“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