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Asset Building Programs

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The Mount Hope Housing Company developed the Asset Building Programs to counter the effects of economic marginalization in three ways: by providing financial incentives for saving and asset accumulation, through a program structure that emphasizes financial literacy and counseling as “tools” for wealth building, and by developing rich partnerships with other organizations working in that same effort to limit incidences of poverty while providing participants with a breadth of resources.

Mount Hope’s asset building goal is simple: to create savings mechanisms to help low-income individuals balance their day-to-day expenses with larger financial aspirations. Mount Hope strives to positively impact the lives of lowincome residents through the provision of tools and resources to expand financial knowledge and increase prospects for a future rich with possibilities for economic growth. This possibility lends to a sense of achievement, community, support and esteem that will carry participants beyond the program’s structure.

Mount Hope’s Asset Building Program is comprised of two main components, the Individual Development Accounts (IDA) program and Money Management University – both composed of educational programs that provide participants with the skills necessary to reach their financial goals and to vastly improve their savings capacity.

Check out our Mount Hope successes - men and women who saved enough to start their own businesses, pursue academic dreams or buy a home.

How We Do It

Successes (1999-2006)

  • 321 accounts opened
  • 325 participants graduated from Money Management University
  • 28 homes have been purchased
  • 64 small businesses capitalized
  • 26 participants have used matched savings for post secondary education
  • Total value of assets leveraged has reached 8 million dollars and growing

Key Partnerships

Fleet Bank, Citibank, Neighborhood Housing Services of the South Bronx, Hunts Point LDC, Lehman College Small Business Center, South Bronx Overall Development Corporation, the National Community Reinvestment Coalition and the One Economy Project, Liz Claiborne Foundation, New York Community Trust, CITGO Social Services, JP Morgan Chase, Con Edison