March 11, 2003

Alliance helps Low Income Houstonians Step Up to Savings

For immediate release
Contact: Sue Davis
March 11, 2003
713-723-6011/sue@suedavis.net

The Alliance for Multicultural Community Services, Bank of Texas and other agencies are teaming up to help Houstonians build savings through a program called Stepping Up.

Stepping Up is an individual development account program that combines participant savings with matching funds and training in personal finance to help participants become self-sufficient and save money to, for example, purchase a house, start a business or obtain post-secondary education.

One Stepping Up program specifically targets people living in the Gulfton and Sharpstown neighborhoods in Houston; the other program targets Houston families on TANF (Temporary Assistance for Needy Families) or who are at risk of returning to TANF. Match funds for the Gulfton/Sharpstown program are provided by Bank of Texas and the Rockwell Fund. Match funds for the TANF program are provided by the Texas Workforce Commission, Bank of Texas and Covenant Capital.

To find out more or to apply for the Stepping Up program, please call Ferol Beer at the Alliance at 713-776-4700.

Over the past three years that the Alliance has helped Houston’s immigrants save through individual development accounts, participants have saved over $3 million, including match funds, and purchased over $10 million worth of assets. Those assets include 441 cars, 79 homes, 9 business start-ups and 11 educational programs.

The Alliance is a non-profit agency that provides comprehensive social services to refugees, immigrants, and low-income residents in Harris County. The Alliance’s current individual development account program for refugees is the largest such program in the state of Texas and one of the largest in the nation. Other Alliance services include job training and counseling, interpretation, immigration services, ESL classes, and an after-school program.

Posted by suedavis at March 11, 2003 11:39 AM