Building a Thriving Community
By Breaking the Cycle of Poverty
Individual Development Accounts
Communities everywhere struggle with how to reduce poverty and keep businesses expanding as economic challenges continue to grow. More and more individuals and families are falling into a low-income, working poor status, which not only impacts them, but impacts the local community and its economy.
So what are communities doing to improve the situation for all?
For starters, communities are looking at their economic development plans to make sure it is all inclusive—not just from the business and environmental perspective, but also from their community residents’ perspective, including the poor and the low-income.
In helping the poor or low to moderate income individual and families, many communities provide emergency services such as food banks, clothing banks and homeless shelters for those whose financial situations turn dire. But what about before that situation arises, is there anything a community can do?
The answer is yes! There are different strategies that can be implemented quickly, easily and relatively inexpensively such as making sure the community’s poor and low income are aware of Earned Income Tax Credits. This not only will help the individual or family out directly, but it has a direct impact on the community and its economy as most often, the money being spent stays within the community. Check out the table in the EITC section and see how much a Southern Colorado county could gain by implementing this simple strategy.
There are other strategies which fall under what is called Asset Building and we’re providing highlights of those programs. Colorado Rural Assets Growth, a program of the Colorado Community Action Association, is here to assist communities by providing information, training and technical assistance.
Our services to Colorado communities is being funded by the: