Arlington, VA (November 17, 2022) – Arlington Partnership for Affordable Housing (APAH) is pleased to announce the launch of its Individual Development Account (IDA) program for residents, Building Financial Stability, Fostering Mobility. This specialized savings program is a tool proven to increase economic stability and build assets. Participants who have completed similar IDA programs are often able to reduce debt, become homeowners, start businesses, and further their education.
Research has demonstrated that even modest savings toward personal goals can have an out-sized impact on sustained, positive financial habits. APAH President and CEO, Carmen Romero expressed, “We are thrilled that the Building Financial Stability, Fostering Mobility program has received generous program-launching support from Bank of America, Northrop Grumman by way of NEF-LISC Bring Them HOMES, and Capital One. As a result, APAH is establishing a practical, tangible pathway to break the cycle of poverty that affects so many of our neighbors. This first year will be a success, and we hope that the success of program participants will encourage more organizations to partner with us and with our residents to build financial stability.”
Year one of the Building Financial Stability, Fostering Mobility cohort is enlisting approximately 50 adults living at APAH properties, 20 of whom will be veterans. Participants will work in partnership with APAH resident services staff to self-identify a savings goal that could lead to homeownership or starting a small business. Black, Indigenous, and people of color (BIPOC) residents will receive participation priority, aligning with APAH’s commitment to Racial Equity, Diversity, and Inclusion.
Program participants will open a dedicated savings account with Arlington Community Federal Credit Union. These accounts will facilitate regular contributions from participants who will receive a 5-to-1 match on their first $500 saved. Residents can then use these funds to grow their personal savings, pay down accrued debt, or make strategic investments, allowing them to achieve their personal financial goals.
Finally, participants will attend financial education sessions on critical topics, including individualized goal setting and matched program saving accounts, and receive goal-specific resources and individualized support through program partners.
Founded in 1989, APAH now helps more than 2,600 households live in stable, secure, and affordable rental homes. APAH has more than 300 affordable apartments under construction and an additional 1,500 in its development pipeline. APAH’s Columbia Hills Apartment received the 2019 ULI Washington Trends Award for Excellence in Affordable Housing. And both Columbia Hills and Gilliam Place, APAH’s most recent projects, were recognized as Virginia’s Best Affordable Housing project by Virginia Housing. In 2020, APAH was named one of the nation’s Top 50 Affordable Housing Developers by Affordable Housing Finance magazine. The organization was named 2021 Developer of the Year by HAND, the Housing Association of Nonprofit Developers. In 2022, APAH’s Queens Court Apartments received HAND’s award for the Best Large Affordable Housing Project.