IDA seeks Alleghany ‘savers’

A program to assist local people in saving money to buy a home, start or improve a business or even help finance an education is being under-utilized, according to its director. Program Coordinator Bud Hill of the Individual Development Account Program for Alleghany and Ashe counties said Alleghanians are not using the service.

“One of the things I have noticed is that some people think this program is not for them,” said Hill. “We have some pretty broad guidelines and we can work with a lot of people.”

The program offers a two-to-one match on a $1,000 savings. In other words, potential clients would be asked to save $1,000 in a bank account to be used toward one of the three goals — education, a business or first-time home — and then the program will give another $2,000 toward that goal.

To qualify for the program, total income for a family needs to be about 80 percent of median income or less. Those figures for Alleghany County for a family of four would need to be $37,700 or less, family of three would need to be $33,950 or less and a family of two would be $30,150 or less. “Anyone who is near these income levels, even if they are a little over, may still qualify for help,” said Hill.

Hill said the program requires a reasonable credit history, or a willingness to improve it. A new service that is being offered is credit counseling through Consumer Credit Counseling Service, which Hill said is a reputable non-profit that provides low-cost services all across the United States.

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