There was a point not too long ago when homeownership seemed out of the question for Briona. A year ago, she didn’t have a bank account. Now, she’s saving up to buy her own place with help from United Way’s Project LIFT.
“It has made a tremendous difference for me, it really has,” Briona said. The mother of six has struggled to cover rent for the family’s apartment. Her children’s father was partially paralyzed in an accident, and Briona is the family’s sole provider. It’s felt overwhelming, but things started to change for the better when she joined a group of people looking to build a stronger financial foundation.
She was one of the first to enroll in an Individual Development Account (IDA) pilot program through United Way of Greater Cincinnati’s Project LIFT. With funding from the City of Cincinnati, bank deposits are matched at a high rate of 1:15 – meaning for every dollar saved, the program contributes $15.
Families can pay off debt as they save money for homes of their own. They benefit from interacting with people working toward the same goal and the support of a financial coach who meets with them monthly.
“I feel like everybody in the class, we kind of struggle with finding out how we could save money and still be stable,” said Briona. She’s been in the program for just over a year. She finds the individual guidance and monthly savings requirements especially helpful and now has three bank accounts, including one for her 16-year-old daughter.
Improving her family’s living situation was Briona’s number one priority when she learned about the IDA program through the community center where her 3-year-old son attends an early learning program. Like most parents, she spends much of her time outside of work getting her kids to all their activities and trying to make sure they’re thriving. Briona knows home ownership could offer her family some much-needed stability, but she felt unsure about where to turn.
“I feel like it really gave us a head start … coming in trying to buy a house,” Briona said of Project LIFT. Her biggest hope once she and her kids finally settle into a home is that they can provide the same thing for their own families one day. “I work three jobs, I am trying to change for my children,” Briona said. “So, with this help that I am getting, it’s been great, it’s actually what I needed.”
