Milestone on the path toward the American Dream

“E” enrolled in the IDA Program in February 2020. Eager to join the program, she set up specific goals from the start, affirming that she and her husband would purchase a home by the end of the year. Her goals were to sustain a stable source of income, improve her credit (560), and grow her savings ($6,000). 

E’s cohort faced major challenges. Due to COVID-19, LCW did not host its usual monthly in-person group meetings, and participants had limited access to financial institutions and jobs and faced significant financial hardship. 

E managed to stay afloat, following the procedures of the program. She kept up with her monthly IDA saving contributions and attended a first-time homebuyer class and landlord training. She and her husband successfully increased their savings to $30,000 (including IDA funds). She also improved her credit score from 506 to 704, maintaining low debt.

In November, E closed the deal that made her a proud first-time homebuyer. A Dominican immigrant, facing language and system barriers, E is now the first member of her family to reach this momentous milestone on the path toward the American Dream. 

— Strategic Partnership Case Study by Harvard Business School