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Woodland Development Corp.'s New Program Helping Residents Reap Fruits Of Savings |
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"My trailer sits out in the sun, with no trees around it. In this heat and humidity, Doyle couldn't hardly breathe. But with the new air conditioning, he don't seem as tired and worn out and he's not coughing as bad," says Brenda Partin. |
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Partin is the first participant in the Jellico, Tenn. Woodland Development Corporation's Individual Development Account (DA) program to achieve her savings goal and draw the matching flinds to purchase a tangible asset. |
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Her husband, Doyle, a former coal miner now disabled by emphysema, needed more than just the two small window air conditioners and fans to ease his breathing in the hot, humid Tennessee summers. So Brenda saw the IDA program as an opportunity to help her save enough to purchase central air and heat and install hepa filtering in the process. |
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In this program, participants must meet a pre-arranged savings goal each month, attend two one-hour financial management skills classes a month, be saving for some tangible asset or education goal, and participate in two fund raisers a year. Tangible assets include home repair materials, air conditioning, furniture and other major purchases. The classes cover such subjects as credit counseling, banking, purchasing a home, to investing. The fund raisers help augment the funds from foundation grants that are used as matching funds. |
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After a year, if the participant has met all goals and conditions, the money is matched at a rate of $2.00 for every $1.00 saved. The savings goals for the initial group of eight participants ranged from $5.00 to $30.00 a month. Participants are required to stay with the program for a second year so that saving money regularly becomes a way of life. |
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Fund raisers over the last year have included a spaghetti dinner, a flea market and an on-going project to sell sandwiches and snacks at a local factory. The proceeds from the food sales at the factory form a "slush" fund that the group set up to provide assistant to any group member who may not be able t6 meet his/her savings goal in a particular month. |
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Woodland Development Corporation would like to begin an IDA program for youth between the ages of 12 and 17. The class offerings would be geared to that age group but would cover the same topics as the regular IDA classes. Additionally, the classes would include things that raise a teenagers self-esteem and self-care. Computer classes would also be offered. |
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The purpose of the teen program would be to teach young people how to save, helping them with the discipline necessary to delay gratification of their wants, as well as to provide an opportunity to purchase an asset or pay for their education. |
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In order to begin such a program, the Development Corporation is seeking funding for administration, for matching funds and money to help pay teenagers for community service. Jobs for teens are so scarce in the rural area of northern Campbell County that the only way most of them would have money to put into savings is to be paid for community service jobs. |
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The Development Corporation's parent organization, Woodland Community Land Trust, works to provide land and housing for low-income persons in the Rose's Creek area of Campbell County. The Land Trust has been the recipient of Episcopal Church funding from Episcopal Relief and Development (formerly the Presiding Bishop's Fund for World Relief) through EAM and the Commission on Religion in Appalachia's Appalachian Projects Development Fund process. |
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