After two years of intensive financial education training and saving their hard-earned dollars, a new group of entrepreneurs, students and homeowners realized their dreams on Tuesday November 28th, 2006. 15 members of our community graduated from the Millennia Individual Development Account program. Nebraska Congressman Lee Terry was the keynote speaker at the event.

Individual Development Accounts (IDAs) are dedicated; matched savings accounts intended to promote personal savings and to build assets such as home ownership, post-secondary education, or job training.

Saving money is no small feat for working families. The Omaha Millennia IDA program addresses that fundamental challenge and provides a unique incentive. For each $50 that a client saves monthly, they receive a match of $100, for a maximum of $1,200. A federal grant through the Assets for Independence Act provides the match to local dollars. Local dollars, from companies, foundations and nonprofit groups, are important for the growth and continuation of the program.

Ten of Tuesday's graduates will invest in buying a home. Four participants will invest in their own business, and one participant will use her savings to continue her education. Because of their participation in the IDA program, these individuals are now equipped with new knowledge and a strong commitment to realize their dreams.

Left to Right - Clifton Jones, U.S. Department of HUD; Julia Craig, Family Housing Advisory Services; Congressman, Lee Terry; Edward Leahy, University of Nebraska, Omaha; Julie Kalkowski, United Way of the Midlands; Kellye Douglas, IDA Graduate; Teresa Hunter, Director, Family Housing Advisory Services

Individual Development Accounts:

• Promote economic independence
• Build financial knowledge and skills
• Help participants succeed as they leave welfare
• Increase homeownership
• Strengthen communities
• Are a "hand up" not a "handout"

Tuesday's graduation celebrated the accomplishments of these hardworking and dedicated individuals. But the IDA program itself celebrates building "community." Each time a family buys a home, they become someone's neighbor. They take pride in their home, and research shows their children do better in school. New businesses and the spirit of entrepreneurship add new possibilities to the local tax rolls, and to the vitality of our metro area.

The Individual Development Account (IDA) team hosted the November 28th event. Members of the team include: Family Housing Advisory Services, United Way, UNO Foundations, Bank of the West, Bellevue Housing Authority, Catholic Charities, Douglas County Housing Authority, Holy Name Housing Corporation, Lutheran Family Services, New Community Development Corporation, Omaha Housing Authority, Omaha 100 and The Salvation Army.