New Mexico Department of Workforce Solutions: Economic Stability Program for Low Income Families
The State of New Mexico’s Department of Workforce Solutions (DWS) will fund projects that implement activities that support low-income families to move above federal poverty. Activities include, but are not limited to, individual development accounts; neighborhood impact approaches that result in increased social connections; small capital investments; and development of savings and trust accounts for low-income families.
Objectives of the program include development and implementation of programs that lead to enrollment of eligible low-income residents of the State of New Mexico into financial literacy and other related asset education courses, assisting eligible individuals to establish individual development accounts, savings plans, or trust accounts with financial institutions, and providing extensive case management activities to help program participants successfully complete their intended asset goals. Established savings plans, such as individual development accounts or trust accounts, may be matched by private and/or public funds towards acquisition of one of the following five allowable assets:
- Expenses to attend an approved post-secondary or vocational educational institution including, but not limited to, payment for tuition, fees, books, supplies, and equipment required for courses
- Costs to acquire or construct a principal residence that is the first principal residence acquired or constructed by the account owner
- Costs of major home improvements or repairs on the principal residence of the account owner
- Capitalization or costs to start or expand a business including equipment, tangible personal property, operational and inventory expenses, legal and accounting fees, and other costs normally associated with starting or expanding a business
- Acquisition of a vehicle necessary to obtain or maintain employment by an account owner or the spouse of an account owner
Amount: Awards range from $150,000-$250,000. At least $150,000 of each award must be targeted for implementation of Individual Development Accounts, with the balance focused on programming that supports economic stability for low-income families.
Eligibility: 501(c)(3 organizations, entities which qualify as a Tribe, or an instrumentality of state or local government.
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