funds can be used towards higher education, homeownership, or small business. In addition, participants receive valuable financial education and ongoing guidance and support in reaching their goals.
EBALDC was one of the six original American Dream Demonstration grant recipients in the nation for piloting Individual Development Account Programs, the first large scale test of the efficacy of IDAs as a route to economic independence for low income communities. Since 1997, EBALDC IDA recipients have saved over $1,173,675.45 in personal assets to increase their families’ self-sufficiency and build assets for the future.
Youth Financial Literacy Program
In 2006, EBALDC launched its Youth Financial Literacy Program (YFLP) to help low-income elementary and high school students gain the fundamental concepts around money and money management. YFLP provides participants with the money-management knowledge, skills and tools needed to build secure futures, at the same time giving them the confidence to make sound financial choices today. By incorporating real-world financial situations relevant to students' lives and encouraging open dialogue in classes, program participants are trained to feel more in control of their financial decisions and better understand the consequences of their choices.
YFLP offers elementary-level classes for students ages 9-13 and high school-level classes for students ages 14-18. Both levels consist of one-hour classes that meet once a week for five consecutive weeks. Financial topics are tailored to each age group and include: Income, Money Management, Spending and Credit, and Saving and Investing. And, because the YFL Program stresses the importance of asset-building and goal-achieving, all participants receive a FREE computer in exchange for successfully completing the course. Through this incentive, YFL participants see firsthand the advantages of financial management tools and receive an educational asset that assists their schoolwork and helps them to further explore financial topics.
Upon completion of the five-week course, students have the option to continue their financial education through the YFL Program. Additional curriculum includes the mini-workshop, which provides intensive training on specific topics such as investments and future careers, and one-on-one sessions, in which students receive individualized financial-planning guidance based on their own unique set of needs and circumstances.
Volunteer Income Tax Assistance (VITA)
Since 2003, EBALDC has been a Volunteer Income Tax Assistance (VITA) provider as part of the United Way of the Bay Area Earn It! Keep It! Save It! Campaign. EBALDC operates the only VITA site in Oakland Chinatown where low to moderate income households are offered free income tax preparation services, asset development materials, and pre-screening for food stamps. Families and individuals are also assisted in claiming the Earned Income Tax Credit (EITC), and in accessing financial services and training. EBALDC also provides VITA services on an appointment basis at two additional locations: Lion Creek Crossings, in East Oakland and Hismen Hin-Nu Terrace in the Lower San Antonio.
