Sen. Bingaman Announces $1 Million Award to Community Action New Mexico

From Community Action New Mexico:
Senator Jeff Bingaman this week announced a Federal Grant of $1,000,000 to Community Action New Mexico to further its statewide work in asset development. The purpose of the grant is to fund Individual Development Accounts (IDA's) for low income, working New Mexicans. The assets that may be purchased in this matched savings program include a first home, higher education and the capitalization of a small business.

“IDA's are a powerful response to community poverty. They offer individuals and families the possibility of a more secure future, while creating jobs, increasing skills and developing a stronger tax base in the communities where participants reside,” Bingaman said. 

This is the second million dollar IDA award to the agency from the US Department of Health and Human Services, Assets for Independence Program. The first award funded 474 matched savings accounts through the development of the New Mexico Assets Consortium; a partnership between three statewide organizations (Community Action New Mexico, the New Mexico Project for Financial Literacy, and TAX HELP New Mexico), 25 community-based and tribal partners, and the Center for Working Families at Central New Mexico Community College.

Together the partners have provided comprehensive financial education to over 700 families, free tax preparation to thousands statewide, and are celebrating with family after family as they purchase their asset. 

Ona Porter, Community Actions' Executive Director, calls the Asset Consortium, “the people’s economic development plan,” noting that it provides a very specific and tangible way for families to find their way to a share in the American Dream. “We are finding that people can make permanent improvements in their lives with a little bit of capitol.”

Community Actions' goals of reducing poverty, revitalizing low-income communities, and empowering low-income families and individuals to become fully self-sufficient are all achieved with this grant.

The New Mexico Assets Consortium is an initiative of Community Action New Mexico, a non-profit association of six Community Action Agencies. Believing that assets are critical to weathering the storms of life, the Assets Consortium works to build and preserve assets in low income families and communities.