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First Congressional District of New Mexico
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ask.heather@mail.house.gov

In Washington DC
442 Cannon House
Office Building
Washington, DC
20515
202-225-6316 Phone
202-225-4975 Fax
In Albuquerque
20 First Plaza NW
Suite 603
Albuquerque, NM
87102
505-346-6781 Phone
505-346-6723 Fax

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Congresswoman Heather Wilson, First Congressional District of New Mexico


Neighbors
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$1 Million Grant For A New Mexico Financial Literacy Program March 21, 2007
 

Wilson Announces $1 Million Federal Grant for Literacy Program



The program, administrated buy HELP-NM, provides financial literacy training to participants and helps them save earned income in specially matched accounts called "Individual Development Accounts," or IDA`s. The goal of the IDA is to help low-income and low-wealth families accumulate savings for long-term goals like purchasing a home.



"Programs like HELP-NM give people the job and money management skills they need to support their families and lift themselves out of poverty."



HELP-NM plans to use the federal grant dollars to establish 250 accounts for residents of areas of persistent high poverty that will enable them to achieve long-term goals. Program Counselors will help participants in identifying a long-term financial goal, then achieving that goal. Participants will enter into an agreement based on their plan, with the program providing matching funds at a ratio of $2 in federal funds and $2 in State of New Mexico funds in a reserve account for each $1 the participant deposits into a custodial account at an approved financial institution.



"It`s a ticket to a dream."
--Congresswoman Heather Wilson


The program will arrange for participants to obtain required financial literacy training that will assist them in better managing household finances and increase their ability to maintain a savings program. The program will also help participants get tax preparation assistance and credit repair services if necessary.

It will arrange for "asset-specific" training to increase their understanding of how to acquire and maintain the asset to be acquired through the savings program. It will provide a range of account management and case management services that will support participants asset building efforts. This includes crisis intervention efforts to assist clients in meeting unanticipated financial problems that might jeopardize their ability to continue with their savings plan.

Charlotte Herrera and Loretta Peretto are among the 53 participants in the programs first class. Herrera is completing a bachelor`s degree at the University of New Mexico and hopes to purchase her first home; Peretto plans to start a window-covering business.


"I would like to help people afford the cordless blinds I can`t afford for myself," said by Loretta Peretto (left), drawing laughs.


HELP-NM (formerly the Home Education Livelihood Program, Inc) is a statewide community-based organization, a community action agency and a faith-based organization with more than 41 years of experience providing community-based services. HELP-NM exists to create self-sufficiency and provide economic opportunities to strengthen families throughout New Mexico. Since its inception in 1965, HELP-NM has provided services to over 800,000 individuals and families and has successfully managed over $200 million dollars in grants and contracts. HELP-NM has more than 200 staff in 35 offices and/or Head Start and/or Pre-Kindergarten Centers throughout New Mexico.
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